Intelligent Transportation System Market to Reach USD 48.7 Billion by 2027 | CAGR 15% – Forencis Research

Intelligent Transportation System Market - Global Industry Analysis and Forecast 2020 to 2027

Global Intelligent Transportation System Market: Key Highlights

  • According to the new market research report Intelligent Transportation System Market by Type (Advanced Traveller Information Systems (ATIS), Advanced Traffic Management System (ATMS), Advanced Transportation Pricing Systems (ATPS) and Advanced Public Transportation System (APTS)), by Offering (Hardware, Software and Services), by Application (Freight Management, Public Transport, Parking Management, Traffic Management, Road Safety and Security, Road Tolling Systems, Environment Protection and Automotive Telematics), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Intelligent Transportation System Market is estimated to reach USD 48.7 Billion by 2027 at a CAGR of around 15% during the review period.
  • The ITS is combinations of leading edge information and communication technologies which is being used in transportation and traffic management system to enhance the efficiency, safety and sustainability of transportation network. 
  • Moreover, the intelligent transportation system is majorly deployed in various applications such as in parking availability system, collision avoidance system, and traffic enforcement camera. These will lead to increase the demand of the market in the forecast period.

Intelligent Transportation System Market

Global Intelligent Transportation System Market: Key Market Dynamics

  • With the rising traffic jam is witness to boost the growth of the market in the forecast period. Whereas, the deployment of the intelligent transportation system will help to offers a real-time data which is used to improve the traffic jam problem.
  • One of the major key concern of the intelligent transportation system market is high costs of installation which may restraining factor for the growth of the market.
  • Growing adoption of Internet of things (IoT), is rapidly transforming the way transportation systems such as designed, planned, and operated. Hence, these may lead to boost the demand of the market.
  • The ongoing covid-19 pandemic also create a major challenge for the market growth as the manufacturing sector are majorly hampered with the lockdown as well as with the shortage of labor and raw material availability. This is projected to delay in ongoing transport project in various extent.

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Global Intelligent Transportation System Market: Regional Overview

  • North America:

The North America is witness to be one of the major player for the adoption of advance technologies. Whereas, United States Department of Transportation (DOT) has making an investing majorly on the field of research and development, deployment, as well as in the adoption of intelligent transportation systems across the country. Also, the US has the largest number of on-road vehicles in the region. Moreover, usage of various technology is projected to rise with the growing number of vehicles across the region.

Hence, the government initiatives as well as the expenditure on infrastructure development have provide to the major share to the region growth.

  • Asia-Pacific:

The region is anticipated to play a major role for the growth and developments of the market in the forecast period. Whereas, the major growth in the technological development and expansion of transportation network play as a key factor for the market growth. Moreover, the major benefits by the adoption of this market in the countries such as China, India and Japan.

Hence, the vehicle manufacturers in both rising as well as established markets are incorporate these systems in their coming car models to differentiate their products from competitors. These may lead to increase the market demand in the forecast period.

Global Intelligent Transportation System Market: Key Players Overview

  • Cubic Corporation:

Cubic Corporation is an American public corporation, which helps to provide diversified systems and services to the transportation and defense markets globally. Whereas, the company is the major integrator of payment and information solutions and related services for intelligent travel applications in the transportation industry. Moreover, the company offers an integrated system for transportation and traffic management as well as helps to provider tools to travelers to get easy and smart way to travel. In 2019, Cubic Transportation Systems (CTS) signed an agreement with Google to integrate contactless transit cards with Google Pay, to making it fast and easy for travelers to use their mobile phones to pay for their journeys.

  • Kapsch TrafficCom:

Kapsch TrafficCom is a provider of intelligent transportation systems in the areas such as tolling, traffic management, smart urban mobility, traffic safety & security, and connected vehicles. Whereas, in 2019 the company has implemented an intelligent mobility management solution in Valladolid, Spain, which is the new system allows citizens to plan their journeys efficiently. Moreover, the company provides mobility solution to help to make road traffic safer and more reliable in urban areas.

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Published : 2020-09-07