Future Market Insights’ report, “Intelligent Transport Systems (ITS) Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027),” foresees the global intelligent transport systems (ITS) market to be valued at $70,798.4 Million by 2027 end, expanding at a CAGR of 12.7% throughout the assessed period. Primary factors driving this market are growing inclination towards better transport infrastructure and increases in spending on intelligent transportation systems.
ITS Market Drivers
- Focus on reducing vehicular pollution
- Increase in government collaborations for effective traffic management
- Growing requirement for advanced traffic congestion solutions
- Growing innovations in products to amplify the demand of ITS products
- Keeping a check on high emission vehicles
- Increasing demand for advanced solutions to reduce road accidents
- Traffic law enforcement
- Rapid urbanization and government’s increasing spending on smart city projects
- Government funding for proper transport plans
Other Research Highlights
- Global ITS hotspots: ASEAN region along with APEJ, Japan, North America, Latin America, Eastern Europe, Western Europe, Japan, and MEA.
- Forecast by Component: the software segment is expected to increase at a relatively higher CAGR during the forecast period. Hardware segment is estimated to be valued at $10,396.3 Million, and is expected to witness steady growth in terms of revenue throughout the forecast period.
- Forecast by Application: global market for intelligent transport systems market is segmented into intelligent urban traffic management systems, highway traffic management, intelligent car parking management systems (smart parking), fleet management and asset monitoring, collision avoidance systems, advanced traveler information systems, and congestion/road charging solutions. The collision avoidance system segment is expected to showcase a high CAGR during the forecast period.
- Competitive Landscape: the major players are Thales Group Ad, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Atkins Group, Iteris, Inc., Ricardo PLC, Efkon AG., Savari Inc., Transcore, Lp, and Lanner Electronics Inc are some of the key leaders operating in the global intelligent transport systems market.
Need to know more? Checkout the Intelligent Transport Systems (ITS) Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027) report.