Market Synopsis of Intelligent Transportation System Market:
Intelligent transportation system is a technology which provides internet connectivity between vehicles and fixed locations in order to interact with each other through telematics and navigation system. It connects vehicles, drivers, passengers, and road operators in order to improve safety and complexity of road systems. It is a tested route system developed to migrate traffic congestion problems pertaining to rising populations in the world. It is implemented to evaluate, develop, analyze and integrate new technologies to achieve traffic efficiency, environmental quality, energy savings, and enhancing safety & comfort of the drivers as well as passengers. It includes all modes of transportation namely air, sea, road and rail and interconnects various component of vehicles, infrastructure, communication and operational systems. It can play crucial role in collecting information through seamless connectivity and encourage more usage of transports especially public transports thereby support transportation management.
The development and implementation of advanced technologies namely electronic device, sensors, detectors, GPS, and communication devices in the traditional transportation system is enhancing the functioning of transportation services.
The growing vehicle population especially in developing nations urged by increasing population and economic upturn forcing efficient and safe traffic management in metropolitan cities and towns of a country is driving the growth of intelligent transportation system market. The rising concern about deploying safety in transports by government is developing need of implementing intelligent transportation into their region. U.S. government has already implemented intelligent transportation technology into their transports. Furthermore, efficient transportation provide control over traffic congestions and reducing pollution which is a crucial factor towards environment protection. However, slow growth in improving infrastructure and high installation cost are some of the factors hindering the market growth of intelligent transportation system.
Globally the market for Intelligent Transportation System Market is expected to grow at the rate of more than ~12% from 2016 to 2022.
Segments for Intelligent Transportation System Market:
Global Intelligent Transportation System Market can be segmented as follows:
• Segmentation by Type: Advanced transportation system, advanced public transportation system, advanced transportation pricing system, cooperative vehicle systems and others.
• Segmentation by Component: Sensors, surveillance camera, software, interface board, monitoring & detection system, and others.
• Segmentation by Applications: Telematics, traffic management, parking management, environment protection, traffic signal control, road safety & security, and others.
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Key Players for Intelligent Transportation System Market:
Some of the major players in Global Intelligent Transportation System Market includes:
• Hitachi Ltd. (Japan)
• Siemens AG (Germany)
• Thales group (France)
• Xerox Corporation (U.S.)
• Kapsch Trafficcom AG (Austria)
• Q-Free ASA (Norway)
• Denso corporation (Japan)
• EFKON AG (Austria)
• Lanner Electronics Inc. (Taiwan)
• TOM TOM International BV (Netherlands)
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Regional Analysis of Intelligent Transportation System Market:
North America is dominating the global intelligent transportation system market after Asia Pacific with the largest market share due to growing demand of safety & securities across private & public sector and government initiatives for implementing safety features in transportation system especially across U.S. has expected to grow with highest revenue by 2022. Europe is also expected to exhibit high growth opportunity due to rising concern of improving transportation & infrastructure system in the region. Asia-Pacific is the fastest growing region during the forecast period due to mounting mandatory regulations for transportation system in the region by government. Also, increasing investment in intelligent transportation system by developing nations namely India and Brazil is fuelling the market growth in Asia-pacific region.
• Intelligent transportation system providers
• Network providers
• Software providers
• Navigation and GPS manufacturers
• Research & consultancy
• Technology investors
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