San Francisco, Dec. 17, 2015 (GLOBE NEWSWIRE) -- The global ITS market is expected to reach USD 38.68 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for alleviating traffic congestion and growing need for enhancing existing transportation networks is expected to drive demand over the forecast period.
Growing urban population and increased fund allotment by various governments across the globe is driving need for advanced transportation network. This is estimated to be fulfilled by proper use of wireless communication devices, advanced sensors and application of data analysis tools and navigation systems. Further, requirement for Public Private Partnerships (PPP) and smart vehicles with this technology is anticipated to offer prominent opportunity for the industry participants.
Increasing demand for optimizing fuel consumption and reducing emissions is expected to drive ITS market demand over the forecast period. Shift towards connected cars has opened new opportunities for cooperative vehicle systems. It helps in cutting down costs through real-time transportation systems, leading to increasing investments across this technology over the past few years. However, lack of interoperability and standardization may act as a restraint to the overall demand.
Browse to access In-depth research report on Global Intelligent Transportation System (ITS) Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry
Further key findings from the study suggest:
- ATMS market is estimated to witness robust demand by 2020, growing at a CAGR of over 12% from 2014 to 2020, and is expected to shrink over the next seven years It offers varied functions such as traffic signal controlling, automated warning, real-time traffic monitoring, road weather information monitoring and dynamic sign message monitoring, leading to its wide utilization across varied applications.
- Traffic management systems are estimated to grow at a CAGR of over 11.0% from 2014 to 2020. It enhances reliability and operation performance of road networks. They include vehicle detection systems, bridge traffic management systems and ramp metering systems. Increasing traffic jams result in fuel wastage, traffic time and monetary losses. They are deployed to minimize financial burden on transportation authorities and governments.
- Automotive telematics applications are expected to exhibit a growth rate of over 15% by 2020. These include Global Positioning Systems (GPS), vehicle tracking systems and navigation systems that are used for real-time information sharing between car owners and roadside infrastructure. These systems are particularly used to provide traffic information to drivers and avoid crowded roads.
- North America intelligent transportation systems market is expected to remain the dominant region, growing at a steady growth rate of over 12% from 2014 to 2020. Favorable regulatory initiatives from transportation authorities for reducing traffic congestion and increasing driver safety are some of the factors driving demand across this region. Asia Pacific accounted for over 22% of the overall revenue in 2013 and is estimated to witness strong demand over the forecast period. Increasing R&D activities and government initiatives are projected to fuel regional demand.
- Companies dominating ITS market share include Nuance Communication Inc, Kapsch TrafficCom AG, Thales Group, Garmin International and Q-Free ASA. Companies focus on geographical diversification and product differentiation as notable strategies to achieve higher industry penetration and expand their presence.
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Grand View Research has segmented the global ITS market on the basis of product, application and region:
ITS Product Outlook (Revenue, USD Million, 2012 – 2020)
- Cooperative Vehicle Systems
ITS Application Outlook (Revenue, USD Million, 2012 – 2020)
- Traffic Management
- Road Safety & Security
- Freight Management
- Public Transport
- Environment Protection
- Automotive Telematics
- Parking Management
- Road User Charging
ITS Regional Outlook (Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research