NEW YORK, Aug. 9, 2016 /PRNewswire/ -- Intelligent transportation system is an integration of communication system and information technologies, designed primarily for improving safety, security and efficiency in transportation network. It is an advanced system form of system that would eventually gain over traditional form of transportation systems. Advancing metropolitan areas are leading to space congestions within the city limits, and number of vehicles hitting roads is on the increase by the day. Reducing transportation network expansion space and increasing number of vehicles in metropolitan areas have caused immense pressure on authorities and called for improving performance of existing transportation network.
The intelligent transportation system (ITS) market size, in terms of value, is expected to grow from USD 32,540 Million in 2015 to USD 57,195 Million by 2022, at a CAGR of 8.7% between 2016 and 2022. Railways, the backbone of the transportation systems in different regions, is evolving by the day and is growing increasingly complex. The adoption of railway intelligent transportation system (RITS) will be a step towards gaining competitive edge over other modes of transportation. By implementing various intelligent techniques, the need for consumer safety can be smartly managed within this mode of transportation.
The developing regions have many impediments to growth, and road traffic jams have and will be a major problem causing massive delays, increased fuel wastage and monetary losses. The fast changing regional landscape has led to poorly planned road networks. Due to unplanned road networks, small critical areas become the hot-spots for congestion and ineffective and poor traffic management around these hotspots potentially results in extended traffic jams. Privatizations of highways and road pricing have been some initiatives proposed to reduce congestion.
Roadways segment dominated the global ITS market in 2015 and is expected to generate revenue of $20,018.2 Million by 2022. Aviation on the other hand is expected to register a highest CAGR of 13.2% during the forecast period (2016-2022). Railways segment attained a market size of USD 7,646.9 Million in 2015 and is expected to grow at a CAGR of 6.2% during the forecast period. The Maritime segment would witness a growth of 12.3% CAGR from time period 2016 – 2022.
The different types of mode of transport discussed in the report include roadways, railways, aviation and maritime. As the Roadways ITS solutions, the components and services have been focused in the report. The market have been analysed both in terms of different hardware and software as the components along with the business & cloud services and Support and Maintenance services. The Roadways ITS market has been further probed by systems including Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Management Systems (ATMS), Advanced Public Transportation Systems (APTS) and Cooperative Vehicle Systems. The major applications including Fleet Management and Asset Monitoring, Automotive Telematics, Traffic Management, Collision Avoidance, Passenger Information among others have been discussed in the report.
The application market of Global Railways Intelligent Transport Systems (ITS) market including Cost Management, Carbon Emission Control, Capacity Management, Customer Management have been focused to provide the indepth understanding of the market.
The Global Aviation Intelligent Transport Sytems (ITS) Market has been analysed with an indepth probe into the different Systems market and application areas. As the system market, the report provided insights for Information Display, Tracking & Monitoring, Communication, Kiosks, Smart Gate Self-Service Baggage market. As the application market, the report focuses on Security & Surveillance, Shuttle Bus Tracking, Traveler Information, Smart Ticketing, Aircraft Management, Emergency Notification applications of Aviation Intelligent Transport Systems.
The Global Maritime Intelligent Transport Systems (ITS) Market section covers different System market including Automatic Identification & Vessel Traffic Management, Long-Range Identification & Tracking System, Maritime Navigation & Information Service market. As the application market, the report focuses on Freight Arrival & Transit, Real-Time Weather Information, Scheduling of Container Movement, Emergency Notification applications of Maritime Intelligent Transport Systems Market.
Based on region, Global Intelligent Transport Systems market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) and Latin America, and Middle East & Africa. North America remained the dominant region in 2015. LAMEA would witness highest CAGR during the forecast period (2016-2022).
Key companies profiled in the report include Siemens AG, Cisco Systems, Inc., ZTE Corporation, IBM Corporation, Microsoft Corporation, Intel Corporation, Oracle Corporation and Computer Science Corporation.
Read the full report: http://www.reportlinker.com/p04035576-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-intelligent-transport-systems-market-2016---2022-300311442.html