Pune, India, April 29, 2019 (GLOBE NEWSWIRE) -- As per a report made available by Market Research Future, the intelligent transport system market is anticipated to earn USD 42.67 billion in revenues while progressing with a CAGR of 12.21 % in the forecast period. The engulfing nature of a fast-paced lifestyle in urban areas has amplified the reliance on tools and concepts that can achieve simplification of day to day activities. The prevalent use of computerized systems in diverse applications related to transportation is expected to lift the expansion of the intelligent transportation system market. Fuelled by the escalating need for capturing real-time navigation, traffic updates, lane disciple and forecasting travel time, the market stands to profit progressively in the coming years.
As road traffic globally has become more erratic and higher in volume, the need to ensure efficiency, effectiveness, and safety in road transportation system is prompting further growth in the intelligent transportation system market. Also, the personnel available for managing traffic efficiently in metropolitan areas is significantly less as per the requirement. Thus, this factor is expected to further drive the demand for intelligent transportation system market in the approaching period. Since intelligent transportation systems are intended to reduce travel time and increase cost and time efficiency for travelers in urban areas, they are increasingly being adopted by civic bodies so as to ensure upturn in the quality of life of the populace in their respective areas.
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Market Segmentation
The segmentation of the intelligent transportation system market is carried out on the basis of products, applications, component, and regions. Based on products, the intelligent transportation system market is segmented into advanced public transportation systems (APTS), advanced transportation pricing systems (ATPS), advanced transportation management systems (ATMS), advanced traveler information systems (ATIS) and cooperative vehicle systems. By applications, the intelligent transportation system market is segmented into traffic management, automotive telematics, collision avoidance system, road safety, and security, road user charging, traffic signal control, freight management (commercial), public transport, parking management, environment protection, and traffic enforcement camera. The segmentation of the intelligent transportation system market on the basis of components comprises of surveillance camera, monitoring and detection system, sensor, software, interface board, telecommunication network, and others. The regions included in the intelligent transportation system market are the Middle East, North America, Asia Pacific, Europe, and Africa.
Intelligent Transportation System Market to Be Strengthened by Diverse Applications in Vehicle Transportation
The evaluation of the Intelligent Transportation System (ITS) Market on the basis of regions includes the Middle East, North America, Asia Pacific, Europe, and Africa. The North American region has directed the intelligent transportation system market in 2016 which is trailed by the Asia Pacific region. The European region is projected to expand at a CAGR of 12.83% through the forecast period. The Asia Pacific region is likely to expand from a market share worth USD 5.65 billion in 2016 to USD 12.10 billion by 2022. The rest of the world segment is assessed to expand at a CAGR of 8.67% throughout the forecast period.
Key Players
The significant contenders operating in the Intelligent Transportation System are Siemens AG (Germany), Roper Industries, Inc.(U.S), Hitachi Ltd. (Japan), Thales S.A. (France), Xerox Corporation (U.S.), BRISA (Portugal), Efkon AG (Austria), Lanner Electronics Inc.(Taiwan), Denso Corporation (Japan), Kapsch AG (Austria)¸ TomTom International BV(Netherlands), Savari Inc.( U.S.), Nuance Communications Inc.(U.S), Q-Free ASA (Norway), Garmin Ltd.( Switzerland) and others.
Key Updates
April 2019 The Liverpool City Region Authority is preparing to present an intelligent transport system (ITS) with the first application on two of its active bus routes. The authority is deploying the system this month on the 86 and 86A routes in the city. It is being distributed through the region’s Bus Alliance and Liverpool City Council and bankrolled to an amount valued at £161,000 through the Local Growth Fund.
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April 2019 MOIA, a holding of the Volkswagen Group, recently initiated public operations in Hamburg after a three-month test stage. The service is prepared to become Europe’s prime, all-electric ride-sharing facility over the following 12 months. The Mobility On Demand service balances the current mobility suppliers and is part of the city’s plan in the buildup to the Intelligent Transport Systems World Congress which will be organized in 2021.
April 2019 The National Transport Authority (NTA) in Ireland has conferred a contract valued at over than USD 4 million to Cubic Transportation Systems (CTS) to deliver a mobile ticketing system for Ireland. The service will be set into progress on a pilot basis on specific Bus Éireann regional routes later in 2019, with additional routes to be included on a phased basis which will make public transportation in Ireland easier and more well-organized for travelers.
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Intelligent Airways Transportation (IATS) Market, By Component (Hardware, Software), By Deployment (On Cloud, On Premises), By Technology (Robotic and artificial intelligence, Data Science, Biometric enables self-service - Forecast 2022.
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