Intelligent Transportation System Market
The global intelligent transportation system market is accelerating mainly due to the growing concerns for safety and the demand for the smart systems that can ease the traffic congestions. Simultaneously, rising government initiatives such as increasing number of infrastructure development projects and smart road and highway projects escalate the market growth on the global platform.
Acknowledging the exponential accruals and demand the market is enjoying currently; Market Research Future in its recently published study report asserts that the global intelligent transportation system market will accrue up to USD 42.67 Bn. by 2023 registering approximately 12.21% CAGR between 2016 and 2022.
Lately, intelligent transportation systems have started gaining attention attributing to the concerns associated with the traffic management which is deteriorating with each day passing by, demanding adept and appropriate systems to handle the traffic scenarios efficiently and automatically. And, as the demand augments, along with it vibrates the ITS market gaining further traction.
Besides, the technological advancements transpired in the field of ITS coupled with the demand for more efficient, responsive, and unconventional safety systems are fostering the market growth, allowing accessibility and availability of the variety of automatic devices and the automatic traffic handling tools. Also, substantial investments made by market key players into R&D activities are supporting the market growth of the intelligent transportation system.
Increasing concern about traffic congestion is one to the major market driver for the growth of ITS market. It is an integrated system that is used to implement a broad range of communication, control, and vehicle sensing and electronics technologies to solve and manage the traffic problems. For instance: travel information helps travelers to avoid jamming, promoting a better use of existing road capacity and subsequently improving traffic conditions.
Intelligent Transportation System helps the driver to detect and avoid dangerous driving situations. This system is used for improving the enforcement on roads and highways. Intelligent Transpiration System are used to reduce the fatalities and injuries. Whereas, the initial installations and configurations cost is high which acts as a barrier in the adaption of Intelligent Transportation System (ITS) by most of the company which creates disruption.
Global Intelligent Transportation System Market is expected to grow at US ~$42.67 billion by the end of forecast period with CAGR of ~12.21% during 2016 to 2022.
Intelligent Transportation System Market — Competitive Landscape
Competitive by nature, the market is expected to witness an intensifying competition as more entrants get attracted to the market. Due to the presence of several large and small key players accounting for a substantial market share, the market appears fragmented.
Matured players incorporate collaboration, acquisition, partnership, product & technology launch and expansion to gain the competitive advantage in the market. These players emphasis on geographical expansion and new product development initiatives.
Key Players:
The market is driven by some of the leading players including Hitachi Ltd. (Japan), Roper Industries, Inc. (US), Siemens AG (Germany), Xerox Corporation (US), Thales S.A. (France), BRISA (Portugal), Q-Free ASA (Norway), Kapsch AG (Austria)¸Efkon AG (Austria), Denso Corporation (Japan), Lanner Electronics Inc. (Taiwan), TomTom International BV(Netherlands), Nuance Communications Inc. (US), Savari Inc. (US), and Garmin Ltd. (Switzerland).
More Information@ https://www.marketresearchfuture.com/reports/intelligent-transportation-system-market-2076
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The new research report titled "Intelligent Transportation System Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the intelligent transportation system market include Affiliated Computer Services, Inc., Denso Corporation, Agero, Inc., Addco Llc, Lanner Electronics, Inc., Nuance Communications, Inc., Ricardo Plc, Sensys Networks, Inc., Telenav, Inc., Efkon AG and Thales Group.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Intelligent Transportation System Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/intelligent-transportation-system-market/download-sampleMarket DynamicsThe increasing number of mega cities, the population growth and recent government initiatives on transport and traffic management, are the important driving factor for the market growth.
The intelligent transportation system market is expected to accelerate growth over the forecast timeline due to an increase in the adoption of smart transport systems by people to reduce traffic jamming problems and favorable government initiatives on smart transport infrastructure.
