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.
Vancouver, BC -- (SBWIRE) -- 02/08/2021 -- Intelligent Transportation System Market
The intelligent transportation system market is set to attain a valuation of USD 48.17 Billion by 2027, registering a CAGR of 15.2%. An intelligent transportation system is a cutting-edge technology that provides innovative management services for various modes of transportation and traffic and allows the users to make better and safer use of the transport networks. The intelligent transportation system includes an advanced traveler information system, advanced public transportation system, advanced traffic management system, ITS-enabled transportation pricing system, and commercial vehicle operation.
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Prominent Players Profiled in the Intelligent Transportation System Market:
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.
Market Drivers
The major driving force for the development of the intelligent transportation system market is the rising demand for integrated safety and security systems for improving public safety with the growing population. The government is encouraging the use of Intelligent Transportation System (ITS) solutions as the system minimizes pollutants' emissions, including carbon dioxide. Also, ITS helps to reduce road accidents through better monitoring and control by providing traffic updates and scheduling departure and arrival times. Thus, the system provides passengers with a better quality experience in congested road transport. These beneficial factors of the system are expected to drive market growth over the forecast period.
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
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Overview of the TOC of the Report:
Introduction, Scope, and Overview
Opportunities, Risks, and Drivers
Competition landscape analysis with sales, revenue, and price
Extensive Profiling of the key competitors with the sales figures, revenue, and market share
Regional analysis with sales, revenue, and market share for each region for the forecast period
Country-wise analysis of the Intelligent Transportation System market by type, application, and manufacturers
Market Segmentation based on types
Market segmentation based on applications
Historical and forecast estimation and other chapters.
Regional Analysis
The Asia-Pacific intelligent transportation system market is expected to experience high growth over the forecast period. This is due to the increasing demand for transportation management solutions in the region. Several countries in the APAC region, such as Japan, China, India, Singapore, and Australia, have started implementing intelligent transportation system solutions to restrict traffic congestion, limit GHG emissions, and manage pollution. The region offers numerous opportunities for market growth and is driven by high economic growth, rapid urbanization, and increasing industrialization.
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