ALBANY, N.Y., Aug. 10, 2020 /PRNewswire/ -- The need for developing a smart transport infrastructure to control the rising traffic congestion across various metropolitan cities may bring considerable growth for the intelligent transportation system market across the forecast period. Intelligent transportation systems also assist in reducing greenhouse gas emissions such as methane carbon dioxide, and nitrous oxide.
As per the predictions by the analysts at Transparency Market Research (TMR), the global intelligent transportation system market is extrapolated to expand at a CAGR of ~10 percent during the forecast period of 2020-2030. The global intelligent transportation system market is estimated to attain a valuation of US$ 60 bn by 2030.
The strengthening web of urbanization across densely populated and developing countries is accelerating the need for robust public transport infrastructure. This aspect may place the red carpet of growth for the intelligent transportation system market. The announcement of special economic packages for the transportation sector by the governments of various countries may serve as a good growth factor for the intelligent transportation system market.
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Intelligent Transportation System Market: Analysts' View
The analysts at Transparency Market Research (TMR) credit the increasing number of smart city projects across the globe for the rise in the growth rate. Burgeoning demand for efficacy in parking management, traffic management, freight management, and the overall efforts to enhance the quality of urban infrastructure are bringing great growth prospects for the intelligent transportation system market.
The analysts also mention the growing penetration of machine learning, Big Data, and artificial intelligence (AI) as a prime growth accelerator for the intelligent transportation system market.
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Intelligent Transportation System Market: Key Revelations
- The Advanced Transportation Management System (ATMS) segment held a major share of the intelligent transportation system market during 2018
- The cooperative vehicle system (CVS) segment may record good growth owing to the increased use of digital and connected vehicle technologies in automobiles
- The automated number plate recognition system (ANPR) segment is extrapolated to expand considerably over the forecast period
- Based on application, the public transport system held an enormous share of the intelligent transportation system market in Thailand in 2018
- North America, Asia Pacific, and Europe held a combined share of more than 80 percent of the global intelligent transportation system market across the forecast period
Explore 127 pages of cutting-edge research, extensive insights, and detailed projections. Analyze and discover the latest developments in the Intelligent Transportation System Market (System Type: Advanced Traveler Information System [ATIS], Advanced Transportation Management Systems [ATMS], Advanced Transportation Pricing Systems [ATPS], Advanced Public Transportation System [APTS], Co-operative Vehicle Systems [CVS], and Automatic Number Plate Recognition Systems [ANPR]; and Application: Traffic Management, Road Safety & Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging, and Automated Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/intelligent-transportation-system-market.html
Intelligent Transportation System Market: Growth Propellers
Expansive investments by the government and various organizations may bring substantial growth for the intelligent transportation system market. The seeping of technologies like the Internet of Things (IoT) in the intelligent transportation system market may serve as a robust pillar of growth for the intelligent transportation system market.
- The increasing focus of the players in the intelligent transportation system market toward developing sustainable and clean intelligent transportation systems coupled with brilliance is serving as an efficient growth generator
- Research and development activities to discover novel technologies that aid in the growth of the intelligent transportation system market are gaining traction and may bring immense growth opportunities for the intelligent transportation system market
- The benefits attached to the installation of intelligent transportation systems such as incident management, travel time improvement, reductions in stops and delays, and speed control may bring extensive growth occasions for the intelligent transportation system market
Analyze global intelligent transportation system market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Intelligent Transportation System Market: Key Participants
A considerable number of players hold a substantial share of the intelligent transportation system market. Some well-established players in the intelligent transportation system market are EFKON AG, TomTom NV, Nuance Communications Incorporation, Siemens AG, WS Atkins PLC, Thales Group, Garmin International Inc ., and Telenav, Inc.
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Intelligent Transportation System Market: Segmentation
By System Type
- Advanced Traveler Information System (ATIS)
- Advanced Transportation Management Systems (ATMS)
- Advanced Transportation Pricing Systems (ATPS)
- Advanced Public Transportation System (APTS)
- Co-operative Vehicle Systems (CVS)
- Automatic Number Plate Recognition Systems (ANPR)
- Traffic Management
- Road Safety & Surveillance
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
- Automated Vehicle
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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