Intelligent Transportation System Market Report
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Intelligent Transportation System Market: 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). among others.
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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Intelligent Transportation System is a computerizes system having diverse applications connected with Vehicle Transportation, and provides the live feeds with the help of sophisticated sensors of the smartphone and the equipment’s installed across the roadside that includes cameras mounted on the traffic poles.
The objective of ITS (Intelligent Transportation Systems) is improve effectiveness, efficiency and safety of the road transportation system. This technology is successfully being deployed in various developed countries like Japan, Singapore, United States, United Kingdom and others with the motive to improve the transportation system performance by controlling conjunction, increase safety and travelers convenience. Intelligent Transportation System represents as the advance step, in the evolution of the entire transportation system. These technologies includes highly advance computers, electronics & communication devices and safety system. Better mobility also helps to improve quality of life and boosts the ability of individuals and organizations to contribute to the growth of the economy. Intelligent Transportation System helps to guide travelers in real time on daily basis that helps to avoid congestion. ITS also helps to reduce the travel uncertainty by smoothing traffic flow. This System also helps to reduce to reduce the wasted time and energy by optimizing trips, improving vehicle and driver performance by adopting better management of the transportation system as a whole. The optimization of the transport system will also result in energy optimization, lower pollution levels and reduced environmental impact.
Increasing concern about traffic congestion is one to the major market driver for the growth of ITS market. It is an integrated system that is used to implement a broad range of communication, control, and vehicle sensing and electronics technologies to solve and manage the traffic problems. For instance: travel information helps travelers to avoid jamming, promoting a better use of existing road capacity and subsequently improving traffic conditions.
Intelligent Transportation System helps the driver to detect and avoid dangerous driving situations. This system is used for improving the enforcement on roads and highways. Intelligent Transpiration System are used to reduce the fatalities and injuries. Whereas, the initial installations and configurations cost is high which acts as a barrier in the adaption of Intelligent Transportation System (ITS) by most of the company which creates disruption.
Global Intelligent Transportation System Market is expected to grow at US ~$42.67 billion by the end of forecast period with CAGR of ~12.21% during 2016 to 2022.
Europe is dominating the market of Intelligent Transportation System due to the increasing government initiatives followed by APAC and North America. According to the study European Transportation Commission has deployed various strategies in which CITS (Cooperative Intelligent Transport Systems) one of the milestone initiatives towards corporative, connected and automated mobility. Whereas Asia-Pacific stands as second biggest market and also has emerged as fastest growing market due to its upcoming smart cities projects.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Intelligent Transportation System Market ReportThe 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.
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 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 helps the driver to detect and avoid dangerous driving situations.
This system is used for improving the enforcement on roads and highways.
Intelligent Transpiration System are used to reduce the fatalities and injuries.
Intelligent Transportation System Market Report 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 Report.
The growth sectors of the Intelligent Transportation System Market Report 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 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 - SegmentationMRFR 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.By Region : Europe, North America, APAC and the Rest-of-the-World.The subsegment Advanced Public Transportation Systems (APTS), by Products, holds the largest as in 13.89% market share in the global market, followed by the subsegment Advanced Transportation Management Systems (ATMS) which accounts for 12.39% of the total market share.Whereas, the subsegment Road User Charging accounts for the largest as in 14.75% of the market share, followed by the subsegment Environment Protection which accounts for 14.73% of the market share.Intelligent Transportation System Market - Regional AnalysisGlobally, the North American region accounts for the largest market for intelligent transportation system.
Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth.
Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/intelligent-transportation-system-its-market/request-sample Market Synopsis of Intelligent Transportation System Market: Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory.
Car manufacturers in both emerging and established economies are implementing these systems in their new car models to differentiate their products from the competitors.
Intelligent transportation systems are expected to help improve the performance of supply chain process and yield high benefit to the organizations.
However, slow growth in infrastructure sector can act as a challenge to the market.
The new research report titled "Intelligent Transportation System Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the intelligent transportation system market include Affiliated Computer Services, Inc., Denso Corporation, Agero, Inc., Addco Llc, Lanner Electronics, Inc., Nuance Communications, Inc., Ricardo Plc, Sensys Networks, Inc., Telenav, Inc., Efkon AG and Thales Group.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Intelligent Transportation System Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/intelligent-transportation-system-market/download-sampleMarket DynamicsThe increasing number of mega cities, the population growth and recent government initiatives on transport and traffic management, are the important driving factor for the market growth.
The intelligent transportation system market is expected to accelerate growth over the forecast timeline due to an increase in the adoption of smart transport systems by people to reduce traffic jamming problems and favorable government initiatives on smart transport infrastructure.
