IndustryARC opinions that the global intelligent transport system market value was at $21.33 billion in 2018 and is estimated to grow at a healthy CAGR of 6.01% throughout the forecast period 2019-2025. The IndustryARC report is titled, “[URL=https://industryarc.com/PressRelease/916/Intelligent-Transport-System-Market-Research.html]Intelligent Transport System Market[/URL]: Technologies & Standards (Cloud Service, GPS, Others); Components (Sensor, Interface board, others); Systems (ATMS, ATIS, Others); Application (Fleet Management, Traveler Information, Others); & Geography – Forecast (2019-2025).”Global Intelligent Transport System Market: Demand Analysis
Intelligent transport system leveraging the Internet of Things (IoT) concepts and includes vehicle-to-vehicle (V2V) and vehicle to infrastructure (V2I) technology employment in traffic management and mobility management. According to the United Nations, the world population expected to touch 9.8 billion by 2050. This results in a rise in the number of residents that increases the mass urbanization movement. The ultimate outcome of these consequences is an increment in traffic congestion across urban areas and cities.
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Global Intelligent Transport System Market: Leading Segments
Advanced traffic management system and advanced public transportation systems are noted as the fastest growing applications of ITS market which projects with a CAGR of 5.25% during the aforementioned period. Accelerating software innovations and technology advancements such as CCTV cameras, passenger information systems, GPS, in-vehicle audio system and onboard ticketing machines are augmenting the growth and the necessity of advanced traffic management system.
Based on the regional analysis, North America held a dominating share of 33.35% among other regions in the global intelligent transport system market as of 2018. In 2018, The U.S. Department of Transportation (DOT’s) states that the Federal Transit Administration (FTA) has funded $366,162,440 for 107 projects through buses and bus facilities infrastructure investment program. Out of which $7,000,000 fund was received for the Pennsylvania Fixed Route Intelligent Transportation System (FRITS) Project.
Global Intelligent Transport System Market: Disruptive Trends
Increased traffic efficiency and update of traffic, seat availability, local convenience real-time running information enhancing the safety and comfort of users.
This system not only improves road safety but also supports efficient infrastructure usage. In addition to this, it provides clean and CO2 neutral mobility.
Global Intelligent Transport System Market: Competitive Landscape
Garmin, Thales, Kapsch Trafficcom, Tomtom International, Denso Corporation,Flir Systems, Ricardo, Tomtom International, Kapsch Trafficcom, and Ricardo are some of the key companies identified in the report which are currently holding majority shares in the global intelligent transport system market.
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