Intelligent Transportation System Market (Type – Advanced Traveler Information Systems (ATIS), Advanced Transportation Management Systems (ATMS), Advanced Transportation Pricing Systems (ATPS), Advanced Public Transportation Systems (APTS), Cooperative Vehicle Systems, and Automatic Number Plate Recognition Systems (ANPR); Application – Traffic Management, Road Safety and Surveillance, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging, and Automated Vehicles) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024
A growing number of players who vie for prominent shares in the global intelligent transportation system market are capitalizing on rapidly emerging avenues in urban mobility for smart cities. Profuse opportunities come from the rising potential of intelligent transportation system for traffic management.
The global intelligent transportation system market stood at US$20.22 bn in 2015 and is expected to clock a robust CAGR of 12.7% during 2016 – 2024. This represents a revenue worth of US$57.44 bn by 2024 end.
The drive for intelligent transportation system stems from the use of communication technologies in bringing more safety, higher mobility, and increased efficiency the traffic management systems in countries across the world. Intelligent transportation system holds vast potential in brining improvements in a wide gamut of activities in the traffic management.
The rising use of internet of things technologies for making the optimal use of transportation infrastructure is also boosting the global intelligent transportation system. The rising popularity of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) technologies for improving public transportation is a case in point. Rising application of various technologies for easing traffic congestions is propelling growth in the global intelligent transportation system market.
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The global intelligent transportation system has gained rapid moment from the rising focus on road safety and efficient infrastructure usage. Increased impetus has also come from the growing governments’ focus in several developed regions and some developing economies on making public transportation more eco-friendly.
The global intelligent transportation system market is segmented based on:
- Advanced Traveler Information Systems (ATIS)
- Advanced Transportation Management Systems (ATMS)
- Advanced Transportation Pricing Systems (ATPS)
- Advanced Public Transportation Systems (APTS)
- Cooperative Vehicle Systems
- Automatic Number Plate Recognition (ANPR) Systems
- Traffic Management
- Road Safety and Surveillance
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
- Automated Vehicles
Companies currently ahead of the curve in the global intelligent transportation system market:
Hitachi Ltd, Siemens AG, Nuance Communications Incorporation, WS Atkins PLC, EFKON AG, Iteris Inc., Garmin International Inc., Telenav Inc., TomTom NV, and Thales Group etc.