San Francisco, June 29, 2016 (GLOBE NEWSWIRE) -- The Intelligent transportation system is an arrangement of information and communication technologies. These systems are widely used in traffic management systems and transportation. It improves the efficiency, safety, and sustainability of transportation networks. They may also assist in reducing the traffic congestion. Rising need to enhance the performance of current transportation system networks and growing focus on road safety will influence the demand. These systems notably help in enhancing the yield high benefit to cost ratio along with the supply chain performance. Slow growth in infrastructure sector coupled with the high installation cost may hamper the market demand.
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The global intelligent transportation system (ITS) industry is expected to cross $33.89 billion by 2020. The worldwide market can be segmented into systems, applications, and regions. By system, the market is divided into advanced traveler information system, commercial vehicle operation system, advanced traffic management system, and ITS-enabled transportation pricing system. The market is expanding at a CAGR of 14.05% in the coming years. Applications in intelligent transportation system industry include automotive telematics, freight management, environment protection, parking management, and road user charging. Traffic management contributed for over 30% of the total revenue in 2013. It is growing at a CAGR of above 11.0% from 2014 to 2020.
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Environmental protection segment will experience high demand. It is growing at a CAGR above 17.0%. Augmentation in the logistic sector is the vital factor driving the market growth. Also, the significant escalation in the transportation sector is positively impacting the global market demand. Region wise, the market is fragmented into Asia Pacific (APAC), North America, Europe and Rest of the World. North America is said to be the leading market at present. Increasing demand across public and private markets along with governmental initiatives and promotional activities mainly in U.S will propel the regional demand. APAC is growing at the lucrative rate at the maximum CAGR of 14.05% from 2015-2020.
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R&D activities along with regulatory initiatives in Japan and India will notably propel the industry demand. Key players operating in global intelligent transportation system (ITS) industry comprise Nuance Communications Inc., Thales Group, Q-Free ASA, Garim International, and TomTom International BV. Leading companies are focusing on innovation and product development in order to attain high revenues.
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