Global Intelligent Transportation System (ITS) Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz delivers in-depth insights on the global intelligent transportation system (ITS) market in its upcoming report titled, “Global Intelligent Transportation System (ITS) Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global intelligent transportation system (ITS) market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global intelligent transportation system (ITS) market is segmented on the basis of system type, application, and region.

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Intelligent transportation system (ITS) is a next generation technology that combines electronic systems, communication technology, control systems, and sensors & actuators in order to improve operating capabilities of transportation system and to improve mobility, safety, and efficiency.

Major factors driving growth of the global intelligent transportation system (ITS) market are increasing demand for smart parking systems and increasing number of road accidents leading to need for safe and efficient traffic management systems. In addition, increasing investment by governments in development and deployment of intelligent transportation systems is another factor driving growth of the global market. Moreover, increasing penetration of internet of things (IoT) technology and rising adoption of connected devices are other factors fueling growth of the target market.

However, high capital investments and high installation and maintenance costs are major factors hampering growth of the global intelligent transportation system (ITS) market. In addition, economic condition of some developing and underdeveloped countries could delay the adoption of intelligent transport systems (ITS). These factors are expected to restrain growth of this market moderately. Technological advancements towards development of efficient and cost effective systems can create lucrative business opportunities for major players in the global market over the forecast period.

North America dominates the global intelligent transportation system (ITS) market in terms of revenue and is expected to maintain its dominance over the forecast period. Presence of major vendors of intelligent transportation systems and increasing adoption of smart parking management and advanced public transport systems are major factors driving growth of the North America intelligent transportation system (ITS) market. The Europe intelligent transportation system (ITS) market is expected to witness considerable growth and is expected to register a CAGR of X.X% over the next 10 years. The market in Asia Pacific is expected to witness highest growth, owing to increasing deployment of intelligent transportation systems in countries such as China, Japan, and India in this region.

Global Intelligent Transportation System (ITS) Market Segmentation:

Segmentation on the basis of system type:

• Advanced Traffic Management System (ATMS)
• Advanced Traveler Information System (ATIS)
• ITS-Enable Transportation Pricing System
• Advanced Public Transportation System (APTS)
• Commercial Vehicle Operation (CVO)

Segmentation on the basis of application:

• Fleet Management and Asset Monitoring System
• Collision Avoidance System
• Traffic management
• Parking Management System
• Ticketing Management System
• Emergency Vehicle Notification System
• Road safety and security

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa