Intelligent Transportation System (ITS) Market Overview, Challenges and Growth Opportunities Analysis till 2025

Posted on 2021-10-27 by researchinsights in Technology // 0 Comments

San Jose, California , USA, Oct 27, 2021 — /EPR Network/ —

The Intelligent Transportation System (ITS) Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.

Market Insights

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. High traffic congestion due to urbanization and increasing number of on road vehicles has contributed to the demand for advanced traffic management systems for public. Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market. Various initiatives to deploy advanced traffic management systems such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is also expected to be witnessed as a key growth strategy.

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Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory. Car manufacturers in both emerging and established economies are implementing these systems in their new car models to differentiate their products from the competitors. These factors are anticipated to drive the market growth in the foreseeable future. Intelligent transportation systems are expected to help improve the performance of supply chain process and yield high benefit to the organizations. Users can also reduce the costs through real-time transportation systems. On account of the above factors, transportation service providers have increased investment in this technology over the past few years.

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.

ITS Type Outlook (Revenue, USD Million, 2014 – 2024)

ATIS
ATMS
ATPS
APTS
Cooperative vehicle system

ITS Application Outlook (Revenue, USD Million, 2014 – 2024)

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

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Key Players Analysis covered in these report

Thales Group
Garmin International
TomTom International
Nuance Communication Inc
Denso corporation
EFCON AG

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