Albany, NY -- (SBWIRE) -- 05/11/2018 -- The global intelligent transportation systems (ITS) market has been anticipated in a report by Transparency Market Research (TMR) to be designated as a fairly fragmented type with no industry player clearly exhibiting dominance. There could be a number of regional and international companies operating in the market. Some of the prominent names in the industry are Hitachi, TomTom N.V., and Garmin International. Players have been taking to the adoption of launching novel products in the market and substantially investing in research and development to cement their position in the industry. Such business strategies have been proving to be extremely fruitful for some of the leading market players.

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Predicted by TMR to expand at a CAGR of 12.7% between 2016 and 2024, the global ITS market could be worth a US$57.44 bn by the end of the forecast period. In 2015, the market attained a valuation of US$20.22 bn. On the basis of type, advanced transportation management systems (ATMS) could secure a rewarding share in the market while growing at a 12.9% CAGR. By region, North America has been expected to be placed in the driver's seat as it had bagged a 41.2% share in 2015.

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Traffic congestion is observed as a major problem in countries where the transportation system is weak. This could lead to the rise of related issues such as increase in overall transportation cost, travel time, and fuel consumption. A nation's social and economic development is highly dependent on the formation of a good transportation system. Vendors offering ITS have been forecast to tap into opportunities created through various transportation problems faced around the world. Solutions provided using ITS have been recognized as few of the most vital ones to mitigate transportation problems.