PUNE, India, March 26, 2018 /PRNewswire/ --
According to the new research report "Intelligent Transportation System Market by Offering, System (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System), Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market in roadways is estimated to be worth USD 23.35 Billion in 2018 and projected to reach USD 30.74 Billion by 2023, at a CAGR of 5.65% between 2018 and 2023.
Browse 65 market data Tables and 70 Figures spread through 189 Pages and in-depth TOC on "Intelligent Transportation System Market - Global Forecast to 2023"
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The growth of this market is driven by increasing concerns related to public safety, increasing traffic congestion problem, and favorable government initiatives for effective traffic management.
The commercial vehicle operation system market in roadways to grow at the highest CAGR
Commercial vehicle operation (CVO) encompasses a range of industries including service and repair vehicle, private buses and taxis, and trucks. The monitoring and information system in CVO helps a driver find safe routes and track the total travel time, as well as enables the owner to monitor the vehicle. CVO includes operations associated with moving freight and passengers in commercial vehicle and activities necessary to regulate these operations, as well as activities related to safety assurance, commercial vehicle credentials, and tax administration. The increasing demand for the expansion of transportation networks and growth in the logistics sector are key reasons for the growing demand for commercial vehicle operation systems.
Hardware offering is expected to lead the overall ITS market in roadways
Hardware offering includes interface boards, sensors, surveillance camera, telecommunication network, monitoring and detection systems, and other hardware components such as linked traffic controller and variable message sign. The large market size for hardware is owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems across the ITS infrastructure of any region. In addition, these high-end systems are synchronized to respond in real time; hence, these are likely to need frequent software updates, thereby increasing the operational cost.
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North America held the largest share of the intelligent transportation system market in 2017
The highest market size in North America is attributed to the adoption of ITS to counter traffic congestion and boost safety on roads is propelling the growth of the ITS market in this region. Government funding and support toward the implementation of ITS in North America is another major driver for this market.
Some of the key companies operating in the ITS market are Thales (France), Siemens (Germany), Garmin (Switzerland), Kapsch TrafficCom (Austria), TomTom (Netherlands), Cubic (US), Q-Free (Norway), EFKON (Austria), FLIR Systems (US), Denso (Japan), and so on.
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