Intelligent Transportation System Market 2021 Receives a Rapid Boost in Economy due to High Emerging Demands by Forecast to 2027
Intelligent Transportation System Market Highlights:
Global Intelligent Transportation System Market is expected to register a CAGR of 11.6% during the forecast period to reach USD 49 billion by 2025. Rising need for public safety & effective traffic management are some of the key factor which is supporting the market of Intelligent Transportation System. Intelligent transport systems (ITS) include traffic and congestion monitoring and management systems, with an integration of traffic control centers.
Access control and route guidance systems offer a range of benefits for a city. Goods delivery companies often introduce ITS because they can optimize trips with the combination of global positioning system (GPS) technologies and existing logistics programs.
Such traffic management and control systems have significant efficiency benefits for both public and private transport. Therefore they make an effective contribution to the sustainable city goals. These are the factors driving the market with authentic need of public safety. Global Intelligent Transportation System Market is expected to register a CAGR of 11.6% during the forecast period to reach USD 49 billion by 2025
Intelligent Transportation System Market Competitive Landscape:
The key players in the global intelligent transportation system market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Roper Technologies, Inc. (US), Hitachi Ltd (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (US), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), Efkon AG (Austria), Lanner Electronics Inc. (Taiwan), Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc. (US), Nuance Communication Inc. (US) and Garmin Ltd (US). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
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Intelligent Transportation System Market Segmentation:
The global intelligent transportation system market has been segmented based on product, application, component, and region/country.
Based on the component, the global intelligent transportation system market has been divided into the sensor, surveillance camera, software, interface board, monitoring and detection system, telecommunication network, and others. The sensor segment is further segmented into the speed sensor, vehicle detection sensor, and pedestrian presence sensor. The surveillance camera segment is divided into AID camera and thermal camera. The software segment is divided into the transit management system, visualization software, video detection management, and others. The interface board segment is divided into vehicle detection board, communication board, and multifunctional board. The monitoring and detection system is divided into intelligent traffic controller and automatic number plate recognition. The telecommunication network is divided into wireless, fiber optics, and copper lines.
Based on application, the global intelligent transportation system market has been categorized as automotive telematics, traffic management, collision avoidance system, road user charging, road safety and security, traffic signal control, freight management (commercial), parking management, public transport, environment protection, and traffic enforcement camera.
Based on product, the global intelligent transportation system market has been classified as advanced transportation management systems (ATMS), advanced public transportation systems (APTS), advanced transportation pricing systems (ATPS), advanced traveler information systems (ATIS), and cooperative vehicle systems.
The global intelligent transportation system market has been analyzed for five regions—North America, Europe, Asia-Pacific, Middle East, and Africa, and South America.
Intelligent Transportation System Market Regional Analysis:
The global intelligent transportation system market is estimated to grow at a CAGR of 11.6% during the forecast period from 2019 to 2025. The geographic analysis of the global intelligent transportation system market has been conducted for North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America accounted for the highest market share, owing to the high deployment of intelligent transportation systems. The US leads the market in North America as it is the most technologically advanced country. Europe follows North America in the adoption of intelligent transportation systems.
Asia-Pacific is anticipated to be the fastest-growing market during the review period due to the increasing concern about traffic congestion. Along with this, the need to reduce fatalities and injuries is a factor boosting the market in countries such as China, Japan, India, Singapore, and Australia.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…..
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