Intelligent Transportation System (ITS) Market Study Reveals Growth Factors by 2025: Agero, Xerox Corporation, Lanner Electronics, Nuance Communications, Denso Corporation, Q-Free
The major factor hindering the global Intelligent Transportation System (ITS) Market is the slow growth of intelligent infrastructure owing to high installation cost for monitoring and controlling devices. Another key factor restricting the global ITS market is the lack of standardization and interoperability between different types of transportation and telecom technologies. However, the introduction of smart vehicles enabled with intelligent transportation system is expected to provide better driving experience, and is thus expected to contribute significantly towards the growth of the global ITS market. Another factor analyzed to propel the growth of intelligent transportation systems is public private partnerships (PPP) for advanced traffic management. Also, initiatives such as vehicle to infrastructure (V2I) and vehicle to vehicle (V2V) communication are estimated to be key factors boosting the global intelligent transportation system market.
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Intelligent transportation systems (ITS) is integrated application of information and communication technologies with an aim to provide highly efficient transportation related services and traffic management. In addition, ITS aids in improving the operational efficiency, enhancing road safety, maintaining sustainability of transportation networks and reducing traffic congestion. Various elements such as sensors, telematics, communication devices, and other data analysis applications form the integral components of an intelligent transportation system. Intelligent transportation system can be widely deployed in various applications as it makes use of parking availability system, collision avoidance system, and traffic enforcement camera among others.
Top Companies profiled in this report:
Agero, Inc., Xerox Corporation, Lanner Electronics Incorporated, Nuance Communications, Inc., Denso Corporation, Q-Free ASA, Siemens AG, Hitachi, Ltd., WS Atkins PLC, EFKON AG, Iteris, Inc., Garmin Ltd., Telenav, Inc., TomTom International BV, Kapsch TrafficCom AG, Thales Group, TransCore, LP, Addco LLC, Agero, Inc., Ricardo plc, and Sensys Networks, Inc. among others.
The increasing number of vehicles leading to traffic congestion has contributed to the need of intelligent transportation system for advance traffic control measures, thereby, propelling the global ITS market. In addition, the global ITS market is bolstered as various governments across the world are framing specific programs and taking initiatives to implement ITS, owing to an alarming need of deploying an efficient transportation system. For instance, the U.S. Department of Transport (DOT) is focusing extensively upon manufacturing intelligent vehicles and deploying intelligent infrastructure. The U.S. DOT has started a Federal ITS program with an aim to make research initiatives, investigative study and support the deployment of the intelligent system through an organized investment. Furthermore, the implementation of ITS can contribute in significant pollution reduction, thereby, benefiting the environment.
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The intelligent transportation system market has been segmented on the basis of system into advanced traveler information system (ATIS), advanced public transportation system (APTS), advanced traffic management system (ATMS), advanced transportation pricing system (ATPS), commercial vehicle operation (CVO), and ITS-enabled transportation pricing system. Additionally, the intelligent transportation system market has been fragmented based on components such as interface board, sensors, surveillance camera, monitoring & detection systems, telecommunication network, and software among others. In addition, the intelligent transportation system market has been segmented based on applications, namely: traffic signal control system, traffic monitoring system, fleet management & asset monitoring system, parking availability system, traffic enforcement camera, collision avoidance system, and automotive telematics among others.
Geography, the global ITS market has been segmented into five regions as North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). Presently North America, followed by Europe, leads the global ITS market owing to increased investment in ITS solutions from both public and private domains. However, increasing investments to develop infrastructural facilities throughout Asia Pacific (APAC) (especially in nations such as China, Japan, and India) is expected to nurture exponential growth opportunities for the intelligent transportation system market during the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
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