Albany, NY -- (SBWIRE) -- 06/11/2018 -- 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.
intelligent transportation system market
Need for Strong Transportation System to Avoid Traffic Problems Swells Demand
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.
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Solutions provided using ITS have been recognized as few of the most vital ones to mitigate transportation problems.
Several ITS associations around the globe have found out that high-tech traffic management systems could reduce travel time by a 25.0% on an average and waiting time at a traffic signal by close to a 20.0% to 30.0%. This has been foreseen to tellingly up the demand in the world ITS market for the coming years. Furthermore, the swelling significance of making constant improvements in road safety could offer ample of opportunities in the market.
Slow Economic Rise in Some Nations Leads to Lethargic Growth in Global Market
Despite the impressive growth of the international ITS market, there could be some factors slowing down the overall demand. The sluggish economic growth in some countries has been foretold to shrink the adoption of ITS, which could be detrimental for the growth of the market. Besides this, there could be a delay in the market reaching to its full potential due to poor interoperability between ITS and local infrastructures.
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However, the growing need for improved road safety could work in the favor of the international ITS market. As surveyed, nearly 2.0% of all casualties witnessed worldwide are a result of road accidents. Important collaborations with government entities have been expected to open up new avenues in the market.