Intelligent Transportation System Market Size Share, Growth, Trend, Demand, Top Players, Opportunities and Forecast to 2026

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Aug 20, 2020 (Market Insight Reports) —
Selbyville, Delaware The Intelligent Transportation System market’ study added by Market Study Report, LLC, enumerates an in-depth analysis of the powerful trends prevailing in the industry. This study also encompasses valuable information relating to the profitability prospects, growth dynamics, market size, market share forecast, and revenue estimation of this business vertical. The study descriptively charts out the competitive backdrop of eminent players partaking in the industry share, in consort with their offering portfolio & business strategies.

Global Intelligent Transportation System Market is valued approximately USD 21.83 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5.25% over the forecast period 2019-2026.

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The rising demand for efficient and cost-effective transportation and goods-delivery system owing to rapid urbanization along with increased road congestion. Intelligent transportation system is the integration of modern technologies which includes internet of things, artificial intelligence and management strategies into transportation system with an aim to provide innovative services relating to different modes of transport and traffic management.

Intelligent transportation system offers a cost-effective mode of travel and enhances consumer travel experience at a relatively lesser time as compared to traditional transportation services. Intelligent transportation system serves as a replacement of modern transportation services and provides an alternative solution in urban areas where traffic congestion is affecting the economic growth of the area. For instance, according to a report of global vehicular traffic by INRIX, transportation consulting firm, in 2018 in US traffic congestion cost $305 billion.

Moreover, in Los Angeles, the driver spends an average of 102 hours sitting in traffic every year which cost more than $19 billion annually. Integration of artificial intelligence with transportation system along with the advancement in autonomy, data analytics and hybrid and automated electric propulsion has offered the opportunity to the service providers to tap into the potential market.

The rising demand for alternate mode of transportation has led to the development of Intelligent transportation for enhanced safety and security along with promotion of green fuels which tends to increase the market share of Intelligent transportation. The need for effective management of natural resources and increase in focus on environment sustainability has fostered the market share of Intelligent transportation solutions. Moreover, favorable government initiatives and norms to reduce pollution along with the reduction in traffic congestion has led to the rising demand for Intelligent transportation market. For instance, Roads and Transport Authority (RTA) of Dubai has announced the new Intelligent transport strategy 2017-2021 with an aim to make 25 percent of the city’s road trip by autonomous vehicles by 2030.

The strategy was also aimed to execute 34 projects ranging from self-driving buses, autonomous drones and taxis along with expansion of information kiosks and pedestrian crossings. Moreover, the rising investment from private and public transportation system manufacturers towards the development of more enhanced intelligent mobility solutions tend to accelerate the market share of Intelligent transportation. However, the high initial capital investment along with the requirement of skilled workforce tends to restrain the market share of Intelligent transportation. The large amount of data generated by the transportation requires huge database where the data can be stored which hampers the market share.

The regional analysis of Intelligent Transportation System Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to register significant market share owing to the widespread adoption of IoT sensors in a wide range of road transport applications which includes traffic management, smart parking along with car navigation.

Major market player included in this report are:

Denso Corporation

Kapsch TrafficCom

Moxa Inc.

Siemens AG

Thales Group

TomTom N.V.

TransCore

EFKON AG

Hitachi, Ltd.

Nuance Communications

PTV Group

Q-Free ASA

WS Atkins PLC

Xerox Corporation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market.

Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Mode of Transport:

Roadways

Airways

Railways

By Type:

ATMS

ATPS

ATIS

APTS

Other Types

By Deployment mode:

On-premise

Cloud

By Region:

North America

U.S.

Canada

Europe

UK

Germany

Asia Pacific

China

India

Japan

Latin America

Brazil

Mexico

Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017

Base year – 2018

Forecast period – 2019 to 2026

Target Audience of the Intelligent Transportation System Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

Full Report Summary At: https://www.marketstudyreport.com/reports/global-intelligent-transportation-system-market-size-research?utm_source=Marketwatch.com&utm_medium=Ram

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