DUBLIN--(BUSINESS WIRE)--The "Intelligent Transportation System Market by Offering, System (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System), Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Intelligent transportation system (ITS) market in roadways is expected to be worth USD 23.35 Billion in 2018 and USD 30.74 Billion by 2023, growing at a CAGR of 5.65% between 2018 and 2023.
The major drivers for the market include increasing concerns related to public safety, increasing traffic congestion problem, and favorable government initiatives for effective traffic management.
Hardware offering is expected to lead the overall ITS market in roadways. The large market size for hardware is owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems across the ITS infrastructure of any region. In addition, these high-end systems are synchronized to respond in real time; hence, these are likely to need frequent software updates, thereby increasing the operational cost.
The market for commercial vehicle operation (CVO) systems is expected to grow at the highest CAGR during the forecast period. The increasing demand for the expansion of transportation networks and growth in the logistics sector are the key reasons for the growth of the commercial vehicle operation system market.
On the basis of application, the intelligent traffic control application held the largest share in 2017. This involves a much closer interaction between all of its constituents: drivers, pedestrians, public transportation, and traffic management systems. Adaptive signal systems, driver advisory and route planning, and automated vehicles are some of the goals set up to increase the efficiency of actual systems.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 ITS Market, By Protocol
7 ITS Market for Roadways, By Offering
8 ITS Market in Roadways, By System
9 ITS Market for Roadways, By Application
10 ITS Market for Railways, By Application
11 ITS Market for Aviation, By Application
12 ITS Market in Maritime, By Application
13 Geographic Analysis
14 Competitive Landscape
15 Company Profile
- Flir Systems
- Kapsch Trafficcom
- Lanner Electronics
- Tomtom International
For more information about this report visit https://www.researchandmarkets.com/research/3hg734/30_74_billion?w=4