Market Research Report
Intelligent Transport Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||907578|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Intelligent Transport Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: August 18, 2019||Content info: 104 Pages||
The global intelligent transport systems market was worth US$ 21.2 Billion in 2018. The Intelligent Transport System (ITS) refers to a system that utilizes visual, analytical, control and communication technologies to manage different modes of on-road transportation efficiently. It is not only embedded within a vehicle but also in the infrastructure facilities to enhance on-road safety and achieve traffic efficiency by minimizing traffic problems. It uses various equipment such as ramp meters, electronic toll collectors, traffic light cameras, traffic-signal coordinators, transit signal systems and traveler-information systems.
The increasing number of smart cities, along with unprecedented population growth leading to widespread traffic congestion, are the key factors driving the market growth. The ITS significantly aids in the effective management of on-road traffic through Global Positioning System (GPS), Dedicated Short Range Communication (DSRC) and Carrier Access for Land Mobiles (CALM). Additionally, increasing occurrence of deaths due to road accidents have driven the demand for ITS across the globe. Advanced features such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication is creating a positive outlook for the market. These features provide real-time information to travelers about road conditions and construction zones, along with seat availability and timings of public modes of transport, thus enhancing the overall on-road safety and reducing the chances of fatalities while reducing the travel time. Moreover, increasing focus on research and development (R&D) in both the public and private sectors to incorporate more enhanced features is also contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 29.2 Billion by 2024, registering a CAGR of 5.5% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Siemens, Thales Group, Garmin, Cubic Corporation, FLIR Systems, Lanner Electronics, Denso Corporation, IBM Corporation, Addco, TomTom, Kapsch Trafficcom, Iteris, Q-Free, Efkon, GeoToll, Electricfeel, Doublemap, Bestmile, Nutonomy, etc.