The Intelligent Transportation System (ITS) market is gaining a robust pace in the forecast period. ITS enables the customer to acquire real-time information about public bus timings and seat availability, how many passengers are there, what is the current and will be next location, and the amount of time taken to reach a particular destination. Apart from this, numerous initiatives of the government toward the development of smart city and transportation, the establishment of stringent norms for controlling and monitoring vehicle emissions, and growing discretionary income and population globally leading to a rapid increase in vehicle production and traffic congestion. Thus, this is placing a lucrative opportunity for the growth of ITS in the coming period.
According to MarkNtel Advisors’ research report titled “Global Intelligent Transportation System Market Analysis, 2020”, the Global Intelligent Transportation System market is anticipated to grow at a CAGR of around 8.5% during 2020-25. Based on Mode of Transportation, Roadways acquired the highest share of the intelligent transportation systems market in 2019. The growth is attributed to the increasing number of vehicles which is making large traffic movement on roadways along with a boost in the number of road accidents due to lack of traffic control system is augmenting the demand innovative intelligent transportation system. Thus, to enable road safety and decrease chances of road accidents, various governments are taking strong actions for the deployment of ITS networks across roadways.
“Global Intelligent Transportation System Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Intelligent Transportation System providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibits the Fastest Growth
The Asia-Pacific region is projected to grow at the highest CAGR over the forecast period. The development of smart cities and modernizing transportation network in the major economies such as China, Japan, and South Korea, along with boost in the government initiatives to curb the emission from the vehicle in order to combat rising levels of air pollution and augmenting deployment to ITS to provide hassle-free, easy and quick commute options for the people is anticipated to strongly contribute for the growth of intelligent transportation system over the coming timeline as stated in MarkNtel Advisors’ research report “Global Intelligent Transportation System Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Intelligent Transportation System market are Denso Corporation, Iteris, Lanner Electronics, Agero, EFKON, Cisco, Flir System, Siemens, TransCore, Citilog etc. Market players are implementing different digitalization technologies to enable transportation system operators to achieve reliability and availability. Along with this, the companies are also collaborating with government and municipal authorities to improve roadside safety and reduce traffic.
Key questions answered in the study: