14-Jul-2021 | Market Research Store
As per the recent report issued by Market Research Store, the worldwide demand for intelligent transportation systems market was valued at about USD 2,346.21 Million in 2020, and is ptojected to create revenue worth around USD 6,822.13 Million by 2026, growing at a CAGR of approximately 19.4 percent between 2021 and 2026.
The necessity to provide passengers and drivers with real-time traffic information from numerous locations is one of the key factors driving demand for intelligent transportation systems around the world. An increase in the number of vehicles on the road, aging infrastructure, and a lack of traffic data management are all predicted to contribute to overall growth. The aim to enhance traffic flow on city highways and corridors has led to an increase in the demand for alternative traffic control technology. Transportation authorities can address the growing traffic problem by employing innovative and advanced data analytics technology.
Increasing Concerns Toward Public Safety
The usage of an Intelligent Transportation System allows for the provision of real-time traffic statistics that can help with the resolution of growing traffic congestion problems. Intelligent signal controls receive data from sensors that detect vehicle speed, traffic signals, pre-emption alarms, and other traffic-related data. Before being relayed back to the controllers, data from several sensors is analyzed by complex algorithms. Traffic signal control is aided by the collection of real-time traffic statistics. To improve mobility, the Intelligent Transportation System (ITS) supports vehicles in locating faster and less congested routes.
Advances in emergency services and traffic management allow authorities to respond to accidents and crises more swiftly and efficiently. The deployment of such gadgets decreases travel time and enhances the efficiency of traffic management. Public transportation, such as buses and trains, helps to reduce carbon dioxide emissions and pollutants in the air.
The intelligent transportation system (ITS) market can be divided into these categories based on the type of Intelligent Transportation Systems: Advanced Traveller Information System (ATIS), Advanced Public Transportation System (APTS), Advanced Traffic Management System (ATMS), Advanced Transportation Pricing Systems (ATPS), Emergency Management System (EMS), and Commercial Vehicle Operation. The greatest market size for Advanced Traffic Management Systems (ATMS) is attributed to increased traffic congestion on roadways around the world. The Advanced Traffic Management System is expected to be widely used around the world to address this problem. Dynamic messaging signs, traffic lights, and ramp metering are just a few of the applications contained in the Advanced Traffic Management System. Poor traffic signal management is a major contributor to traffic congestion and, to a large extent, an increase in overall travel time. ATMS assists in the detection of dangerous weather, road hazards, and accidents, as well as providing a comprehensive view of overall traffic movement. They are equipped with the most up-to-date traffic control technology, which help to reduce traffic congestion and make better use of road space. The intelligent transportation system (ITS) market can be divided into different categories based on the application of these systems: Intelligent Traffic Control, Passenger Information Management, Collision Avoidance, Parking Management, Emergency Vehicle Notification, Automotive Telematics, Ticketing Management, and Fleet Management and Asset Monitoring. The industry is expanding as demand for driver assistance and automated driving systems grow. The aim to reduce traffic congestion, as well as increased funding from various governments for the installation of ITS in-car telematics systems, are all contributing to the market's rapid growth.
North America Is Projected To Dominate Global Intelligent Transportation System Market Growth
Based on region, the intelligent transportation system market is segmented into four regions: North America, Europe, Asia Pacific, and the Rest of the World. North America is predicted to have the largest market share over the forecast period. In North America, the application of ITS to reduce traffic congestion and improve road safety is propelling the ITS market ahead. Government funding and aid for the development of ITS across North America is another important driver for this business.
Some of the major market players in the Intelligent Transportation System Market include Kapsch TrafficCom (Austria), Thales Group (France), Siemens (Germany), Q-Free ASA (Norway), Cubic Corporation (US), Garmin (US), Denso Corporation (Japan), EFKON GmbH (Austria), FLIR Systems, Inc. (US), Indra Sistemas (Spain), and TomTom International BV (Netherlands).
Browse the full “Intelligent Transportation System Market by Type (Advanced Transportation Pricing Systems (ATPS), Emergency Management System (EMS), Advanced Traveller Information System (ATIS), Advanced Traffic Management System (ATMS), Advanced Public Transportation System (APTS), and Commercial Vehicle Operation), by Application (Collision Avoidance, Parking Management, Fleet Management and Asset Monitoring, Intelligent Traffic Control, Passenger Information Management, Emergency Vehicle Notification, Ticketing Management, and Automotive Telematics): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026 (Based on 2020 COVID-19 Worldwide Spread & Opportunities Assessment Beyond Covid-19 Crisis).” Report at https://www.marketresearchstore.com/market-insights/intelligent-transportation-system-market-market-828598
This report segments the Intelligent Transportation System market as follows:
Intelligent Transportation System Market: By Type Segmentation Analysis:
Intelligent Transportation System Market: By Application Segmentation Analysis:
Intelligent Transportation System Market: Regional Segmentation Analysis
Market Research Store is a single destination for all types of industries, global, and regional reports. We feature large repository of latest industry reports and market statistics published by reputed private publishers and public organizations. Market Research Store is the comprehensive collection of market intelligence products and services available. Our vast database of reports enables our clients to benefit from expert insights on global industries, products, and market trends.
Market Research Store
244 Fifth Avenue, Suite N202
New York, 10001, United States
US OFFICE NO +1-386-310-3803
US/CAN TOLL FREE +1-855-465-4651