Global Intelligent Transportation System (ITS) Products & Applications Market Is Expected to Grow at a CAGR of 12.21% by 2022
The Intelligent Transportation System (ITS) market is expected to reach $42.67 billion by 2022 growing at a CAGR of 12.21%. Growing population and increasing vehicles have led to increased traffic congestion and need for effective traffic management. The factors favoring the market include, increasing government funding, reducing pollution, rising need for road safety improvements, and increasing traffic congestion. However, high installation costs, sluggish infrastructure growth and need of interoperability between ITS and existing infrastructure are restraining the market growth.
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