Global Intelligent Transport System Market, By Component (Hardware, Software and Services), By System (Advanced Traffic Management System, Advanced Traveler Information System and others), By Application (Fleet Management and Asset Monitoring System, Intelligent Traffic System, Collision Avoidance System and others), and By Geographical Segments- Industry Trends and Forecast to 2025
Market Analysis: Global Intelligent Transport System Market
The Global Intelligent Transport System Market accounted for USD 19.38 billion in 2017 and is projected to grow at a CAGR of 7.1% the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Intelligent Transport System Market
Intelligent transportation system (ITS) is the use of detecting, examination, control and correspondences innovations to ground transportation to enhance wellbeing, portability and proficiency. ITS incorporates an extensive variety of uses that offer data to ease blockage, enhance movement administration, limit ecological effect and increment the advantages of transportation to business clients and people in general. Intelligent transportation system is a part of the Internet of Things, includes vehicle-to-vehicle (V2V) and vehicle-to-framework (V2I) innovation and joins both remote and wire line interchanges based data and hardware advancements. Remote innovation is utilized to interface vehicle data and area to different vehicles, other transportation modes, (for example, people on foot or bicyclists), nearby foundation and remote framework in the cloud. ITS is significantly affecting transportation in applications, for example, electronic toll gathering, slope meters, activity light cameras, movement flag coordination, travel flag need and voyager data systems. The appropriation of ITS is required to increment in applications, for example, armada checking, tolling administration, ticket administration, transportation estimating, telematics and movement observing. Key recipients of ITS security enhancements and also the accessibility of ongoing data and examination are voyagers, organizations and transportation offices. Information from ITS likewise has country security applications.
The term, intelligent transportation systems was coined more than two decades prior to assign utilizations of data and correspondence advances to the operational administration of transportation systems. The intelligent transportation systems advertise development is right now being obstructed by the absence of between operability and standardization. The rapidly growing telematics and commercial automobile industry, combined with proceeded with aggressive development of the business associated vehicle will see the rise of new information streams, gave by the automobile business, and transparently open to the designer group. The open information streams will encourage the advancement of extra applications and benefits, and speaks to the business' first broad, constant and anonymized informational index, which is sourced from the customary traveler vehicles. The significant goal of the keen transport framework showcase is to decrease movement clog, contamination level, and to control the quantity of street mischances. The recent trend in this market is associated with key players operating in the global market for intelligent transport systems that are joining 5G automotive association to scale up product innovation. For example, Savari Inc. joined the 5G automotive association to bring cellular communications to connected cars.
Market Drivers and Restraints:
- Development of smart vehicles.
- Rising demand for better transportation infrastructure due to technological disruptions.
- Growing number of smart cities.
- Lack of standards followed by interoperability.
- High installation costs and maintenance charges.
Market Segmentation: Global Intelligent Transport System Market
- The global intelligent transport system market is segmented based on component, system, application and geographical segments.
- Based on component, the global intelligent transportation system market is segmented into hardware, software and services.
- Based on system, the global intelligent transportation system market is segmented into advanced traffic management system, advanced traveler information system, ITS-enable transportation pricing system, advanced public transportation system and commercial vehicle operation.
- Based on application, the global intelligent transportation system market is segmented into fleet management and asset monitoring system, intelligent traffic system, collision avoidance system, parking management system, passenger information system, ticketing management system, emergency vehicle notification system and automotive telematics system.
- Based on geography the global intelligent transportation system market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Competitive Analysis: Global Intelligent Transport System Market
The global intelligent transportation system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of intelligent transportation system market for global, Europe, North America, Asia Pacific and South America.
Key Players: Global Intelligent Transport System Market
Some of the dominant players in global intelligent transportation system market are Thales Group, Siemens AG, Garmin Ltd., Kapsch Trafficcom, Tomtom International BV, Q-Free ASA, Denso Corporation, Efcon AG, Lanner Electronics, Savari Inc., Transcore Inc., Iteris Inc., Atkins Group, Ricardo plc., 3M, Hitachi, Nuance Communications Incorporation, Telenav Inc. and Lanner Electronics Inc.
Research Methodology: Global Intelligent Transport System Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side Primary Contributors: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters and Investors among others.