Global Intelligent Transportation Systems Market - Segmented by Systems, Component, Application and Geography - Growth, Trends, and Forecast (2018 - 2023)
Technological advancements to fuel growth
The term, 'Intelligent Transportation Systems' was coined over two decades ago to designate applications of information and communication technologies to the operational management of transportation networks. The Intelligent Transportation Systems market growth is currently being hindered by the lack of inter-operability and standardization. The rapidly expanding telematics and vehicle infotainment industry, coupled with continued explosive growth of the commercial connected vehicle will see the emergence of new data streams, provided by the auto industry, and openly accessible to the developer community.
The open data streams will facilitate the development of additional applications and services and represents the industry’s first extensive, real-time and anonymized data set, which is sourced from the traditional passenger vehicles. The major objective of the intelligent transport system market is to reduce traffic congestion, pollution level, and to control the number of road accidents. The major reasons behind the increase in traffic congestion are the growth in the number of vehicles on the roads, increase in population and migration of the rural areas to the metropolitan cities.
The intelligent transportation systems market is expected to grow at a CAGR of 6.7% over the period 2018-2023. The improved supply chain management and the initiatives taken by the government are the key drivers, which are making the intelligent transportation systems market to grow lucratively.
The Global Intelligent Transportation Systems Market is classified based on their Systems (Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, and Commercial Vehicle Operation) and Components (Interface Boards, Sensors, Software, Surveillance Camera, Tele-Communication Networks, Monitoring & Detection Systems, and Others). Additionally, the market is further divided into Application (Fleet Management & Asset Monitoring, Traffic Monitoring System, Traffic Signal Control Systems, Parking Convenience Systems, Traffic Enforcement Cameras, and Accident Avoidance Systems), and Geography (North America, Europe, Asia Pacific and Rest of the World).
This report describes a detailed study of the Porters five-force analysis of the market. All the five major factors in these markets are quantified using the internal key parameters governing each of them. It also covers the market landscape of these players, which includes the key growth strategies, geographical footprint, and competitive analysis.
The report also considers key trends that will affect the industry and the profiles of the leading suppliers of Intelligent Transportation Systems Market.
Key market players: TRANSCORE INC, KAPSCH TRAFFICCOM AG, EFKON AG, Q-FREE, THALES GROUP amongst others.
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