The
global intelligent transportation system (ITS) market is expected to reach USD
66.5 billion by 2024, according to a new report by Grand View Research, Inc.
The usage of ITS to reduce road accidents and increase safety is a major
driving force for the ITS market.
Demand
for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication
in order to enhance road safety is expected to gain momentum over the forecast
period. The continuous progression and development have become a crucial need
for betterment of road networks in the transportation systems. Enhancement in
vehicle transport technology such as blind spot detection and electronic toll
collection has continued to redefine the current opportunity and future
prospects of sustainable traffic and transport management.
Additionally,
congestion cost is a major issue for any nation in terms of fuel consumption
and travel time. ITS and connected car technology is transforming mobility and
safety on highways by avoiding crashes and reducing fatalities. As a result,
there is a strong focus on deployment of advanced traffic systems and reducing
the number of road accidents, which can be facilitated through ITS solutions.
In depth research report on Intelligent
Transportation System (ITS) Market
Further key findings from the report suggest:
·
The ATMS is expected to remain
the largest segment owing to the rising need to access real-time information
captured by cameras and sensors. This system allows transport agencies to
enable safe traveling by identifying and responding rapidly to the emergencies
with real-time decision support tools.
·
Traffic management application
is expected to grow at a CAGR of 12.1% from 2016 to 2024. Growing needs to
minimize traffic congestion and pollution levels are boosting the need for
traffic management solutions.
·
The North America ITS industry
is anticipated to reach USD 26.29 billion by 2024. Increased government focus
on passenger safety and implementation of traffic management projects and
initiatives are propelling the demand for intelligent transportation system.
·
Asia Pacific is anticipated to
be the fastest-growing region, growing at a CAGR of over 15.7% from 2016 to 2024.
Increasing deployment of these systems propelled by the robust telecom and IT
infrastructure has minimize transport-related issues in economy such as India.
·
Key players in the intelligent
transportation system market include Kapsch TrafficCom AG, Iteris Inc., Thales
Group, TomTom NV, Garmin International Inc. and Q-Free ASA. Companies are
focusing on providing fully integrated safety solutions to develop technologies
in the transportation infrastructure space.
Grand
View Research has segmented the intelligent transportation system market on the
basis of type, application and region:
ITS Type Outlook (Revenue, USD Million, 2014 - 2024)
·
ATIS
·
ATMS
·
ATPS
·
APTS
·
Cooperative vehicle system
ITS Application Outlook (Revenue, USD Million, 2014
- 2024)
·
Traffic management
·
Road safety and security
·
Freight management
·
Public transport
·
Environment protection
·
Automotive telematics
·
Parking management
·
Road user charging
ITS Regional Outlook (Revenue, USD Million, 2014 -
2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
Italy
o
U.K.
·
Asia Pacific
o
China’
o
India
o
Japan
·
RoW
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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