Albany, NY -- (SBWIRE) -- 12/06/2016 -- Transportation service providers have been constantly seeking cost-effective solutions to boost productivity, increase financial benefits, and solve traffic issues across the globe. Intelligent transportation systems (ITS) have emerged as a way of integrating information and communication technologies with current transportation networks so as to improve their operating efficiency as well as passenger travel experience.

The global intelligent transportation system market has observed substantial growth in the last five years and is expected to grow at a double-digit CAGR in the next eight years. This potential growth has been attracting vendors throughout the value chain of the ITS industry to invest in this sector. The opportunity in the global ITS market was pegged at US$20.22 bn in 2015 and is expected to be worth US$57.44 bn by 2024, expanding at a strong CAGR of 12.7% during forecast period.

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Rising Investments from Public Transportation Operators Driving APTS Segment

There are several types of intelligent transportation systems introduced in the market today – advanced traveler information system (ATIS), advanced transportation pricing systems (ATPS), advanced transportation management systems (ATMS), advanced public transportation systems (APTS), automatic number plate recognition systems (ANPR), and cooperative vehicle systems. The ATMS segment accounted for the dominant share in the global ITS market in 2015, driven by the increasing demand for traffic control solutions, particularly adaptive signaling systems, across the world. Highway operators worldwide are installing electronic toll charging systems to minimize traffic at toll booths.

The APTS segment is expected to experience the fastest growth in the global ITS market thanks to public transportation operators investing heavily in electronic fare collection systems and dynamic display systems.

ITS systems are used for a wide range of applications, including road safety and surveillance, traffic management, freight management, environment protection, public transport, automotive telematics, road user charging, and parking management. ITS systems used for traffic management accounted for the major share in 2015, due to increased investments in traffic reduction solutions from governments across the world.

Growth in North America ITS Market Attributed to Strong Government Support

Globally, the intelligent transportation system (ITS) market has been broadly segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounted for the major share in the global ITS market in 2015 and is expected to retain its dominance throughout the forecast period. Strong government support and the rising number of research activities and public-private partnerships aimed at improving the transportation network are major factors influencing the ITS market in the region. Canada and Mexico are now implementing U.S. transportation standards to improve the performance of their transportation networks. This represents strong growth in these markets.

The Europe ITS market comprises countries such as Germany, France, the U.K., and Italy. The UK and Germany are two of the early adopters of ITSs and have invested significant amounts in these technologies to overcome traffic and road safety problems. Germany accounted for the leading share in the intelligent transportation system market in Europe in 2015.

Asia Pacific is the most attractive region in the global intelligent transportation system market. Japan is one of the early adopters of ITSs in the world and represents the largest individual ITS market by revenue in Asia Pacific. However, India and China are the fastest growing countries in the Asia Pacific ITS market as several investments are being made in these countries. This is expected to drive the demand for intelligent transportation systems in the region.

Some of the key players in the intelligent transportation system market are Siemens AG, Hitachi Ltd, WS Atkins PLC, Nuance Communications Incorporation, EFKON AG, Garmin International Inc., Iteris Inc., Telenav Inc., Thales Group, and TomTom NV.