DUBLIN--(BUSINESS WIRE)--The "Intelligent Transportation System Market Size, Share & Trends by Type (ATIS, ATMS, ATPS, APTS, EMS), by Application (Traffic Management, Public Transport), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global intelligent transportation system market size is expected to reach USD 37.64 billion by 2027, exhibiting a CAGR of 5.8% over the forecast period.
Necessity to reduce traffic congestion and improve road safety and security, implementation of data analytics and cloud computing in traffic management systems, and cost-effectiveness of intelligent transportation systems is projected to fuel the market growth.
Rapidly changing consumer demand has subsequently posed new challenges for manufacturers and retailers. Consumers are particularly demanding for reliability and efficiency, same-day deliveries, and real-time shipment tracking facilities. Timely delivery owing to reduce in-transit time and tracking facility are some of the features that are particularly in demand. Provisioning these features would require a comprehensive transportation management system capable enough of bridging the gap between order management and warehouse fulfillment. As a result, ITS vendors are introducing the latest solutions that can effectively meet the challenges posed by the growth of the e-commerce industry and the changing consumer behavior.
In addition to being one of the leading causes of accidents, lack of road safety also results in high costs and adversely impacts the overall economic development. Numerous initiatives are being undertaken to install technologically advanced traffic management systems and overall awareness about the importance of road security and safety. This is expected to result in the demand for Vehicle-to-Vehicle (V2V) and Vehicle to Infrastructure (V2I) over the forecast period. Developed markets of Europe and North America have mandated the use of Electronic Stability control (ESC) systems, a driver assistance system, and in passenger as well as commercial vehicles. This is expected to favorably impact the overall demand for intelligent transportation system over the forecast period.
Moreover, in 2020, the ITS market will be hampered due to the COVID-19 crisis, which has impacted demand, interrupted production, and disrupted supply chain. Thus, various market players are experiencing flat or lower unit sales. However, with economic stimulus packages announced by many countries such as Japan, U.S., China, France, Italy, India, U.K., and Germany, is anticipated to create great opportunities for transportation infrastructure development.
North America ITS market dominated in 2019 and is projected to continue its dominance over the foreseen years. The U.S. alone holds more than 75% of the market share in North America. The U.S. government has developed a national architecture that offers guidance to private companies and urban areas likely to implement an intelligent transportation system of what functions and communication technologies are essential to be compatible with other systems.
Companies Mentioned
- ADDCO
- Agero, Inc.
- DENSO CORPORATION
- EFKON GmbH
- Hitachi, Ltd.
- Garmin International, Inc.
- Iteris, Inc.
- Kapsch TrafficCom
- Lanner
- Nuance Commination, Inc.
- Q-Free ASA
- Ricardo
- Sensys Networks, Inc.
- Siemens
- Telenav, Inc.
- Thales Group
- TomTom International
- TransCore
-
Xerox Corporation
Intelligent Transportation System Market Report Highlights
- The Advanced Traffic Management System segment is expected to dominate the ITS market owing to it helps in detecting dangerous weather conditions, roadway hazards, accidents, and creates a complete integrated view of overall traffic flow. The segment is expected to reach USD 12.16 billion by 2027
- The traffic management market is expected to dominate the application segment and the trend is expected to continue over the forecast period. It is anticipated to reach USD 12.07 billion by 2027. Traffic management systems help enhance operational performance and reliability of road networks
- North America is projected to account for the majority share of the market over the forecast period. Advancements in communication technologies are boosting the revolution of the transportation network in U.S. The region is anticipated to reach USD 14.33 billion by 2027
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Intelligent Transportation System (ITS) Market Variables, Trends & Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.4. Business Environment Analysis Tools
3.5. Company Market Share Analysis, 2019
4. ITS Market: Type Outlook
4.1. Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2027 (Revenue, USD Million)
4.2. ATIS
4.3. ATMS
4.4. ATPS
4.5. APTS
4.6. EMS
5. ITS Market: Application Outlook
5.1. Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2027 (Revenue, USD Million)
5.2. Traffic Management
5.3. Road Safety and Security
5.4. Freight Management
5.5. Public Transport
5.6. Environment Protection
5.7. Automotive Telematics
5.8. Parking Management
5.9. Road Tolling System
6. ITS Market: Regional Outlook
6.1. ITS Market, by Region, 2019 & 2027
6.2. North America
6.3. Europe
6.4. Asia Pacific
6.5. South America
6.6. Middle East and Africa
7. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/gmyva1
