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Intelligent Transportation System (ITS) Market Size, Analysis, 2020

  • Published Date: Feb-18
  • 148 Pages
  • Category: Consumer Products
  • Format: Email PDF + Excel
  • Language: ENG
The global intelligent transportation system market size was valued at USD 20.94 billion in 2015. Intelligent transportation systems (ITS) are being increasingly adopted with advanced safety and security solutions to reduce road fatalities. Developing and developed economies are focusing on deployment of such solutions to enhance road network and infrastructure, a trend that is sure to benefit the market. To learn more about this report, request a free sample copy ITS is a combination of information technology and communication with transportation infrastructure, which improves passenger safety and enhances the competence of the overall transport process. Adoption of competent transportation systems is expected to reduce number of road accidents and travel time. Various economies are dealing with growing traffic concerns and are deploying new solutions that integrate communication and electronic technologies. Improved mobility for freight and consumers and better access to transportation are likely to augment the deployment of ITS over the forecast period. Improved traffic efficiency enables transportation authorities to respond to emergencies more quickly. Utilization of such intelligent systems improves efficiency in traffic management and reduces travel duration. Use of public transportation results in reduction of airborne pollutants and carbon dioxide emissions. According to the ITS Development Strategy Department of Transport in the Republic of Korea, ITS contributes to reduction in consumption of fuels and greenhouse gas emissions by preventing cars to remain in idle position and reducing traffic congestion. Keeping in mind similar concerns, the U.S. Department of Energy and Transportation, in April 2016, announced a collaboration to accelerate research and development of innovative smart transportationsolutions and alternative fuel technologies. ITS provide ease to travelers, whether they are driving a vehicle individually or are using public transport. In recent years, demand for integrated mobile systems for public transportation has increased owing to anxieties regarding public security. Modern transportation service providers are using multipurpose vehicle computing systems combined with tracking and monitoring to ensure safety of their passengers. Growing usage of real-time data by traffic management centers to take better decisions and resolve traffic issues is anticipated to drive demand for intelligent ITS. Demand for V2V and V2I communication to enhance road safety is also expected to boost market growth. Interoperability problems between users and control units may act as a restraint to the industry in future. However, establishment of standardization and a unified technology will aim to resolve these issues through effective communication. ITS industry stakeholders include IT and ITS solution providers, hardware providers, end-use solution providers, and system integrators. End users comprise national as well as regional transport authorities, which install ITS to manage overall transportation network operations. They interact with public and private transport operators to share relevant information regarding traffic via satellite-based or wireless communication devices.Rapid decline in cost of telecommunication and evolution of IT solutions is expected to reduce congestion charges. Segments Covered in the Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the global intelligent transportation system market report on the basis of type, application, and region: • Type Outlook (Revenue, USD Billion, 2014 - 2025) • ATIS • ATMS • ATPS • APTS • Cooperative vehicle systems • Application Outlook (Revenue, USD Billion, 2014 - 2024) • Traffic Management • Road Safety and Security • Freight Management (Commercial) • Public Transport • Environment Protection • Automotive Telematics • Parking Management • Road User Charging • Regional Outlook (Revenue, USD Billion, 2014 - 2024) • North America o U.S. o Canada • Europe o Germany o U.K. o France o Italy • Asia Pacific o China o India o Japan