The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Intelligent Transportation System Market. The growth sectors of the Intelligent Transportation System Market are identified with precision for a better growth perspective.
The global intelligent transportation system market is accelerating mainly due to the growing concerns for safety and the demand for the smart systems that can ease the traffic congestions. Simultaneously, rising government initiatives such as increasing number of infrastructure development projects and smart road and highway projects escalate the market growth on the global platform.
Acknowledging the exponential accruals and demand the market is enjoying currently; Market Research Future in its recently published study report asserts that the global intelligent transportation system market will accrue up to USD 42.67 Bn. by 2023 registering approximately 12.21% CAGR between 2016 and 2022.
Lately, intelligent transportation systems have started gaining attention attributing to the concerns associated with the traffic management which is deteriorating with each day passing by, demanding adept and appropriate systems to handle the traffic scenarios efficiently and automatically. And, as the demand augments, along with it vibrates the ITS market gaining further traction.
Besides, the technological advancements transpired in the field of ITS coupled with the demand for more efficient, responsive, and unconventional safety systems are fostering the market growth, allowing accessibility and availability of the variety of automatic devices and the automatic traffic handling tools. Also, substantial investments made by market key players into R&D activities are supporting the market growth of the intelligent transportation system.
On the other hand, factors such as high initial investment associated with the ITS and the lack of proper infrastructure that is required for implementation of ITSs is inhibiting the growth in developing and underdeveloped economies, further restricting the growth of the global intelligent transportation system market.
Intelligent Transportation System Market - Competitive Landscape
Competitive by nature, the market is expected to witness an intensifying competition as more entrants get attracted to the market. Due to the presence of several large and small key players accounting for a substantial market share, the market appears fragmented.
Intelligent Transportation System Market - Segmentation
MRFR has segmented the analysis into four key dynamics;
By Product : Advanced Transportation Management Systems (ATMS), and Advanced Public Transportation Systems (APTS) among others.
By Application : Automotive Telematics, Traffic Management, and Collision Avoidance System among others.
By Component : Sensor, Surveillance Camera, Software, Interface Board, and Monitoring among others.
Intelligent Transportation System Market - Regional Analysis
Globally, the North American region accounts for the largest market for intelligent transportation system. Technological advancement is the key force factoring the market growth in the region. Also, factors such as the growing demand for safety features to improve efficiency in road transportation system. The US, backed by the world’s best road infrastructure, that encourages the ITS providers to develop products with futuristic safety systems, accounts for the major contributor to the market growth in the region.
The presence of the state-of-the-art infrastructure that allows implementation of intelligent transportation system effectively is also a major factor driving the growth of the regional market. Simultaneously, the presence of major key players in the region impacts the market growth positively.
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