Worldwide intelligent transport system market is estimated to accrue around US $73.9 billion by the year 2026, according to the latest research available at Market Study Report LLC, that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
According to the report, the global intelligent transport system (ITS) market is primarily driven by the increasing implementation of the intelligent transport systems. The adoption of vehicle to vehicle, and vehicle to infrastructure communication, for the enhancement of street security, is projected to rise during the forecast period. However, the interoperability issues concerning the vehicle and the control units are likely to restrict the market growth.
The ITS frameworks help in the reduction of carbon dioxide density in the air as well as greenhouse gases in densely populated regions, by means of traffic administration, and hence helps in curbing exhaust gases. The ITS helps cut down continuous fuel usage by providing real-time updates to drivers, which in turn, can lessen traffic blockage.
The report cites that consistent development and improvement in the transportation ecosystem have led to an indispensable need for the advancement of street networking in the transportation frameworks. The various types of intelligent transport systems include ATPS, ATMS, ATIS, APTS and cooperative vehicle systems. Based on the application outlook, the global intelligent transport system market is bifurcated into automotive telematics, freight management, environment protection, public transport, parking management, road user charging, traffic management, and road safety.
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Market analysts claim that the intelligent transport system market in North America would gain traction over the estimated timeframe. Furthermore, the ITS is also likely to be implemented in several emerging countries of Asia Pacific, thereby driving market growth in the region. The APAC region is believed to be the fastest developing region, exhibiting the highest CAGR throughout the forecast timeline. The report further cites that the application of ITS in-traffic management segment is expected to hold the biggest share of the market, given the growing demand for eliminating traffic congestion and lowering pollution levels. The increasing integration of the ITS frameworks has helped reduce transport-related issues in the developing economies including China and India. The ATMS (Advanced Traffic Management System) segment is slated to remain as the largest segment due to the ascending need to attain real-time data through cameras and sensors. This framework enables transport organizations to enhance safety, by detecting and responding to the crises in real-time. Rising government focus on passenger safety, coupled with increasing traffic administration activities, boost the global ITS market expansion.
The report also provides an exhaustive analysis of the global intelligent transport system market drivers, restraints, and opportunities influencing the scope of commercialization of this business sphere over the estimated period. A brief overview of the market with respect to ecosystem analysis, Porter’s five forces, PEST analysis, value chain, industry trends, and competitive profiling has also been included in the report.
Leading players of the global ITS market profiled in the report include Nuance Communications Inc., Siemens AG, Garmin International Inc., Tom Tom NV, Agero Inc., Denso Corporation, WS Atkins PLC, EFKON AG, and Iteris Inc. among others.