Transparency Market Research (TMR), a market intelligence company based in the U.S., has announced the release of a research report on the global intelligent transportation system market. TMR states that the market, which is currently in its nascent stage, is estimated to be valued at US$30.2 billion by 2019. The market is poised to register a CAGR of 11.1% between 2013 and 2019. The market study, titled “Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019”, is available for sale on the company website.Worldwide, the demand of ITS systems is on the rise owing to the myriad benefits offered by even the most basic ITS systems, the most essential of them being the ability to manage traffic snarls in metropolitan areas, as stated in the report.
Browse the full Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at https://www.transparencymarketresearch.com/intelligent-transportation-system-market.html
Moreover, diminished space for expansion of transportation networks and increasing number of vehicle owners in metropolitan regions puts pressure on transportation authorities for improved performance of transportation networks, thus increasing the need to deploy ITS systems. Additionally, use of ITS systems helps maintain road safety, thus lowering the number of accidents and associated travel delays, which adds to the efficiency of the overall transport system. Further, the report states that efficiency and increased mobility in the transportation system leads to reduced usage of fuel, which leads to lower amounts of carbon emissions. Hence, rising awareness of the benefits of ITS in both developed and emerging economies will boost the global ITS market in the forecast period.For the purpose of the study, the global ITS market is examined on three fronts, namely product type, application, and geography. Product-wise, the advanced transportation management systems (ATMS) segment leads the overall ITS market. The segment held nearly 42.1% of total revenue in the market in 2012, as per the study’s findings. Further, the advanced vehicle pricing segment is poised for encouraging growth in matters of congestion pricing, electronic toll collection, and others.
As concluded by TMR analysts, automotive telematics accounts as a major application segment of ITS. The ever-growing demand for vehicle positioning and navigation systems from both manufacturers and vehicle owners holds a significant promise for the growth of the ITS market. Geographically, North America accounted for a 42.2% revenue share in the global market in 2012, due to government initiatives, promotional activities, and increased investment in ITS solutions from both private and public sector entities.
The future of the global ITS market is set to be promising in Asia Pacific. Emerging economies such as China, Brazil, and India have not yet made heavy investments in ITS and have tremendous growth potential in the coming years, according to the study. The TMR study identifies major regional and multinational players that operate in the highly competitive global ITS market. Some of the market leaders are Kapsch TrafficCom AG, Hitachi Ltd, Q-Free ASA, Denso Corp, Siemens AG, TomTom NV, and Xerox.
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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