Intelligent Transportation System Market is expanding at a consistent pace globally. Market Research Future, a firm which specializes in market reports related to the information and communications technology sector among others, published in its recent report on Intelligent Transportation System (ITS) Market Research Report - Global Forecast 2016 – 2022, that the market is expected to be worth USD 42.67 billion by the end of forecast period while developing with a CAGR of 12.21%.
Increase in the amount of cars and other forms of transport has triggered a need to overhaul the transportation system so that the new requirements of traffic management can be successfully integrated in them. Since the value of time and cost effectiveness has considerably risen these days -where packages, goods and individuals have to consistently arrive at the right time at their destination, the demand for an intelligent transportation system is significantly even higher now.
Some of the economically developed regions have already implemented Intelligent Transportation System Market to a certain degree of success, but economically developing and backward regions have yet to adapt these systems. The importance of ITS systems is bound to be very high in economically developing and backward regions as they have amplified levels of traffic volumes which need to be managed effectively to empower growth of these regions.
The drivers that are fuelling growth of the ITS sector are rising traffic congestions, renewed focus on road safety, urban planning challenges and shift of the freight industry to an organized sector. Lack of awareness about the benefits of ITS especially in developing countries and limited research related to the sector may create limitations for ITS sector’s growth.
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Major Key Players:
• Roper Industries, Inc.(U.S)
• Hitachi Ltd. (Japan)
• Siemens AG (Germany)
• Thales S.A. (France)
• Xerox Corporation (U.S.)
• BRISA (Portugal)
• Kapsch AG (Austria)
• Q-Free ASA (Norway)
• Efkon AG (Austria)
• Lanner Electronics Inc.(Taiwan)
• Denso Corporation (Japan)
• TomTom International BV(Netherlands)
• Savari Inc.( U.S.)
• Nuance Communications Inc.(U.S)
• Garmin Ltd.( Switzerland)
Intelligent Transportation System Market - Trends & Forecast, 2016-2022
• To provide detailed analysis of the market structure along with forecast for the next 5 years for the various segments and sub-segments of the global Intelligent Transport System market development and demand market
• Upcoming technologies, high growth geographies and countries were identified
• Regional and country specific demand and forecast for Intelligent Transport System were studied
• Key segments covered in the report are: product, application, component and region.
• Unit breakdown for all different classification was finalized; and same was referred for forecasting, keeping few assumptions into factor
• For all the regions, forecast demand for all applications were identified and then with historical figure, data collected through primary and annual reports were triangulated to derive the regional market size
• Historical trend is identified to forecast and estimate the future value data
• Intelligent transportation system providers
• Network providers
• Software providers
• Navigation and GPS manufacturers
• Research & consultancy
• Technology investors
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• Intelligent Transportation System Market is expected to grow at compound annual growth rate of 12.21% between the years 2016 and 2022.
• Asia-Pacific is projected to dominate the market of intelligent transportation system throughout the forecast period.
• By Product, Advanced Public Transportation Systems (APTS) accounts for the largest market share of 13.89% in the global market, followed by Advanced Transportation Management Systems (ATMS) accounting for 12.39% of the total market share.
• By Application, Road User Charging accounts for the largest market share of 14.75% in the global market, followed by Environment Protection accounting for 14.73% of the market share.
• Major Drivers of the market have been identified as the increasing concern of traffic congestion and the rise in the number of government initiatives whereas the major market restraints are the lack of proper infrastructure for implementation in developing and under-developed economies and the high Cost for ITS safety systems does not allow high penetration
Regional and Country Analysis of Intelligent Transportation System Market
North America has dominated the market in 2016 which is followed by Asia-pacific. Europe is expected to grow at a CAGR of 12.83% during the forecast period.
Asia Pacific is expected to grow from a market size of USD 5.65 billion in 2016 to USD 12.10 billion by 2022. ROW is expected to grow at a CAGR of 8.67% during the forecast period.
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Asia – Pacific:
• South Korea
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