Scope of the Study
Intelligent transportation system provides services for different modes of transport and traffic management. It enables the user to choose a safer, coordinated and smarter transport network. The technologies such as emergency services during an accident, cameras to enforce traffic laws are used in this system. Additionally, some systems uses RFID radio wave to conduct signals. The intelligent transport systems comprised of wireless and traditional communications and technologies. It has wide range of benefits such as saving time, environmental and economic efficiency which is fueling the market growth. According to United Nations Economic and Social Commission for Asia and the Pacific, the market of Intelligent Transport System was expected to reach USD 38.68 billion by 2020. Further, According to Ministry of road transport and Highways, road transport accounts for 87% of passenger traffic and 60% of freight traffic in India.
The market study is being classified, by Application (Traffic management, Environment protection, Freight management, Public transport, Road safety and security, Automotive telematics, Road user charging and Parking management) and major geographies with country level break-up.
Thales Group (France), Siemens AG (Germany), Garmin Ltd. (Switzerland), Kapsch TrafficCom (Austria), TomTom International B.V. (Netherlands), Cubic Corporation (United States), Q-Free ASA (Norway), EFKON GmbH (Austria), FLIR Systems, Inc. (United States) and Denso Corporation (Japan). are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are ZTE (China), Ricardo (United Kingdom), Iteris (United States), Lanner Electronics (Taiwan), WS Atkins (United Kingdom) and Transcore (United States).
The market of intelligent transport system consists of international players which makes it to be highly competitive. They have the opportunity to secure high value contract orders. Also the major players are focusing on the product features which will strengthen the position in the market Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Intelligent Transportation System market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Intelligent Transportation System market by Type, Application and Region.
On the basis of geography, the market of Intelligent Transportation System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Government Initiatives towards the Implementation of Latest Technology in Transport
- Increasing Urbanization and Industrialization
- Government initiatives for development of smart cities
- Increasing Sales of Vehicles is leading to Congestion in Traffic
- Rising Technological Developments in Developing Economies
- The travel ban due to COVID 19 has brought trucks and other means of transport to standstill. Also many countries have closed their borders which is resulting in sharp reduction in transport demand. This factor is having negative impact on the Intelligent transportation system market
- Growing freight and logistics industry is boosting the market. Although the passenger transport has been hit adversely by lockdown, the demand of truck drivers for transportation of essential goods is increasing. It has been noted that there has been increase of 40% to 60%` products which are being moved in grocery stores and warehouses in United States during lockdown. This in turn is benefiting the Intelligent transportation system market.
- Risk of Failure of Automated Systems May Hamper the Market Growth
- High Costs Associated with the Implementation
Market Leaders and their expansionary development strategies
In January 2019, Bridgestone has acquired Tom Tom telematics. This acquisition will help in strengthening the customer base.
In March 2019, Siemens has launched digital lab for intelligent traffic systems. It will monitor, collect analyse the data to develop important technologies
Key Target AudienceTransportation services providers, Transport infrastructure planners, Transport operators, Governments and urban planning agencies, Value-added resellers (VARs) and distributors, Public transportation departments, Investors and venture capitalists, Independent software vendors, Solution vendors and Networking and communication services providers
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