ALBANY, New York, January 29, 2019 /PRNewswire/ --
The global intelligent transportation system market demonstrates highly fragmented structure, thanks to the presence of large and small players in this market, finds Transparency Market Research. The global intelligent transportation system market also features an increasingly competitive landscape, attributed mainly owing to the presence of plethora of companies of all sizes largely those with a global presence.
The manufacturers operating in the global intelligent transportation system market are focusing towards developing innovative product and this is likely to boost demand among the consumers. The key players are also focusing on improving capabilities and technology and also adopting strategic mergers and acquisitions, partnership between the local and international players to gain foothold in the global market. The prominent players operating in this market are TomTom NV, Q-Free ASA, Kapsch TrafficCom AG, Siemens AG, Telenav Inc., Hitachi, WS Atkins PLC, and Nuance Communications Incorporation.
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The revenue generated by the global intelligent transportation system (ITS) market stood at US$20.22 bn by 2015.This is likely to touch a valuation of US$57.44 bn by 2024 end, mainly due to rising number of opportunities. The global intelligent transportation system is likely expand at an impressive 12.7% CAGR by the end of this period. On the basis of product type, ATMS emerges as the leading product type segment in the global intelligent transportation system market. From a geographical point of view, North America is expected to dominate the intelligent transportation system market owing to favorable support from governments.
Government Supports to Drive Growth of Global Intelligent Transportation System (ITS) Market
The rising prevalence of road accidents and increasing concerns about the road safety and security for pillion riders is driving demand for the global intelligent transportation system market. The favorable government support to improve traffic congestion and to develop effective traffic management systems are key trends supplementing demand for the global intelligent transportation system market. In addition, various smart cities are getting established in several developing and developed economies. This is another factor positively supporting growth of this market in the near future.
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The global intelligent transportation system market is expected to witness healthy growth due to increasing demand for advanced security and safety solutions in order to decrease road accidents. This can be one of the key factors supporting growth of this market in the near future. The global intelligent transportation system is majorly being adopted in the developing economies in order to improve road infrastructure and security. This can be other factors benefiting the intelligent transportation system market in the upcoming years.
High Initial Expense Likely to Limit Market Growth
On the other hand, high initial expenses and relatively slow growth rate of infrastructure and rising concerns about gaining standard ITS architecture are some of the major factors hampering growth of this market in the coming years. However, the rising trends for eco-friendly measured in infrastructural development is another trend that bodes well for the growth of this market in the foreseeable future.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Intelligent Transportation System Market (Type - Advanced Traveler 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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Key segments of the Global Intelligent Transportation System (ITS) Market:
Global Intelligent Transportation System (ITS) Market: By Type
- Advanced Traveler 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 (ANPR) Systems
Global Intelligent Transportation System (ITS) Market: By Application
- Traffic Management
- Road Safety and Surveillance
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
- Automated Vehicles
Global Intelligent Transportation System (ITS) Market: By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East Africa (MEA)
- Middle East
- Latin America
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