BURNABY, British Columbia, January 18, 2016 /PRNewswire/ --
Increasing vehicular congestion coupled with favorable government initiatives to fuel growth in global ITS market through 2020
Global Intelligent Transportation Systems (ITS) market witnessed a significant growth over the last few years due to implementation of various traffic management and mass transit system projects across various countries. In 2014, traffic management application dominated the global ITS market on account of increasing ITS deployment for ensuring smooth and safer transportation. Further, investments in connected vehicle technology and improved telematics is expected to drive growth in the ITS market, globally, over next five years. Due to growing need for improving traffic mobility and reducing carbon emissions, electronic toll collection and environmental protection applications are also hugely contributing to the growth of global ITS market.
According to the recently published report by TechSci Research "Global Intelligent Transportation Systems Market By System, By Application & Competition Forecast and Opportunities, 2010 - 2020", the global ITS market is projected to register a CAGR of more than 10% during 2015 - 2020. The report reveals that increasing public-private partnerships and government focus towards better transportation is attracting investments for ITS deployments across the globe. Global ITS market is highly fragmented with the presence of various ITS players competing in the global marketplace. Few of the leading global ITS players include Thales, Xerox and Cubic. During 2010 - 2014, the leading revenue generating regions in the global ITS market were Americas and Europe. Major application areas in the global ITS market include traffic management, fleet management, toll management and automatic monitoring applications.
"The market is witnessing an emerging trend of connected vehicles and smart vehicles that are equipped with advanced security solutions and driver assist features. Along with the primitive ITS deployments, global market will also witness extensive use advanced data analytics in transportation during the forecast period. This is anticipated to have a huge positive impact on the global ITS market over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
"Global Intelligent Transportation Systems Market By System, By Application & Competition Forecast and Opportunities, 2010 - 2020" has evaluated the future growth potential of ITS deployments globally and provides statistics and information on market structure, market size and trends. The report includes ITS market projections and demand forecasting for the period 2015 - 2020. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging market trends along with prominent drivers, challenges and opportunities prevailing in the global ITS market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research