According to a report published by Grand View Research, Inc.; the intelligent transportation system (ITS) market is estimated to reach a valuation of USD 66.5 billion by 2024. Growing requirement for vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication to enhance safety and reduce road accidents is anticipated to propel the market over the forecast period (2014 to 2024).
High demand to control traffic congestions owing to increasing number of vehicles on roads is anticipated to boost the market in the forthcoming years. Stringent government regulations to reduce air pollution owing to prevalence of health disorders can foster market growth. High adoption of advanced security and safety solutions to reduce fatalities via road accidents can further impel the growth of the market.
Increasing focus on improvements in transportation network to control fuel consumption and emission of harmful gases from vehicles can spur growth of the intelligent transportation system market. Increasing use of real-time data in traffic management can impel market growth during the forecast period.
Poor interoperability between ITS and other local infrastructures is likely to hinder growth of the market for intelligent transport system in the coming years. In addition, slow economic growth in some countries can further obstruct market growth. However, favorable government policies and steady technological developments through introduction of innovative transportation systems are expected to create lucrative opportunities for this market during the forecast period.
Full Research Report On ITS Market Analysis: https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry
The global intelligent transportation system (ITS) market can be segregated on the basis of type, application, and region. Based on type, the market can be divided into advanced traveler information system (ATIS), advanced traffic management system (ATMS), advanced transportation pricing system (ATPS), and advanced public transportation system (APTS). In the coming years, ATMS segment is anticipated to dominate the market owing to enhanced traffic flow, road safety, and mobility. In addition, the ability of such traffic management solutions to offer real-time data to respond timely to emergencies can further boost the market expansion.
Based on application, the market can be classified into freight management, road safety and security, traffic management, public transport, environmental protection, parking management, automotive telematics, and road user charging. In the coming years, traffic management segment is projected to lead the market owing to improved operation performance of road networks and reliability. Such solutions can include bridge traffic management systems, ramp metering systems, and vehicle detection systems.
In addition, the environment protection segment is predicted to expand at highest CAGR of around 18.3% from 2016 to 2024 owing to rising demand for reduction in airborne pollutants. ITS can reduce greenhouse gases and carbon dioxide in populated areas through effective traffic management. This factor is anticipated to bode well for the growth of the global market in near future.
Regional segmentation includes Asia Pacific, North America, Europe, and rest of the world (RoW). In Europe, the market is estimated to grow in the coming years owing to stringent government regulations to improve safety measures for drivers. In North America, the market is expected to witness significant growth in the coming years owing to favorable government initiatives and promotional activities in the region.
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In addition, intelligent transportation society of America (ITS America) is expected to be involved in development, research, and implementation of intelligent transportation system to improve surface transportation systems in the region. Few popular ITS projects may include arterial street signal interconnect, Philadelphia, PA, advanced regional traffic interactive management and information System (ARTIMIS), and Georgia Navigator. In 2015, the region dominated the global market in terms of revenue while accounting for around USD 9.10 billion.
In Asia Pacific, the ITS market is anticipated to exhibit the highest CAGR through 2024 owing to increasing adoption in countries such as China, India, and Australia. Chinese government is predicted to be focusing on innovative transportation with emphasis on intelligent transportation and vehicles over the forecast period. In October 2015, the Chairman of Intelligent Transportation System (ITS) Association announced that China is anticipated to invest USD 30 billion in the technology by 2020.
Some of the leading companies offering advanced solutions in the global intelligent transportation systems (ITS) market are Thales Group; Q-Free ASA; Iteris Inc.; TomTom NV; and Garmin International Inc. Most of these companies are already offering a wide range of traffic management solutions at advanced level. Other market players are focusing on technological improvements and compatibility of their products and services to strengthen their presence in the market.
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