Intelligent Transportation System (ITS) Market Prominent Players | Development Strategies | Forecast To 2024

Felton, Calif., USA, Dec. 30, 2020 — /EPR Network/ —

The global Intelligent Transportation System (ITS) Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global Intelligent Transportation System (ITS) Market is anticipated to reach USD 66.5 billion by 2024. Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth.

Key Players:

• Adcco
• Agero
• DENSO Corporation
• EFKON AG
• Hitachi Ltd
• Nuance Communications Inc.
• Garmin International Inc.
• Iteris
• Kapsch TrafficCom AG
• Lanner Electronics Inc.

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Growth Drivers:

Investment across the intelligent transport system is expected to increase on account of high benefit cost ratio that strongly influences vehicle owners and government authorities to invest in this technology that includes vehicle to Infrastructure (V2I) communication, Vehicle to Vehicle (V2V) communication, mobility application and environment application. However, slow growth in infrastructure sector can act as a challenge to the market. Interoperability and standardization pose a major challenge for the market growth. Development of connection assurance systems is expected to be the top agenda of various nations. Achieving interoperability ensures that transport systems are not simply interconnected but that the boundaries between different networks are effective. Technical interoperability is achieved when different transport systems are linked in ways which effectively extend the network of services. Technical interoperability requires the various systems of physical infrastructure in different transport systems to interface efficiently. High cost of these systems can also be attributed as a major restraint to the market growth.

Application Outlook:

• Traffic management
• Road safety and security
• Freight management
• Public transport
• Environment protection
• Automotive telematics
• Parking management
• Road user charging

Traffic management is expected to be the largest application segment in the market. ATMS is used in traffic management to enhance road network by reducing financial burden on regulatory authorities thereby decreasing the cost of investment in traffic congestion control. Environmental protection is anticipated to witness significant growth in the market over the forecast period owing to increase in environmental awareness coupled with various government initiatives to curb vehicle pollutant emissions.

Regional Outlook:

Globally, North America is expected to have the largest market over the forecast period. Increasing demand for efficient transporting systems across various sectors including public, private and government regulations coupled with promotional activities for road safety. Asia Pacific is anticipated to witness the fastest growth owing to technological innovations that includes integrated handheld devices with sensors to enhance transportation networks. Emerging economies such as India and china are investing more in R&D and regulatory initiatives including wealth and welfare act and industrial safety that are expected to fuel the market growth in this region

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