Global Intelligent Transportation System Market: Market Research by Knowledge Sourcing Intelligence
Global intelligent transportation system market is projected to witness the growth at a decent CAGR during the forecast period.
ITS (Intelligent Transportation System) is a fusion of the latest technologies into the existing transportation infrastructure to make it more efficient. Rapidly increasing population and rising number of road accidents have led to the adoption of ITS in many regions across the globe. Substantial resources are being funneled into Research and Development to make ITS more advanced which can ensure the safety of drivers and pedestrians besides reducing traffic congestions by constantly tracking and monitoring the flow of traffic.
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| Sample View of Global Intelligent Transportation System Market Forecast |
Global Intelligent Transportation System Market by Geography:
Geographically, global intelligent transportation system market is segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific (APAC). North America Intelligent Transportation System market accounted for a large market share in 2016 and is also expected to maintain its dominant position by the end of the forecasted period. Early adoption of technology and high government investment on road safety is driving the regional market growth.
APAC region is projected to witness the fastest regional market growth during the forecast period. The developing transportation infrastructure in emerging economies like China and India will propel the intelligent transportation system market growth. The growing rate of technology adoption will further contribute to this growth. Favorable government policies like 100% FDI in India and free trade agreement in China attracts international suppliers within the region. In addition, the government is increasingly investing in transportation safety which is creating numerous opportunities for intelligent transportation system vendors. Factors like rapid urbanization and high frequency of vehicles on road drive the need for better transportation management while propelling the regional intelligent transportation system market growth. The market research provides a detailed analysis of global intelligent transportation system market on the basis of the various segment like- by geography, by application, etc.
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| Sample View of Global Intelligent Transportation System Market by Geography |
Global Intelligent Transportation System Market by Application:
By application, the global intelligent transportation system market is segmented collision avoidance system, traffic monitoring, parking availability, traffic signal control system, fleet management & asset monitoring and others. Amongst these Traffic monitoring accounts for a considerate market share in 2016 and will hols notable position by the end of the forecasted period. The rise in government investment in road safety enhances the market share of this segment. Likewise, the collision avoidance system is also gaining popularity due to policies being formulated by some European countries and the United States government. Moreover, mounting concern over the increasing number of road accidents and growth in the number of fatalities due to the same is further contributing to this segment’s growth.
Factors like increase in disposable income, modernization, and technological advancement have led to an increase in the number of vehicles on the road which has led to a higher number of road accidents. According to WHO (World Health Organization), about 1.25 million people die each year because of road accidents and without action, it is predicted to rise to become the 7th leading cause of death by 2030. Hence, the increasing road traffic injuries drive the demand for collision avoidance systems, as this enables in detecting the imminent crash and provides a warning to the driver or take action autonomously without any manual input, thereby preventing the collision.
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In addition, the growing concern over safety of the drivers and pedestrians is boosting the need for government regulations for making collision avoidance systems as standard equipment in vehicles.
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