Published: November 2015 | Report Code: AT10583 | Available Format: PDF | Pages: 74
The global intelligent transportation system (ITS) market was valued at $18.2 billion in 2014, which is expected to surpass $38.0 billion by 2020, witnessing 13.1% CAGR during the forecast period (2015–2020).
Geographically, North America led the ITS market in 2014, and is expected to maintain its dominance during the forecast period. Whereas, the APAC ITS industry is expected to grow with the highest rate in the coming years, due to supportive government initiatives toward the implementation of ITS across several developing countries.
Fundamentals Governing ITS Market
Increasing environmental pollution is a key driver for the growth of the ITS market. According to the World Health Organization (WHO), approximately 1.3 million human deaths occur every year, due to outdoor air pollution, globally. Arabian Gulf and Northern India are expected to witness increase in ozone pollution level, due to expected increase in industrial production and population density, and growth in transportation facilities in the areas. The ITS is able to minimize the increasing environmental impacts on human health. The environmental burden of new road infrastructure can be minimized with the help of ITS, which manages the existing road network. Vehicle emissions can be reduced to a great extent by improving traffic flow with the use of improved network management techniques, offered through ITS.
Improving standardization in wireless communication technologies is providing ample opportunities for players operating in the ITS market. Corporate and academic institutions are guided to develop standards for wireless systems, due to the rapid increase in adoption of wireless communications for ITS. Some of the organizations that created standards regarding wireless communication technologies are International Organization for Standardization (ISO), Bluetooth Special Interest Group (SIG), American Society for Testing and Materials (ASTM), and Institute of Electrical and Electronics Engineers (IEEE).
ITS Market Segmentation Analysis
On the basis of system, the advanced traffic management system (ATMS) category dominated the ITS market in 2014. This is majorly due to the increased concerns of people for minimizing pollution levels and traffic congestion. Such concerns and measures are expected to drive the demand for ATMS during the forecasted period.
Among all applications, the environment protection category is expected to grow at the fastest rate in the ITS market during the forecast period, owing to the increasing need of environmental protection, globally. Ozone, nitrogen, particulate matter, and sulfur are some of the major substances causing environmental pollution, which poses major health risks for humans and animals.
Geographical Analysis of ITS Market
North America dominates the global ITS market. Various research and development activities are carried out in the field of ITS by the Intelligent Transportation Society of America. The organization is also active in the deployment of ITS, in order to improve the surface transportation system across the U.S. Furthermore, the U.S. Department of Transportation encourages the deployment and promotes innovation to achieve success in ITS technologies, globally, by working with private and public sectors, and academic community.
Competitive Landscape of ITS Market
Major players operating in the ITS market includes Thales SA, Kapsch TrafficCom AG, TomTom International BV, Nuance Communications Inc., Q-Free ASA, DENSO Corporation, Efkon AG, TransCore LP, and Savari Inc. In recent year, these players have been involved in several strategic developments, such as geographical expansions and product launches, for the growth in the market. For instance, in August 2015, Kapsch TrafficCom AG expanded the toll road network in Belarus. This expansion is in line with the long-term infrastructure development program of the government in Belarus, while the company is acting as both developer and operator of the toll collection system in the area.
Key Questions Addressed/Answered in the Report
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws