Intelligent Transportation System Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Intelligent Transportation System Market. The growth sectors of the Intelligent Transportation System Market are identified with precision for a better growth perspective.
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.
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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.
On the other hand, factors such as high initial investment associated with the ITS and the lack of proper infrastructure that is required for implementation of ITSs is inhibiting the growth in developing and underdeveloped economies, further restricting the growth of the global intelligent transportation system market.
The objective of ITS (Intelligent Transportation Systems) is improve effectiveness, efficiency and safety of the road transportation system. This technology is successfully being deployed in various developed countries like Japan, Singapore, United States, United Kingdom and others with the motive to improve the transportation system performance by controlling conjunction, increase safety and travelers convenience. Intelligent Transportation System represents as the advance step, in the evolution of the entire transportation system. These technologies includes highly advance computers, electronics & communication devices and safety system. Better mobility also helps to improve quality of life and boosts the ability of individuals and organizations to contribute to the growth of the economy. Intelligent Transportation System helps to guide travelers in real time on daily basis that helps to avoid congestion. ITS also helps to reduce the travel uncertainty by smoothing traffic flow. This System also helps to reduce to reduce the wasted time and energy by optimizing trips, improving vehicle and driver performance by adopting better management of the transportation system as a whole. The optimization of the transport system will also result in energy optimization, lower pollution levels and reduced environmental impact.
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.
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.
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
Other Related Market Research Reports:
Global Intelligent Railway Transport System Market Research Report- Forecast 2022
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