Valley Cottage, NY -- (SBWIRE) -- 10/26/2018 -- According to a recently published report by Future Market Insights titled "Intelligent Transport Systems (ITS) Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)," the global intelligent transportation systems (ITS) market is expected to be valued at US$ 21,481.4 Mn in 2017, and is projected to reach US$ 70,798.4 Mn by 2027 end, expanding at CAGR of 12.7% throughout the assessed period. The primary factors which are driving this market are growing inclination towards better transport infrastructure and increase in spending on intelligent transportation system.
Global Intelligent Transport Systems Market: Drivers
Focus on reducing vehicular pollution
Increase in government collaborations for effective traffic management
Growing requirement for advanced traffic congestion solutions
Growing innovations in products to amplify the demand of ITS products
Keeping a check on high emission vehicles
Increasing demand for advanced solutions to reduce road accidents
Traffic law enforcement
Rapid urbanization and government's increasing spending on smart city projects
Government funding for proper transport plans
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Global Intelligent Transport Systems Market: Forecast by Region
This market research company has included ASEAN region along with APEJ, Japan, North America, Latin America, Eastern Europe, Western Europe, Japan and MEA. In APEJ, the collision avoidance system segment is a key application segment, which is expected to showcase a high CAGR during the forecast period. In APEJ, the intelligent urban traffic management system application segment is expected to reflect high market share.
Global Intelligent Transportation Systems Market: Forecast by Component
On the basis of component, the global intelligent transportation systems market is segmented into hardware, software and service. After studying the entire market it has been witnessed that in terms of value, the software segment is expected to increase at a relatively higher CAGR during the forecast period. This segment is expected to register moderate Y-o-Y growth rate throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 13.0% during the forecast period. The hardware segment on the other hand is expected to exhibit a high market attractiveness index over the forecast period. In 2017, the hardware segment is estimated to be valued at US$ 10,396.3 Mn, and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global Intelligent Transportation Systems Market: Forecast by Application
On the basis of application, global market for intelligent transportation systems market is segmented into intelligent urban traffic management systems, highway traffic management, intelligent car parking management systems (smart parking), fleet management and asset monitoring, collision avoidance systems, advanced traveler information systems, and congestion/road charging solutions. The collision avoidance system segment is expected to showcase a high CAGR during the forecast period. In terms of attractiveness index, highway traffic management segment is expected to witness a high market attractiveness index over the forecast period. In terms of value, intelligent urban traffic management system segment was valued US$ 5,037.5 Mn in the year 2017, expanding at a robust CAGR of 9.4%.
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Global Intelligent Transport Systems Market: Competitive Landscape
Thales Group Ad, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Atkins Group, Iteris, Inc., Ricardo PLC, Efkon AG., Savari Inc., Transcore, Lp, and Lanner Electronics Inc are some of the key leaders operating in the global intelligent transport systems market.