January 14, 2020 by Market-NewsFlash
Global Intelligent Transportation System Market Research Report: Information by Product Application (Automotive Telematics, Traffic Management, Collision Avoidance System, Road User Charging, Road Safety and Security, Traffic Signal Control, Freight Management (Commercial), Parking Management, Public Transport, Environment Protection and Traffic Enforcement Camera), Component and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2025
Global Intelligent Transportation System Market is expected to reach US $42.6 billion in the year 2022. Rising need for public safety & effective traffic management are some of the key factor which is supporting the market of Intelligent Transportation System. Intelligent transport systems (ITS) include traffic and congestion monitoring and management systems, with an integration of traffic control centers. Access control and route guidance systems offer a range of benefits for a city.
Goods delivery companies often introduce ITS because they can optimize trips with the combination of global positioning system (GPS) technologies and existing logistics programs. Such traffic management and control systems have significant efficiency benefits for both public and private transport. Therefore they make an effective contribution to the sustainable city goals. These are the factors driving the market with authentic need of public safety. It is expected that the market will grow at CAGR of 12.2% during the forecast period and expected to reach market size of US ~42.6 billion by the end of forecast period.
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Intelligent Transportation System Market is expected to register a CAGR of 11.6% over the precast…Read on marketresearchfuture.com
Roper Technologies, Inc.(U.S.), Hitachi Ltd. (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (U.S.), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (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).
Market Research Analysis:
Market Research Future Analysis shows that Intelligent Transportation System Market has huge opportunities in the upcoming future. Advanced Traffic Management System (ATMS) is leading the ITS market and is expected to dominate the market during forecast period due to its special functions such as real time monitoring, traffic camera monitoring, road weather information monitoring and incident monitoring, traffic signal controlling, and automatic warning. Advanced Public Transportation Systems (APTS) is also expected to witness rapid growth during the forecast period. Traffic management applications dominate the ITS market and expected to continue its growth during the forecast period. Environment protection and road user charging are expected to be the fastest growing segments.
Moreover, in the present scenario smart ticketing has evolved as one of the important application in advanced public transportation systems. It is considered as one of the integral part of advanced public transportation systems which provides the commuter a smart and attractive payment option to travel without cash and indirectly supports the cashless economy worldwide. APAC is considered as one fastest growing region deploying this advance technology. Countries like Japan and South Korea use these service as Suica and T-Money respectively, which helps the user to pay fares contactlessly from the smart cards or through smartphones. This advanced systems also provide the information of availability of public transportation worldwide.
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