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Intelligent Transportation Systems Market Attractiveness, Competitive Landscape and Forecast to 2023
Intelligent Road System- Forecast 2022.(PresseBox) ( Magarpatta, )
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Some of the major players in Global Intelligent Transportation Systems Market include Ricardo Plc, TomTom International BV, Siemen AG, WS Atkins PLC, Kapsch Trafficcom, Q-Free ASA, EFKON AG, Iteris Inc., Lanner Electronics Inc., Roper Technologies Inc. and others.
The Intelligent Transportation Systems is the tested route to mitigate the traffic congestion problem. It is an application that is designed to provide customized solutions to improve the transportation system. The major objective of this system is to evaluate, develop, analyze and integrate new technologies and concept to achieve the traffic efficacy. The major growth driver of Intelligent Transportation Systems Marketincludes increasing concern about traffic congestion, increasing need of road safety improvements, and shifting of freight industry from unorganized to organized sector among others. In the year 2016, the global market of Intelligent Transportation Systems had been valued at approximately USD 25 billion, which is expected to be at USD 48 billion by the end of the year 2022. However, slow growth in improving infrastructure and high installation cost are some of the factors which are hindering the growth of Intelligent Transportation Systems Market.
According to a report published by Market Research Future on Intelligent Transportation Systems (IRS) Market Research Report - Global Forecast to 2022, the sector is predicted to grow to USD 48 billion by the end of the year 2022. Furthermore, Intelligent Transportation Systems Market is expected to grow at compound annual growth rate of 11% from year 2016 to year 2022 with computational technology expected to be the fastest growing market with 13% CAGR in the global market. Currently, for example, traffic lights in many countries are not equipped to capture real-time data of the vehicles passing through them or regulate traffic based on the flow of traffic. This has led to the availability of a very limited level of intelligence towards the management of roads in urban area. Though traffic lights on most of the signals are sequenced in sync with each other, but they are not geared to deal and respond to the levels of traffic at that particular time as this task is mostly done manually.
The Intelligent Transportation Systems technology could contribute significantly to make roads safer for pedestrians and drivers by alerting vehicles for hazards and thereby increase road safety, in the future they can also be linked with driverless cars or autonomous cars as they are popularly known today. Owing to these facts the Intelligent Transportation Systems technology is predicted to observe an upward trajectory especially with the development of smart cities on the horizon.
Trends such as In Vehicle Management Systems which utilizes satellite communication, are being increasingly used for providing organizational assurance to fleet managers as it monitors a driver’s behavior data on workers. Similarly use of vehicle-to-vehicle communications, or vehicle-to-infrastructure communications allowing for communication between traffic signals, other vehicles etc. allow for drivers to be aware about potential hazards by way of safety alerts. Availability of Bluetooth communications also enable combining of historical and live travel time data can help in calculating the time required to complete the trip and possible disruptions like congestions etc and alternative routes that can be accordingly taken. The most significantly popular trend in this sector is that of autonomous vehicles that can considerably alleviate the traffic issues countries around the world face on a day to day basis.
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Intelligent Transportation Systems Market is expected to grow at compound annual growth rate of 11% from year 2016 to year 2022.
North America expected to dominate the market of Intelligent Transportation Systems throughout the forecast period.
By Type segment- computational technology is expected to be the fastest growing market with 13% CAGR in the global market.
By Application- Emergency Vehicle Notification System is expected to be the fastest growing market with 15% CAGR in the global market.
Global Intelligent Transportation Systems - Competitive Analysis
With the entry of new industry players in the global Intelligent Transportation Systems, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of R&D which will enable to continue the upward growth trend. The Emergency Vehicle Notification System segment is expected to be the fastest growing market with 15% CAGR in the global market.
Global Intelligent Transportation Systems – Regional Analysis:
According to the report by region, North America has the leading market for Intelligent Transportation Systems and is expected to dominate the market over forecast period due to rising driver safety, reducing congestion and regulatory initiatives. Following North America, Asia-Pacific is the fastest growing region in Intelligent Transportation Systems market. Amongst all Asia Pacific countries, China which is a major developing economy is expected to grow at the highest CAGR of 15.54% during the forecast period.
Intelligent transportation system providers
Navigation and GPS manufacturers
Research & consultancy
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Table of Contents:
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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