Intelligent Transportation System Market Size Worth USD 48.17 Billion by 2027

 

The Intelligent Transportation System Market is expected to reach USD 48.17 Billion by 2027, according to a new report by Emergen Research. The increasing number of on-road vehicles and inefficient existing transport infrastructure will encourage the need for an intelligent transportation system. Actions by the government towards establishing a more reliable infrastructure and running the transport system easily are anticipated to grow the market globally.

Increasing traffic and growing population in urban areas, and the rise in the adoption of smart cities are key factors contributing to the high growth of the Intelligent Transportation System.

Also,  intelligent transportation systems can render more reliable safety and security by combining intelligent communication systems in the infrastructure, thus boosting the market growth. Increased income levels have increased the demand for mobility of people and increased road congestions in major cities around the world, which has fostered the demand for advanced transportation systems.

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Some Key Highlights from the Report

• Roadways are considered the fastest-growing segment in the intelligent transport system market. The rise in the number of commercial and manufacturing activities will encourage market players to deploy proper asset management and monitoring systems.
• The advanced traffic management system held the largest market share in the ITS market. This is due to the growing traffic congestion on roads and an increase in the affordability of vehicles. The availability of favorable deals by the automotive manufacturers and changing lifestyle will lead to traffic congestion. This is expected to foster the segment’s demand.
• The growth in demand for driving assistance and the automatic driving system will support the demand for automotive telematics. Moreover, factors such as the need to reduce traffic on roads and an increase in government funding will propel the demand.
• North America dominated the market for the intelligent transportation system. The region has the ability to manage traffic and public transportation. The United States is witnessing massive growth in air traffic. The government is imposing strict laws and registrations, which will create a demand for the market product.
• Key participants include Thales Group, Garmin, Siemens, Tomtom International BV, Flir Systems, Inc., Q-Free, Cisco Systems, Efkon GMBH, Indra Sistemas, S.A., and Denso Corporation, among others.

The research study sheds light on the key growth opportunities and market trends along with other vital market dynamics, including the drivers and restraints on the industry growth. With this report, the prospective buyers can be sure to become capable of adapting to the changes in the Intelligent Transportation System industry.

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The study has been conducted on the basis of inputs from the industry leaders. Thus, a conscious effort to dive deep and unearth hard to find information pertaining to the growing market landscape and growth prospects over the next few years is clearly visible in the study. The market intelligence report further comprises of discussions about the major vendors operating in the Intelligent Transportation System space

Segmentation:

• Mode of Transport Outlook (Revenue, USD Billion; 2017-2027)
• Roadways
• Airways
• Railways
• Systems Outlook (Revenue, USD Billion; 2017-2027)
• Advanced Traveler Information System
• Advanced Public Transportation System
• Advanced Traffic Management System
• ITS-Enabled Transportation Pricing System
• Commercial Vehicle Operation
• Application Outlook (Revenue, USD Billion; 2017-2027)
• Intelligent Traffic Control
• Parking Management
• Fleet Management and Asset Monitoring
• Collision Avoidance
• Passenger Information Management
• Emergency Vehicle Notification
• Ticketing Management
• Automotive Telematics

Global Intelligent Transportation System Market Geographical Landscape - Synopsis:

The report closely studies the growth trajectory of the global Intelligent Transportation System Market . It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The study elaborates on the crucial information pertaining to the regional Intelligent Transportation System share. It simultaneously focuses on the significant details about the growth patterns of each regional market.

Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.

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