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The global intelligentTransportation System (ITS) market is expected to reach USD 66.5 billion by 2024,
according to a new report by Grand View Research, Inc. The usage of ITS to
reduce road accidents and increase safety is a major driving force for the ITS
market.
Demand for Vehicle-to-Vehicle
(V2V) and Vehicle-to-Infrastructure (V2I) communication in order to enhance
road safety is expected to gain momentum over the forecast period. The
continuous progression and development have become a crucial need for
betterment of road networks in the transportation systems. Enhancement in
vehicle transport technology such as blind spot detection and electronic toll
collection has continued to redefine the current opportunity and future
prospects of sustainable traffic and transport management.
Additionally, congestion cost
is a major issue for any nation in terms of fuel consumption and travel time.
ITS and connected car technology is transforming mobility and safety on
highways by avoiding crashes and reducing fatalities. As a result, there is a
strong focus on deployment of advanced traffic systems and reducing the number
of road accidents, which can be facilitated through ITS solutions.
Full Research Report On Intelligent Transportation System (Its) Market Analysis:
Further key findings from the report suggest:
·
The ATMS is expected to remain
the largest segment owing to the rising need to access real-time information
captured by cameras and sensors. This system allows transport agencies to
enable safe traveling by identifying and responding rapidly to the emergencies
with real-time decision support tools.
·
Traffic management application
is expected to grow at a CAGR of 12.1% from 2016 to 2024. Growing needs to
minimize traffic congestion and pollution levels are boosting the need for
traffic management solutions.
·
The North America ITS industry
is anticipated to reach USD 26.29 billion by 2024. Increased government focus
on passenger safety and implementation of traffic management projects and
initiatives are propelling the demand for intelligent transportation system.
·
Asia Pacific is anticipated to
be the fastest-growing region, growing at a CAGR of over 15.7% from 2016 to
2024. Increasing deployment of these systems propelled by the robust telecom
and IT infrastructure has minimize transport-related issues in economy such as
India.
·
Key players in the intelligent
transportation system market include Kapsch TrafficCom AG, Iteris Inc., Thales
Group, TomTom NV, Garmin International Inc. and Q-Free ASA. Companies are
focusing on providing fully integrated safety solutions to develop technologies
in the transportation infrastructure space.
View More Reports Of This Category By Grand
View Research At: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the
intelligent transportation system market on the basis of type, application and
region:
ITS Type Outlook (Revenue, USD
Million, 2014 - 2024)
·
ATIS
·
ATMS
·
ATPS
·
APTS
·
Cooperative vehicle system
ITS Application Outlook
(Revenue, USD Million, 2014 - 2024)
·
Traffic management
·
Road safety and security
·
Freight management
·
Public transport
·
Environment protection
·
Automotive telematics
·
Parking management
·
Road user charging
ITS Regional Outlook (Revenue,
USD Million, 2014 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
Italy
o
U.K.
·
Asia Pacific
o
China’
o
India
o
Japan
·
RoW
Access Full Press Release of this Report:
https://www.grandviewresearch.com/press-release/global-intelligent-transportation-systems-its-market
https://www.grandviewresearch.com/press-release/global-intelligent-transportation-systems-its-market
About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com/
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