Intelligent
transport system (ITS) has become more indispensable in the current digital
society than ever before, aiding in improved traffic management and offering beneficial
transportation to the user. IndustryARC opinions that the global
intelligent transport system market value was at $21.33 billion in
2018 and is estimated to grow at a healthy CAGR of 6.01% throughout the forecast
period 2019-2025.
The IndustryARC report is titled, “Intelligent Transport System Market: Technologies & Standards
(Cloud Service, GPS, Others); Components (Sensor, Interface board, others); Systems (ATMS, ATIS, Others); Application (Fleet Management, Traveler
Information, Others); & Geography – Forecast (2019-2025).” It describes
about market trends, market opportunities, growth drivers and competitive
landscape of the global intelligent transport system.
Global
Intelligent Transport System Market: Demand Analysis
Intelligent
transport system leveraging the Internet of Things (IoT) concepts and includes vehicle-to-vehicle (V2V) and
vehicle to infrastructure (V2I) technology employment in traffic management and
mobility management. Advanced traffic management system, advanced traveler
information system, advanced vehicle control system, commercial vehicle the operation, and advanced public transportation system are the highly preferred ITS
systems. According to the United Nations, the world population expected to touch
9.8 billion
[HS1] by
2050. Which results in a rise in the number of residents that increases the
mass urbanization movement. The ultimate outcome of these consequences is an
increment in traffic congestion across urban areas and cities. ITS application
varies based on different technologies which include an automatic number plate
recognition to monitor applications such as security CCTV systems, and advanced
applications such as information systems, parking guidance, weather
information, and bridge de-icing (US deicing) systems.
Global
Intelligent Transport System Market: Leading Segments
Advanced traffic
management system and advanced public transportation systems are noted as the
fastest growing applications of ITS market which projects with a CAGR of 5.25%
during the aforementioned period. As advanced traffic management is a tangible
aspect of ITS. Smart parking technology and route planning are the major
factors which are shaping ITS. Accelerating software innovations and technology
advancements such as CCTV cameras, passenger information systems, GPS, in-vehicle
audio system and on-board ticketing machines are augmenting the growth and the necessity of advanced traffic management system.
Based on the regional
analysis, North America held a dominating share of 33.35% among other regions
in the global intelligent transport system market as of 2018. In 2018, The U.S. Department of transportation
(DOT’s) states that the Federal Transit Administration (FTA) has funded $366,162,440 [HS2] for
107 projects through buses and bus facilities infrastructure investment program.
Out of which $7,000,000 fund was received for the Pennsylvania Fixed Route
Intelligent Transportation System (FRITS) Project.
Global
Intelligent Transport System Market: Disruptive Trends
o
An intelligent transport system is an ideal
choice of leveraging citizens to enrich mobility and also to save the time of
travel in a smarter city.
o
Increased traffic efficiency and update of
traffic, seat availability, local convenience real-time running information enhancing
the safety and comfort of users.
o
This system not only improves road
safety but also support efficient infrastructure usage. In addition to this, it
provides clean and CO2 neutral mobility.
o
Growing adoption of ITS in transportation
pricing, telematics, fleet monitoring, ticket management, tolling management,
and traffic monitoring applications.
Global
Intelligent Transport System Market: Competitive Landscape
Garmin, Thales,
Kapsch Trafficcom, Tomtom International, Denso Corporation,Flir Systems,
Ricardo, Tomtom International, Kapsch Trafficcom, and Ricardo are some of the
key companies identified in the report which are currently holding majority
shares in the global intelligent transport system market.
Talk to one of our sales representative about the full report by providing your details in the link below:
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Related Reports:
A.
Smart Cities
Market
https://www.industryarc.com/Report/1289/smart-cities-market-analysis.html
B.
Smart
Transportation Market
https://www.industryarc.com/Research/Smart-Transportation-Market-Research-500894
C.
Consumer Telematics Systems Market
https://www.industryarc.com/Report/104/consumer-telematics-devices-systems-market.html
What can you
expect from the report?
The intelligent transport system market is
prepared with the main agenda to cover the following 20 points:
1. Market Size
by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends
& Relevant Market Data 12. Country level Analysis
3. Manufacturer
Landscape 13. Competitor Analysis
4. Distributor
Landscape 14. Market Shares Analysis
5. Pricing
Analysis 15. Value Chain Analysis
6. Top 10 End
user Analysis 16. Supply Chain Analysis
7. Product
Benchmarking 17. Strategic Analysis
8. Product
Developments 18. Current & Future Market
Landscape Analysis
9. Mergers &
Acquisition Analysis 19. Opportunity Analysis
10. Patent
Analysis 20. Revenue and Volume Analysis
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level of data in application or end user industry.
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number of countries in geography chapter.
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profiles can be requested based on your interest.
5. Patent
analysis, pricing, product analysis, product benchmarking, value and supply
chain analysis can be requested for a country or end use segment.
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