The global Intelligent Transportation System (ITS) Market is expected to reach USD 48.17 Billion by 2027, according to a new report by Emergen Research. The increasing number of on-road vehicles and inefficient existing transport infrastructure will encourage the need for an intelligent transportation system. Actions by the government towards establishing a more reliable infrastructure and running the transport system easily are anticipated to grow the market globally.
Also, intelligent transportation systems can render more reliable safety and security by combining intelligent communication systems in the infrastructure, thus boosting the market growth. Increased income levels have increased the demand for mobility of people and increased road congestions in major cities around the world, which has fostered the demand for advanced transportation systems. However, lack of safe and good quality public transportation, major road safety concerns, and insufficient transit capacity is the major hindrance to the intelligent transportation system.
The report takes a closer look at the historical and current market scenarios to accurately predict the global Intelligent Transportation System market outlook over the forecast duration (2021-2028). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market. The study involves the use of efficient analytical tools like SWOT analysis and Porter’s Five Forces to inspect the strengths, weaknesses, opportunities, and threats associated with the growth of the various market segments. The report provides crucial details, such as the market shares of the key players, which help the reader attain a comprehensive outlook of the Intelligent Transportation System market.
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Competitive Outlook:
The global Intelligent Transportation System market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Intelligent Transportation System market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Some of the key participants in this industry include:
- Thales Group, Garmin, Siemens, Tomtom International BV, Flir Systems, Inc., Q-Free, Cisco Systems, Efkon GMBH, Indra Sistemas, S.A., and Denso Corporation, among others.
Key regions covered in the report:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
For the purpose of this report, Emergen Research has segmented into the global Intelligent Transportation System (ITS) Market on the basis of mode of transport, system, application, and region:
Mode of Transport Outlook (Revenue, USD Billion; 2017-2027)
- Roadways
- Airways
- Railways
Systems Outlook (Revenue, USD Billion; 2017-2027)
Advanced Traveler Information System
Advanced Public Transportation System
Advanced Traffic Management System
ITS-Enabled Transportation Pricing System
Commercial Vehicle Operation
Application Outlook (Revenue, USD Billion; 2017-2027)
Intelligent Traffic Control
Parking Management
Fleet Management and Asset Monitoring
Collision Avoidance
Passenger Information Management
Emergency Vehicle Notification
Ticketing Management
Automotive Telematics
Valuable Market Insights:
- The report highlights the latest trends observed in the consumption pattern of each regional segment.
- Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
- The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Intelligent Transportation System market.
- The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
Questions addressed in the report:
- What is the estimated market growth rate throughout the forecast period?
- Which end-use industry is expected to witness the highest demand for Intelligent Transportation System in the near future?
- What is the regulatory framework governing the application of Intelligent Transportation System in the food industry?
- Which manufacturing processes are utilized for the production of Intelligent Transportation System?
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