Global Intelligent Transportation System Market
Global Intelligent Transportation System (ITS) Market was valued US$ 22.5 Bn in 2017 and is expected to reach US$ 54.3 Bn by 2026, at CAGR of 11.64% during forecast period.
According to the report, road traffic-related deaths have been increasing in the past few years. The usage of ITS to reduce road accidents and to increase safety are the major driving forces for the ITS market. The demand for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication to enhance road safety is expected to gain momentum during the future. Furthermore, the increasing number of megacities and the population growth in emerged and emerging countries has increased the importance of deploying an intelligent transport system (ITS). ITS system establishes both, road transport and metro or underground rail system. ITS involves the refurbishment of overall technological aspects like GPS, Carrier Access for Land Mobiles (CALM), Dedicated Short Range Communication (DSRC) etc.
The important driving factor for the market is the concerned government departments understand the importance of implementing an efficient ITS system. Therefore, these departments are formulating specific programs and taking initiatives to implement the system. For example, the U.S. Department of Transport (DOT) is focusing on intelligent infrastructure, intelligent vehicles and integration of these two factors. The DOT has started a Federal ITS program that would make research initiatives, investigative study and support the deployment of the system through systematic investment. Additionally, an efficient transport system would assist in controlling traffic congestions and increase environmental benefits by reducing pollution, and these factors act as other major drivers for the market.
At the same time, the major restraint for the market growth is the slow growth of infrastructure, especially in the developing regions of the world due to the high cost of installation. Another key restraint for the growth of the market is the lack of standards and negligible interoperability between the various modes of transport and technologies. To address these challenges, various government sectors and key players in the market are forming strategic private-public partnerships. Furthermore, the major opportunity for the market lies in the development of smart vehicles that would operate on intelligently controlled roads by deploying state of art infrastructure and latest technologies.
By offering, the hardware intelligent transportation system market is projected to hold the highest market share in 2026. The hardware segment mainly contains various detectors, sensors, cameras, and telecom networks to gather information related to the vehicle and its surroundings. The use of IoT sensors and advanced communication technologies enable the real-time collection and processing of data to assist traffic authorities in making informed decisions about managing the traffic. The implementation of these devices to support the smart transport infrastructure is anticipated to boost the demand for hardware components.
Among the regions, North America held the largest market share in the global intelligent transportation system (ITS) market and is expected to maintain its dominance during the forecast period. Presence of major key players of intelligent transportation systems and increasing adoption of smart parking management and advanced public transport systems are factors boosting the growth of the North America intelligent transportation system (ITS) market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global intelligent transportation system (its) market dynamics, structure by identifying and analysing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTE"
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