The global intelligent transportation system market size is expected to reach USD 37.64 billion by 2027, exhibiting a CAGR of 5.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Necessity to reduce traffic congestion and improve road safety and security, implementation of data analytics and cloud computing in traffic management systems, and cost-effectiveness of intelligent transportation systems is projected to fuel the market growth.
Rapidly
changing consumer demand has subsequently posed new challenges for
manufacturers and retailers. Consumers are particularly demanding for
reliability and efficiency, same-day deliveries, and real-time shipment
tracking facilities. Timely delivery owing to reduce in-transit time and
tracking facility are some of the features that are particularly in demand.
Provisioning these features would require a comprehensive transportation
management system capable enough of bridging the gap between order management
and warehouse fulfillment. As a result, ITS vendors are introducing the latest
solutions that can effectively meet the challenges posed by the growth of the
e-commerce industry and the changing consumer behavior.
In
addition to being one of the leading causes of accidents, lack of road safety
also results in high costs and adversely impacts the overall economic
development. Numerous initiatives are being undertaken to install
technologically advanced traffic management systems and overall awareness about
the importance of road security and safety. This is expected to result in the
demand for Vehicle-to-Vehicle (V2V) and Vehicle to Infrastructure (V2I) over
the forecast period. Developed markets of Europe and North America have mandated
the use of Electronic Stability control (ESC) systems, a driver assistance
system, and in passenger as well as commercial vehicles. This is expected to
favorably impact the overall demand for intelligent transportation system over
the forecast period.
Moreover,
in 2020, the ITS market will be hampered due to the COVID-19 crisis, which has
impacted demand, interrupted production, and disrupted supply chain. Thus,
various market players are experiencing flat or lower unit sales. However, with
economic stimulus packages announced by many countries such as Japan, U.S.,
China, France, Italy, India, U.K., and Germany, is anticipated to create great
opportunities for transportation infrastructure development.
North
America ITS market dominated in 2019 and is projected to continue its dominance
over the foreseen years. The U.S. alone holds more than 75% of the market share
in North America. The U.S. government has developed a national architecture
that offers guidance to private companies and urban areas likely to implement
an intelligent transportation system of what functions and communication
technologies are essential to be compatible with other systems. This
architecture is specifically aimed at providing interoperability for ITS across
U.S. Moreover, strong government support, R&D activities, and strategic
public-private partnerships aimed at improving the transportation network
across the region are some major factors fueling the growth of the market for
intelligent transportation system.
For Full Research Report On Intelligent Transportation System Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry
Intelligent
Transportation System Market Report Highlights
- The Advanced Traffic
Management System segment is expected to dominate the ITS market owing to
it helps in detecting dangerous weather conditions, roadway hazards,
accidents, and creates a complete integrated view of overall traffic flow.
The segment is expected to reach USD 12.16 billion by 2027
- The traffic management
market is expected to dominate the application segment and the trend is
expected to continue over the forecast period. It is anticipated to reach
USD 12.07 billion by 2027. Traffic management systems help enhance
operational performance and reliability of road networks
- North America is projected
to account for the majority share of the market over the forecast period.
Advancements in communication technologies are boosting the revolution of
the transportation network in U.S. The region is anticipated to reach USD
14.33 billion by 2027
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Intelligent
Transportation System Market Segmentation
Grand View Research has segmented
the Intelligent Transportation System (ITS) market based on type, application,
and region:
Intelligent
Transportation System Type Outlook (Revenue, USD Million, 2016 - 2027)
- ATIS
- ATMS
- ATPS
- APTS
- EMS
Intelligent
Transportation System Application Outlook (Revenue, USD Million, 2016 -
2027)
- Traffic Management
- Road Safety and Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road Tolling Systems
Intelligent
Transportation System Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- KSA
List of Key Players
in the Intelligent Transportation System Market
- Hitachi Ltd.
- Lanner Electronics
- Kapsch TrafficCom
- TomTom International BV
- Denso Corporation
- Garmin International
- Siemens AG
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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