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ITS Market to Grow at 13% CAGR to 2022: Key Players Are Agero, DENSO Corporation, Hitachi, Nuance Communications, Garmin International, Iteris, Siemens

North America ITS market was valued at more than USD 7 billion in 2014. Favourable government initiatives coupled with promotional activities in Europe and North America region are expected to fuel the demand in these regions.

 

Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Internet of things, big data, analytics, and mobile technology have significantly marked their presence across various industries. Automotive industry which is booming with the rapid increase in population is now much of a technology revolutionized space. With the growing number of vehicles, there has been an immense demand for road safety and traffic management to enhance user travel experience. This rising demand to improve transport efficiency has positively impacted the growth of Intelligent Transport System in the automotive industry.

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The expanding number of urban communities and the populace development is expanding the significance of implementing a savvy transport framework. Features such as transportation performance enhancement, increased road safety are stimulating the ITS market demand over the forecast timeframe. The government offices are initiating to execute a proficient ITS framework through projects is driving the business growth. The advantages provided include reducing fuel consumption and travel time by avoiding crowded area are also increasing need to incorporate this technology in traditional traffic control systems.

High installation cost and moderate development of infrastructure particularly in the developing regions is hindering the business revenue. Furthermore, lack of benchmarks and negligible interoperability between the different transportation and technological methods are limiting the adoption of this technology.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- ADCCO LLC
- Agero Inc.
- DENSO Corporation
- EFKON AG
- Hitachi Ltd
- Nuance Communications
- Garmin International Inc.
- Iteris, Inc.
- Kapsch TrafficCom AG
- Lanner Electronics Inc.
- Q-Free ASA
- Ricardo PLC
- Sensys Networks Incorporation
- Siemens AG
- Telenav, Inc.
- Thales Group
- TomTom NV
- TransCore Inc.
- WS Atkins PLC
- Xerox Corporation

Strategic private public partnership (PPP) between government sectors and key players in the ITS market is providing means to increase the acceptability of the intelligent systems. Increasing demand for smart vehicles and economic growth of countries provides investment opportunities for the manufacturers in the coming years.
Advanced traffic management system (ATMS) market was valued at over USD 7 billion in 2014 and is estimated to cross USD 18 billion by 2022. ATMS implementation results in reduced accidents & roadway vulnerabilities and effective use of road space. Advanced public transportation systems (APTS) segment is projected to grow with more than 13% CAGR. APTS is increasingly developed to differentiate products from the competitors.

By application, road user charging segment is expected to exhibit growth over 12% during forecast period. Other applications include vehicle detection systems, ramp metering, automotive telematics and parking management systems. These systems facilitate reliable road networks and enhanced operational performance.
Asia Pacific will exhibit substantial growth in the intelligent transportation system market owing to significant adoption of the technology in countries such as China, India, Brazil. The developing countries in this region are benefitted in terms of improved supply chain processes which is improving the economic benefits.

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North America ITS market was valued at more than USD 7 billion in 2014. Favourable government initiatives coupled with promotional activities in Europe and North America region are expected to fuel the demand in these regions.

Industry participants include Affiliated Computer Services, Denso Corporation, Agero, Addco, Ricardo Plc, Lanner Electronics, Sensys Network,Atkins, Efkon, Telenav, Prismtech, Ricardo, etc. The intelligent transportation system market is fairy competitive with few top players acquiring considerable share.

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