Intelligent Transportation System Market Share and Growth Factors by 2024

Posted by Akshay Solanki on February 11th, 2021

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 ITS systems 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.
 
Intelligent Transportation System Market – Segments
 
The Global Intelligent Transportation System Market has been segmented on the basis of products, application, component and region.
 
On the basis of Products: Advanced Transportation Management Systems (ATMS), Advanced Public Transportation Systems (APTS).
 
On the basis of Application: Automotive Telematics, Traffic Management and Collision Avoidance System
 
On the basis of Component: Sensor, Surveillance Camera, Software, Interface Board and Monitoring
 
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
 
Intelligent Transportation System Market – Regional Analysis
 
The global intelligent transportation system market is segmented into North America, Europe, APAC, and Rest of the World (RoW). 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.
 
 
Intelligent Transportation System Market- Competitive Analysis
 
With the entry of new industry players in the intelligent transportation system segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
 
The key players of Intelligent Transportation System are 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). Some of the other key players are Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc. (U.S.), Nuance Communications Inc. (U.S), Garmin Ltd. (Switzerland) and others.
 
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Akshay Solanki

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Akshay Solanki
Joined: December 29th, 2020
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