Global Intelligent
Transportation System (ITS) Market strategic
research study offers company accounts, industry investors, and industry
members with consequential insights to enable them to make reliable strategic
decisions regarding the opportunities in the global market.
In this report, we
thoroughly examine and analyse the Global market for Intelligent Transportation
System (ITS) so that market participants can improve their business strategy
and ensure long-term success. This report provides players with useful
information and suggests result-based ideas to give them a competitive
advantage in the global Intelligent Transportation System (ITS) industry. It
will show how other players compete in the global Intelligent Transportation
System (ITS) Market and explain the strategies you use to differentiate
yourself from other participants.
This Research Report
Answers the Following Questions:
·
How Intelligent
Transportation System (ITS) market will grow in the coming year?
·
Will the COVID-19 pandemic surge the demand for such platforms?
·
How are key companies planning to promote benefits of Intelligent Transportation System (ITS)?
·
What are the industry growth drivers, obstacles, and dynamics?
·
Which segment is expected to lead in the coming years?
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The global Intelligent
Transportation System (ITS) Market is anticipated to reach USD 66.5 billion by
2024. Rising awareness of road safety and need to improve existing
transportation performance are expected to be the key driving factor for market
growth. High traffic congestion due to urbanization and increasing number of on
road vehicles has contributed to the demand for advanced traffic management
systems for public. Consequent need for smart automobiles with public and
private partnerships is forecasted to be a major growth opportunity for the
intelligent transport system market. Various initiatives to deploy advanced
traffic management systems such as vehicle to vehicle (V2V) and vehicle to
infrastructure (V2I) communication is also expected to be witnessed as a key
growth strategy.
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. These factors are anticipated to drive the
market growth in the foreseeable future.
Intelligent transportation systems are expected to help improve the
performance of supply chain process and yield high benefit to the
organizations. Users can also reduce the costs through real-time transportation
systems. On account of the above factors, transportation service providers have
increased investment in this technology over the past few years.
On the basis of applications,
the intelligent transportation system can be classified into, environment
protection, traffic management, public transport, freight management,
automotive telematics, road safety and security, parking management and road
user charging. Traffic management is expected to be the largest application
segment in the market. ATMS is used in traffic management to enhance road
network by reducing financial burden on regulatory authorities thereby
decreasing the cost of investment in traffic congestion control. Environmental
protection is anticipated to witness significant growth in the market over the
forecast period owing to increase in environmental awareness coupled with
various government initiatives to curb vehicle pollutant emissions.
Globally, North America is
expected to have the largest market over the forecast period. Increasing demand
for efficient transporting systems across various sectors including public,
private and government regulations coupled with promotional activities for road
safety. Asia Pacific is anticipated to witness the fastest growth owing to
technological innovations that includes integrated handheld devices with
sensors to enhance transportation networks. Emerging economies such as India
and china are investing more in R&D and regulatory initiatives including
wealth and welfare act and industrial safety that are expected to fuel the
market growth in this region Major players operating in the ITS market include
Thales Group, Garmin International Inc, TomTom International BV, Kapsch
TrafficCom AG Q-Free ASA and Nuance Communication Inc. Other industry
participants include denso corporation, savari, transcore and EFCON AG.
Key company strategies of
the companies include innovation and product development with mergers and
acquisitions. In addition, market players provide maintenance and construction
services for large deployments of the technology. For instance, Thales group
introduced employed signaling, communications and supervision solutions in
railway transportation. Thales’ signaling system is based on electronic
interlocking, field, Altrac ETCS level 1 as ATP train protection system, energy
systems, hotbox detectors, cables and interfaces with existing signaling
systems on adjacent lines.
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