The “Intelligent Transportation System Market report categories the global market by System, Components, Applications and Geography” report provides a detailed overview of the major factors impacting the global market with the market share analysis and revenues of various sub segments.
Intelligent transportation systems (ITS) is integrated application of information and communication technologies with an aim to provide highly efficient transportation related services and traffic management. In addition, ITS aids in improving the operational efficiency, enhancing road safety, maintaining sustainability of transportation networks and reducing traffic congestion. Various elements such as sensors, telematics, communication devices, and other data analysis applications form the integral components of an intelligent transportation system. Intelligent transportation system can be widely deployed in various applications as it makes use of parking availability system, collision avoidance system, and traffic enforcement camera among others.
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The increasing number of vehicles leading to traffic congestion has contributed to the need of intelligent transportation system for advance traffic control measures, thereby, propelling the global ITS market. In addition, the global ITS market is bolstered as various governments across the world are framing specific programs and taking initiatives to implement ITS, owing to an alarming need of deploying an efficient transportation system. For instance, the U.S. Department of Transport (DOT) is focusing extensively upon manufacturing intelligent vehicles and deploying intelligent infrastructure. The U.S. DOT has started a Federal ITS program with an aim to make research initiatives, investigative study and support the deployment of the intelligent system through an organized investment. Furthermore, the implementation of ITS can contribute in significant pollution reduction, thereby, benefiting the environment.
The major factor hindering the global ITS market is the slow growth of intelligent infrastructure owing to high installation cost for monitoring and controlling devices. Another key factor restricting the global ITS market is the lack of standardization and interoperability between different types of transportation and telecom technologies. However, the introduction of smart vehicles enabled with intelligent transportation system is expected to provide better driving experience, and is thus expected to contribute significantly towards the growth of the global ITS market. Another factor analyzed to propel the growth of intelligent transportation systems is public private partnerships (PPP) for advanced traffic management. Also, initiatives such as vehicle to infrastructure (V2I) and vehicle to vehicle (V2V) communication are estimated to be key factors boosting the global intelligent transportation system market.
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Geography, the global ITS market has been segmented into five regions as North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). Presently North America, followed by Europe, leads the global ITS market owing to increased investment in ITS solutions from both public and private domains. However, increasing investments to develop infrastructural facilities throughout Asia Pacific (APAC) (especially in nations such as China, Japan, and India) is expected to nurture exponential growth opportunities for the intelligent transportation system market during the forecast period.
Segmentations Covered in the Intelligent Transportation System (ITS) Market
• Components: Interface Board, Sensors, Surveillance Camera, Monitoring & Detection Systems, Telecommunication Network
• Applications : Traffic Signal Control System , Traffic Monitoring System, Fleet Management & Asset Monitoring System, Parking Availability System, Traffic Enforcement Camera, Collision Avoidance System
• Geographical Analysis: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), South America (SAM)
Some of the leading players in Intelligent Transportation System (ITS) Market Report
• Agero, Inc.
• Xerox Corporation
• Lanner Electronics Incorporated
• Nuance Communications, Inc.
• Denso Corporation
• Q-Free ASA
• Siemens AG
• Hitachi, Ltd.
• WS Atkins PLC
• EFKON AG
• Iteris, Inc.
• Garmin Ltd.
• Telenav, Inc.
• TomTom International BV
• Kapsch TrafficCom AG
• Thales Group
• TransCore
• LP
• Addco LLC
• Agero, Inc.
• Ricardo plc,
• Sensys Networks, Inc.
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• Highlights widely used product offerings thereby allowing organizations to gain revenues by focusing majorly on select products
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• Gain insights into the competitive landscape, to strengthen market competitiveness and positioning
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• Examine the current and future impact of the five forces namely: bargaining power of suppliers, bargaining power of buyers, threat of substitutes, threat of new entrants and degree of competition
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