Advancements in Information and Communication Technology to Boost Demand
Intelligent transportation systems have garnered immense popularity over the past couple of decades, due to considerable advancements in information technology, onset of cost-effective smart devices, and giant strides taken by sensing technologies. At present, stakeholders from the Information Technology (IT) and the electronics domain are increasingly eyeing opportunities in the intelligent transportation system market landscape by collaborating with government agencies and other players involved. In addition, development in data analytics due to considerable progress made by novel technologies, including Artificial Intelligence (AI) and machine learning are some of the other factors that are expected to play an imperative role in the development of the global intelligent transportation system market during the forecast period.
The growth in global population, particularly in urban regions, has compelled government bodies, local municipalities, and urban planners to innovate and introduce new and innovative intelligent transportation systems. The increasing demand for efficient traffic management, parking management, automotive telematics, freight management, and efficiency in public transport is expected to spearhead the growth of the global intelligent transportation system market in the forthcoming decade. Moreover, as governments across the world continue to invest in smart city projects and urban development, the intelligent transportation system market is staring at a bright future.
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At the back of these factors, the global intelligent transportation system market is on course to surpass the US$ 60 Bn mark by the end of 2030.
Efforts to Improve Quality of Mobility to Aid Market Growth
Intelligent transportation systems are projected to revolutionize the global transportation sector, particularly in urban regions. Moreover, with a considerable surge in the number of global events pertaining to the intelligent transportation systems developed by various market players, awareness and importance of implementing intelligent transportation systems are at its peak, and the trend is set to continue in the upcoming years. Market players involved in the current market for intelligent transportation systems are increasingly focusing on improving the quality of transport services by offering smart, clean, sustainable, safe, and intelligent transportation systems. The growing emphasis on improving the quality of transportation in several regions of the world, including North America and Europe, is projected to boost the global intelligent transportation system market during the assessment period.
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Both public and private sectors especially in Europe are increasingly inclined toward development and implementation of intelligent transportation systems by relying on co-funded projects, innovation platforms, events, and cooperation from domestic as well as international agencies. The growing push toward integrating smart information and communication technology with the overall transport infrastructure, users, and vehicles is expected to play an essential role in the growth of the global intelligent transportation system market during the forecast period.
Moreover, as environmental protection and minimizing carbon footprint continues to remain a key area of interest following regulatory pressure and evolving norms, intelligent transportation systems are anticipated to gain considerable traction during the stipulated timeframe of the study.
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Technological Advancements to Pave Way for Innovative Intelligent Transportation Systems
Technological advancements are expected to play a vital role in the overall growth of the global intelligent transportation system market during the forecast period. As new technologies continue to streamline and improve connected vehicle-infrastructure, pedestrian environment, and more, intelligent transportation systems are expected to witness considerable adoption in the near future. Moreover, strides taken by Big Data have enabled economical and efficient analysis, storage, and use of data due to which, flexible and innovative intelligent transportation systems are likely to enter the global intelligent transportation systems market in the upcoming years. The onset of 4G and 5G communication, dwindling prices of smart devices, and consistent advancements in information and communication technology are likely to drive the intelligent transportation system market in the upcoming years.
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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.
Intelligent Transportation System Market SizeRapid technological advancement is resulting in continuous upgrading of airport equipment to facilitate safety and efficiency of the airways.
Market Research Future (MRFR) has published a report asserting that the global intelligent airways transportation system market is marked to expand remarkably at a CAGR of 11.5% during the forecast period of 2016–2022 and reach the valuation of USD 21.5 Bn by the end of 2022 from USD 11.18 Bn in 2016.Market Drivers and Restraints:Increasing adoption of advanced technology and rapid development in artificial intelligence technology are majorly aiding in air traffic organization by maintaining the critical elements of airways transportation systems.
Increasing aircraft fleets and air traffic are inducing high demand for advanced management solutions that provide real-time data, which in turn is propelling the growth of the global intelligent airways transportation system market.Implementation of intelligent airways transportation system to enhance customer experience and security by making the travel more personalized and for timely managing of services are propelling the growth of the global intelligent airways transportation system market.
The features of intelligent airways transportation system that aid in simplifying the complexities regarding the working of airports and airways are inducing demand for advanced solutions, resulting in the expansion of the global intelligent airways transportation system market.
However, high cost of upgrades and lack of resources are some of the primary factors that are likely to restrain the growth of the global intelligent airways transportation system market during the forecast period.Access Report @ https://www.marketresearchfuture.com/reports/intelligent-airways-transportation-system-market-2158Market Segmentation:The global intelligent airways transportation system market has been segmented on the basis of component, deployment and technology.
Based on component, the intelligent airways transportation system market has been segmented into hardware and software.
OverviewIntelligent Transportation System Market is expanding at a consistent pace globally.
The importance of ITS systems is bound to be very high in economically developing and backward regions as they have amplified levels of traffic volumes which need to be managed effectively to empower growth of these regions.
The drivers that are fuelling growth of the ITS sector are rising traffic congestions, renewed focus on road safety, urban planning challenges and shift of the freight industry to an organized sector.
Lack of awareness about the benefits of ITS especially in developing countries and limited research related to the sector may create limitations for ITS sector’s growth.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2076Latest Industry News:Dec 2017 Continental and Avis Budget Group announced recently that they're testing an entirely keyless rental-car system.
Currently, the pilot program is limited to a single market -- the Kansas City area in USA but is likely to roll out to additional markets in the future if the trial goes according to plan.
This particular Continental's intelligent transportation systems offering relies on Continental's Key-as-a-Service technology, which doesn't require any change to the circuitry or the underpinnings of the car itself.Dec 2017 An intelligent transport system is set to be rolled out in Nairobi which will drastically reduce the traffic jams in the city.
