Albany, NY -- (SBWIRE) -- 10/25/2018 -- Transportation has always been an indispensable aspect of humanity, and since the invention of the wheel, transportation systems have evolved leaps and bounds. And yet, there still is strong scope for further improvements. The advent of intelligent transportation system (ITS) has been a boon for the companies and organizations that relate with transferring of personals or goods as it offers them efficient management measures with security, time saving, environmental protection, and telematics, among other benefits.
According to this business intelligence publication, the demand in the global intelligent transportation system market will expand at an impressive CAGR of 12.7% during the forecast period of 2016 to 2024. The analysts of the report have evaluated that the opportunities in the global ITS market translated into a revenue of US$20.22 bn in 2015 and have estimated it to swell radically up to US$57.44 bn by the end of 2024.
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Increasing emphasis on public safety on the back of forever incrementing cases of road mishaps, growing need to employ advanced systems to manage traffic congestions, government support for effective traffic management, and rising demand for ecofriendly methods are some of the key factors augmenting the demand in the intelligent transportation system market.
On the other hand, factors such as high installation cost, slowness of infrastructural improvements in several emerging economies, and the lack of interoperability and standardization are some of the restrains hindering the growth of the intelligent transportation system market. Nevertheless, vendors of this market stand to gain new opportunities from the rising need for smart vehicles that are integrated with mobility technology and the growing requirement for public-private partnerships (PPPS).
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intelligent transportation system marketATMS Emerges as Leading Product Type Segment
On the basis of the type of product, the report segments the global intelligent transportation system market into advanced transportation management systems (ATMS), advanced traveler information systems (ATIS), advanced transportation pricing systems (ATPS), cooperative vehicle systems, advanced public transportation systems (APTS), and automatic number plate recognition systems (ANPR). Among these, the former segment of ATMS provided for the maximum share of demand in 2015 and is primed to sustain its prominent position throughout the forecast period.
Growing demand for traffic control solutions across various cities in the world, especially adaptive signaling systems, is the primary driver of this segment. That being said, the demand for the APTS segment is projected to expand at an above-average growth rate, which can be attributed to heavy investments that public transportation operators have made on electronic fare collection systems and dynamic display systems.
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Application-wise, this report on the global ITS system market bifurcates it into road safety and surveillance, traffic management, public transport, freight management, automotive telematics, environment protection, road user charging, parking management, and automated vehicles.
Asia Pacific Anticipated to turn Highly Lucrative in near Future
Geographically, North America is currently the most profitable region in the global intelligent transportation system market, and is expected to remain so throughout the forecast period of this report. Strong government support, resilient research activities to harness the possibilities with ITS, and increasing public and private partnership are some of the factors driving the North America intelligent transportation system market.
Not just the U.S., Canada and Mexico are also implementing strong transportation standards, which will reflect from growing demand from this region in the near future. While Europe currently holds the second position in terms of demand for ITS, Asia Pacific is primed to provide for demand that will in incrementing at an above-average CAGR during the forecast period of 2016 to 2024.
Hitachi Ltd, Siemens AG, Nuance Communications Incorporation, WS Atkins PLC, EFKON AG, Iteris Inc., Garmin International Inc., Telenav Inc., TomTom NV, and Thales Group are some of the notable companies currently ahead of the curve in the global intelligent transportation system market.