The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Intelligent Transportation System Market Share. The growth sectors of the Intelligent Transportation System Market Share are identified with precision for a better growth perspective.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Intelligent Transportation System Market: Roper Technologies, Inc.(U.S.), Hitachi Ltd. (Japan), Siemens AG (Germany), Thales Group (France), Xerox Corporation (U.S.), BRISA (Portugal), Kapsch Trafficcom (Austria), Q Free (Norway), Efkon AG (Austria), Lanner Electronics Inc.(Taiwan), Denso Corporation (Japan), TomTom International BV (Netherlands), Savari Inc.(U.S.), Nuance Communications Inc. (U.S.), Garmin Ltd.(Switzerland). among others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Intelligent Transportation System is a computerizes system having diverse applications connected with Vehicle Transportation, and provides the live feeds with the help of sophisticated sensors of the smartphone and the equipment’s installed across the roadside that includes cameras mounted on the traffic poles.
The objective of ITS (Intelligent Transportation Systems) is improve effectiveness, efficiency and safety of the road transportation system. This technology is successfully being deployed in various developed countries like Japan, Singapore, United States, United Kingdom and others with the motive to improve the transportation system performance by controlling conjunction, increase safety and travelers convenience. Intelligent Transportation System represents as the advance step, in the evolution of the entire transportation system. These technologies includes highly advance computers, electronics & communication devices and safety system. Better mobility also helps to improve quality of life and boosts the ability of individuals and organizations to contribute to the growth of the economy. Intelligent Transportation System helps to guide travelers in real time on daily basis that helps to avoid congestion. ITS also helps to reduce the travel uncertainty by smoothing traffic flow. This System also helps to reduce to reduce the wasted time and energy by optimizing trips, improving vehicle and driver performance by adopting better management of the transportation system as a whole. The optimization of the transport system will also result in energy optimization, lower pollution levels and reduced environmental impact.
Increasing concern about traffic congestion is one to the major market driver for the growth of ITS market. It is an integrated system that is used to implement a broad range of communication, control, and vehicle sensing and electronics technologies to solve and manage the traffic problems. For instance: travel information helps travelers to avoid jamming, promoting a better use of existing road capacity and subsequently improving traffic conditions.
Intelligent Transportation System helps the driver to detect and avoid dangerous driving situations. This system is used for improving the enforcement on roads and highways. Intelligent Transpiration System are used to reduce the fatalities and injuries. Whereas, the initial installations and configurations cost is high which acts as a barrier in the adaption of Intelligent Transportation System (ITS) by most of the company which creates disruption.
Global Intelligent Transportation System Market is expected to grow at US ~$42.67 billion by the end of forecast period with CAGR of ~12.21% during 2016 to 2022.
Europe is dominating the market of Intelligent Transportation System due to the increasing government initiatives followed by APAC and North America. According to the study European Transportation Commission has deployed various strategies in which CITS (Cooperative Intelligent Transport Systems) one of the milestone initiatives towards corporative, connected and automated mobility. Whereas Asia-Pacific stands as second biggest market and also has emerged as fastest growing market due to its upcoming smart cities projects.
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