Home Press Releases Global ITS Market to reach US$30.2 Bn by 2019 Fueled by Urgent Need for Road Safety Solutions
Global ITS Market to reach US$30.2 Bn by 2019 Fueled by Urgent Need for Road Safety Solutions
The growing need to improve the performance of existing transportation networks and escalating focus on road safety have emerged as major contributors of the global intelligent transportation systems (ITS) market, according to a report published by Transparency Market Research. The study, titled “Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”, indicates that registering a strong CAGR of 11.1% from 2013 to 2019, the global ITS market is likely to reach a value of US$30.2 billion by 2019.
Improving standardization in wireless communication technologies is an area of immense potential and the ITS market is estimated to develop at a strong pace over the next four years driven by this opportunity. However, lack of interoperability between intelligent transportation systems and available infrastructure is expected to hamper the growth of the global ITS market back. In addition, the global economic slowdown is also anticipated to have an adverse impact on the performance of the market.
By type, the ITS market is categorized into advanced transportation pricing systems (ATPS), advanced traveler information systems (ATIS), advanced transportation management systems (ATMS), and advanced public transportation systems (APTS). Of these, ATMS held the largest share of the overall market owing to growing demand for traffic control solutions such as adaptive signaling systems. However, investments in dynamic display systems and electronic fare collection are expected to boost the market for APTS over the coming years.
On the basis of application, the ITS market is segmented into road safety and surveillance, road user charging, parking management, public transport, environment protection, freight management, automotive telematics, and traffic management. Rising investments have driven the use of ITS in traffic management, making it the largest application segment in 2012. However, with countries around the world working to curb vehicle emissions, the segment of environment protection is likely to develop at the fastest pace.
Geographically, the ITS market is divided into North America, Asia Pacific, Europe, and Rest of the World. North America dominated the global market in 2012, holding 42.2% of the total revenue generated. The demand for ITS systems in the public as well as private sector is driven by government initiatives and promotional activities, particularly in the U.S. While huge investment opportunities are anticipated to fuel the Asia Pacific ITS market, especially in countries such as China, Thailand, India, and Malaysia, economic development in the Middle East, South America, as well as Africa is also expected to boost the global ITS market.
The notable companies profiled in the ITS market are Garmin International Inc., Sensys Networks Incorporation, Telenav, Inc., Hitachi Ltd, Lanner Electronics Inc., ADCCO LLC, Siemens AG, TransCore Inc., Kapsch TrafficCom AG, Q-Free ASA, Nuance Communications Incorporation, Agero Inc., Iteris, Inc., Ricardo PLC, Xerox Corporation, EFKON AG, DENSO Corporation, Thales Group, WS Atkins PLC, and TomTom NV.
Browse the full Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at http://www.transparencymarketresearch.com/intelligent-transportation-system-market.html
Global Intelligent Transportation System Market, by Type
- Advanced traveler information systems (ATIS)
- Advanced transportation management systems (ATMS)
- Advanced transportation pricing systems (ATPS)
- Advanced public transportation systems (APTS)
- Cooperative systems
Global Intelligent Transportation System Market, by Application
- Traffic management
- Road safety and surveillance
- Freight management
- Public transport
- Environment protection
- Automotive telematics
- Parking management
- Road user charging
Global Intelligent Transportation System Market, by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- South America
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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