What is Intelligent Transportation Systems?
The development of smart cities globally will help to boost the global Intelligent Transportation Systems market in the forecasted period. Intelligent transportation systems have garnered immense popularity over the past couple of decades, due to considerable advancements in information technology, the onset of cost-effective smart devices, and giant strides taken by sensing technologies. The necessity for presenting real-time traffic information of different regions to passengers and drivers is one of the significant factors driving the demand for intelligent transportation systems across the world. Furthermore, in 2020, the Intelligent Transportation Systems market will be hindered owing to the COVID-19 crisis, which has impacted demand, interrupted production, and disrupted the supply chain. So, numerous key players are going through flat or lower unit sales. Though, with economic stimulus packages declared by many nations such as Japan, the U.S., China, France, Italy, India, U.K., and Germany, is expected to generate great opportunities for transportation infrastructure development
The market study is broken down, by Application (Fleet Management and Asset Monitoring, Intelligent Traffic Control, Collision Avoidance, Parking Management, Passenger Information Management, Ticketing Management, Emergency Vehicle Notification and Automotive Telematics) and major geographies with country level break-up. According to AMA, the Global Intelligent Transportation Systems market is expected to see growth rate of 15.3%
The key Players working in the Intelligent Transportation Systems market are predominantly focused on escalating their footprint global and differentiating their product portfolio. Enterprises are mainly concentrated on increasing their customer base by collaborating with local distributors so as to create their presence in untapped markets. Expansion of service offerings and operations enables providers of Intelligent Transportation Systems to avail the opportunity to generate revenues from new business streams. Vendors operating in the global Intelligent Transportation Systems market largely provide a flexible pricing model to their customers. Research Analyst at AMA estimates that Players from United States will contribute to the maximum growth of Global Intelligent Transportation Systems market throughout the predicted period.
Thales Group (France), Siemens (Germany), Kapsch TrafficCom (Austria), Garmin (United States), TomTom International BV (Netherlands), Cubic Corporation (United States), Q-Free ASA (Norway), EFKON GmbH (Austria), FLIR Systems, Inc.(United States) and Indra Sistemas (Spain) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Denso Corporation (Japan), ZTE (China), Ricardo (United Kingdom), Iteris (United States), Lanner Electronics (Taiwan), WS Atkins (United Kingdom) and Transcore (United States).
AdvanceMarketAnalytics has segmented the market of Global Intelligent Transportation Systems market by Type, Application and Region.
On the basis of geography, the market of Intelligent Transportation Systems 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Vehicle Type, the sub-segment i.e. Emergency vehicle will boost the Intelligent Transportation Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by System, the sub-segment i.e. Advanced Traffic Management System will boost the Intelligent Transportation Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Hardware will boost the Intelligent Transportation Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 10th March 2020, TomTom, Toyota Research Institute - Advanced Development, Inc. (TRI-AD) (Japan), and DENSO (Japan), announced a successful proof of concept demonstrating a fast high definition (HD) map-building method for roads, essential for safer autonomous driving.
In March 2019, Siemens has launched digital lab for intelligent traffic systems. It will monitor, collect analyse the data to develop important technologies
- Rising favorable government initiatives for effective traffic management
- High adoption of ecofriendly automobile technology
- Growing concerns toward public safety
- Increasing traffic congestion
- Designing and developing smart vehicles compatible with ITS
- The growing number of economically and technologically advanced countries
- The high cost of ITS installation
- Achieving interoperable and standard ITS architecture worldwide
Key Target AudienceIntelligent Transportation Systems Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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