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Intelligent Transportation System (ITS) Market to Reach US$57.44 Bn by 2024; Rising Road Accidents to Drive Market, States TMR

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News provided by

Transparency Market Research

29 Jan, 2019, 11:00 GMT

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ALBANY, New York, January 29, 2019 /PRNewswire/ --

The global intelligent transportation system market demonstrates highly fragmented structure, thanks to the presence of large and small players in this market, finds Transparency Market Research. The global intelligent transportation system market also features an increasingly competitive landscape, attributed mainly owing to the presence of plethora of companies of all sizes largely those with a global presence.

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The manufacturers operating in the global intelligent transportation system market are focusing towards developing innovative product and this is likely to boost demand among the consumers. The key players are also focusing on improving capabilities and technology and also adopting strategic mergers and acquisitions, partnership between the local and international players to gain foothold in the global market. The prominent players operating in this market are TomTom NV, Q-Free ASA, Kapsch TrafficCom AG, Siemens AG, Telenav Inc., Hitachi, WS Atkins PLC, and Nuance Communications Incorporation.

Get PDF Brochure for Research Insights at: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1637

The revenue generated by the global intelligent transportation system (ITS) market stood at US$20.22 bn by 2015.This is likely to touch a valuation of US$57.44 bn by 2024 end, mainly due to rising number of opportunities. The global intelligent transportation system is likely expand at an impressive 12.7% CAGR by the end of this period. On the basis of product type, ATMS emerges as the leading product type segment in the global intelligent transportation system market. From a geographical point of view, North America is expected to dominate the intelligent transportation system market owing to favorable support from governments.

Government Supports to Drive Growth of Global Intelligent Transportation System (ITS) Market 

The rising prevalence of road accidents and increasing concerns about the road safety and security for pillion riders is driving demand for the global intelligent transportation system market. The favorable government support to improve traffic congestion and to develop effective traffic management systems are key trends supplementing demand for the global intelligent transportation system market. In addition, various smart cities are getting established in several developing and developed economies. This is another factor positively supporting growth of this market in the near future.

Request a Sample of Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1637

The global intelligent transportation system market is expected to witness healthy growth due to increasing demand for advanced security and safety solutions in order to decrease road accidents. This can be one of the key factors supporting growth of this market in the near future. The global intelligent transportation system is majorly being adopted in the developing economies in order to improve road infrastructure and security. This can be other factors benefiting the intelligent transportation system market in the upcoming years.

High Initial Expense Likely to Limit Market Growth  

On the other hand, high initial expenses and relatively slow growth rate of infrastructure and rising concerns about gaining standard ITS architecture are some of the major factors hampering growth of this market in the coming years. However, the rising trends for eco-friendly measured in infrastructural development is another trend that bodes well for the growth of this market in the foreseeable future.

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The study presented here is based on a report by Transparency Market Research (TMR) titled "Intelligent Transportation System Market (Type - Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems, and Automatic Number Plate Recognition Systems (ANPR); Application - Traffic Management, Road Safety and Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging, and Automated Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/intelligent-transportation-system-market.htm

Key segments of the Global Intelligent Transportation System (ITS) Market: 

Global Intelligent Transportation System (ITS) Market: By Type 

  • Advanced Traveler Information Systems (ATIS)
  • Advanced Transportation Management Systems (ATMS)
  • Advanced Transportation Pricing Systems (ATPS)
  • Advanced Public Transportation Systems (APTS)
  • Cooperative Vehicle Systems
  • Automatic Number Plate Recognition (ANPR) Systems

Global Intelligent Transportation System (ITS) Market: By Application 

  • Traffic Management
  • Road Safety and Surveillance
  • Freight Management
  • Public Transport
  • Environment Protection
  • Automotive Telematics
  • Parking Management
  • Road User Charging
  • Automated Vehicles

Global Intelligent Transportation System (ITS) Market: By Geography 

  • North America 
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC) 
    • China
    • India
    • Japan
    • Rest of APAC
  • Middle East Africa (MEA) 
    • Middle East
    • Africa
  • Latin America 

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About Us 

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Contact
Mr. Rohit Bhisey
Transparency Market Research
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90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com

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