ALBANY, New York, June 19, 2019 /PRNewswire/ -- The global intelligent transportation system market is intensely competitive and fragmented in nature, elucidates an upcoming Transparency Market Research (TMR) report. Some of the major players operating in the global intelligent transportation system market include WS Atkins PLC, Nuance Communications Incorporation, TomTom NV, Telenav Inc., and Hitachi Ltd. These key players in the market are considering tie-ups and strategic partnerships with local and national players to gain a strong foothold in the global intelligent transportation system market.
The rising need for efficient management of traffic due to an ever increasing number of vehicles on the road paves way for the substantial growth in the global intelligent transportation system market. The market is anticipated to expand at a CAGR of 12.7 % during the forecast period 2016 to 2024. Also, the market is projected to reach a revenue valuation of US$57.44 Bn by the end of 2024.
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On the basis of regional distribution, North America is expected to hold a major share in the global intelligent transportation system (ITS) market. The growth in this region can primarily be attributed to research and development activities. Such activities are known to churn out the maximum potential of intelligent transport systems. Moreover, rising government support for development of intelligent transportation market is projected to help the market grow.
In terms of product type, the global ITS market is segmented into Advanced Traveller Information Systems (ATIS), Advanced Public Transportation Systems (APTS), Advanced Transportation Pricing Systems (ATPS), Advanced Transportation Management Systems (ATMS), Cooperative Vehicle Systems, and Automatic Number Plate Recognition Systems (ANPR). Among all these, the global intelligent transportation system market is expected to be dominated by the Advanced Transportation Management Systems (ATMS) during the forecast period.
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Increasing Demand for Road Safety to Bolster Market
The increasing incidences of road rage and mishaps make it necessary to deploy intelligent transportation system. Rising demand for easy diversion of traffic congestion and smooth movement of vehicles also increase the demand for the intelligent transportation system. Thus, the global intelligent transportation system market is projected to surge in a grand way in the upcoming years.
Moreover, rising research and development activities to realize the optimum potential of intelligent transport system is expected to propel the growth in the intelligent transportation system market.
Internet of Things to Promote Growth in Global Intelligent Transport System Market
The rising trend of internet of things makes it easy and ensures optimum utilization of resources by deploying intelligent transportation systems. The rising number of automated vehicles and increasing trends of vehicle-to-vehicle and vehicle-to-infrastructure communication for efficient traffic management increases the demand for intelligent transportation systems. Thus, the global intelligent transportation systems market is expected to witness a grandiose growth in the near future.
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Additionally, development of smart cities to ease toll management, transport pricing, and ticketing management to provide impetus to the growth in the global intelligent transportation system market.
High costs associated with deployment of intelligent transport system is projected to dampen the global ITS market. Nonetheless, growing support from governments to provide eco-friendlier transport infrastructure in developed and developing nations is anticipated to create huge demand for the intelligent transportation system. Eventually, the global ITS market may grow at a staggering rate during the forecast period.
This review is based on the findings of a TMR report titled, "Intelligent Transportation System Market (Type - Advanced Traveller 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."
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The global Intelligent Transportation System (ITS) Market is segmented into:
- Advanced Traveller 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
- Traffic Environment Protection
- Road Safety and Surveillance
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
- Automated Vehicles
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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