ALBANY, New York, January 23, 2018 /PRNewswire/ --

According to a new market report published by Transparency Market Research, "Intelligent Transportation System 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 systems ANPR), By Application (Traffic management, Road safety and surveillance, Freight management (commercial), Public transport, Environment protection, Automotive telematics, Parking management, Road user charging and Automated vehicle) Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024" was valued at USD 20.22 billion in 2015 and is expected to reach USD 57.44 billion by 2024, growing at a CAGR of 12.7% during forecast period 2015 to 2024.

Advanced transportation management systems (ATMS) used for traffic control and management accounted for the largest revenue share of the overall market in 2015. Significant investment is expected in this segment with increasing traffic problems in both developed and developing economies across the world. Advanced vehicle pricing systems which include electronic toll collection, congestion pricing, vehicle mile travel and other road user charging systems are expected to have a huge demand across the world. Due to the concentration in focus in development of highways and local transportation, operators to diminish traffic on both inter-urban and urban transportation networks.

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Transportation service providers are seeking cost effective solutions to boost their productivity and higher financial benefits. ITSs improve the overall performance of the supply chain process and yields higher benefit-cost ratio for users in a competitive environment. It is found that deploying ITS system benefits in the ratio of about 8 is to 1 when compared to traditional investment in transportation network expansion. In addition, use of advance traffic control system has a benefit cost ratio between 20:1 to 50:1 in terms of reduced congestions and fuel consumption. Significant use of real time information systems, users can save tens of millions of dollars. Owing to high benefit to cost ratio, both public and commercial transportation service providers have increased their investments in ITSs in the last five years globally. This investment is expected to increase further due to increase in awareness of economic benefits of ITS particularly in emerging markets such as India, China, Brazil, Russia and South Africa.

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Traffic management and road user charging are two dominating applications respectively for the intelligent transportation system market in 2015. Traffic management is expected to grow at the fastest growth rate of 28.36% over the forecast period from 2016 to 2024. In addition, automotive telematics is another major segment in ITS applications. Huge demand for vehicle position systems and navigation systems are expected from both vehicle manufacturers and owners due to increasing need to access real-time information. Advancement in wireless technologies are playing important role in the development of automotive telematics market. In wireless technologies, market is moving from dedicated short range communication (DSRC) technology to more sophisticated satellite based vehicle positioning systems (VPS) due to their higher adaptability and flexibility.

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Globally the intelligent transportation system (ITS) market has been broadly segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Global intelligent transportation system market was dominated by North America for the total revenue share in 2015. Government initiative and promotional activities particularly in the U.S. has increased the demand for ITS systems in both public and private sector in North America. Asia-Pacific is the fastest growing region in the global market through the estimated period and huge investment is expected from developing countries including India, China, Thailand and Malaysia. In addition, large development in ITS market is expected in Middle East, Africa and South America as countries in these regions are investing in the transportation sector to support their economic growth.

The global ITS industry comprises with large number of domestic and international players. Each player has fragmented market share and looking to increase their market share through technology innovation and global expansion. Some of the key players in the intelligent transportation system market are Siemens AG (Germany), Hitachi Ltd (Japan), WS Atkins PLC (U.K.), Nuance Communications Incorporation (U.S), EFKON AG (Austria), Garmin International Inc. (U.S.), Iteris Inc. (U.S.), Telenav Inc. (U.S.), Thales Group (France), TomTom NV. (The Netherlands)

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