An intelligent transportation system (ITS) is a technology, application, or platform that enhances transportation quality or achieves other goals such as traffic management, toll management, parking management, and freight management, among others via applications that monitor, manage, or improve transportation networks. The ITS is primarily reliant on data collecting and processing. The findings of the data collection and analysis system are utilized to regulate, manage, and plan transportation.

Read Report Overview: https://bisresearch.com/industry-report/intelligent-transportation-system-market.html

According to recent studies, governments throughout the world are using ITS to enhance road safety and operational performance of the transportation system and lessen the environmental effect of transportation. Significant funds are necessary to install ITS. Therefore, countries such as the U.S., Dubai, and Japan are substantially investing in various ITS initiatives. Moreover, ITS cannot be implemented by a single stakeholder; it necessitates collaboration among several domains, including telecom operators, infrastructure providers, manufacturers, service providers, public sector organizations, and user groups. As a result, public-private partnerships (PPPs) would be critical to ITS development.

Global Intelligent Transportation Systems Industry Overview

The global intelligent transportation systems market is expected to reach $40.76 billion by 2031, growing with a CAGR of 5.8% during the forecast period 2021-2031.

Intelligent Transportation Systems Market by Functionality

ATMS is the most common system of ITS. It is also the most prominent system used under intelligent transportation systems. ATMS is expected to dominate the segment throughout the forecasted period due to the urgent need to manage imminent traffic problems persisting globally due to a substantial increase in vehicles in the last decade.

Intelligent Transportation Systems Market by Offering

The hardware segment witnessed the most growth in the ITS market during the forecast period due to the prolific number of hardware equipment required for the setup of the ITS industry. Moreover, semiconductors, sensors, and telecommunication networks are costly to set up and commission. Therefore, it grows in value over the forecast period. 

Intelligent Transportation Systems Market by Application

The traffic management segment dominates the application part of the industry throughout the forecast period owing to the increasing number of cars in the current scenario.

Intelligent Transportation Systems Market by Region

The automobile market in the U.S. is one of the largest in terms of volume in 2020 and is expected to increase exponentially. The vehicle sector in the U.S. sold around 14.5 million light vehicle units in 2020. Consequently, ITS use for traffic management and road safety in the U.S. increases. It also has ample resources to set up the prolific number of ITS ecosystems for better managing the congestion problem in the North America region.

Key Market Players and Competition Synopsis

The companies profiled in the report have been selected post-in-depth interviews with experts and understanding details around companies such as product portfolios, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the intelligent transportation systems market.

Request For Sample: https://bisresearch.com/requestsample?id=1227&type=download

Some of the key players operating in the market, include Siemens AG, Thales SA, Kapsch TrafficCom AG, Garmin Ltd., Teledyne FLIR LLC, Indra Sistemas, S.A., Ricardo, Swarco Holding, TransCore, EFKON GmbH, Redflex Holdings, Transmax Pty Ltd., Aecom Technology Corporation, Citilog, and Agero, Inc.

About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.

Contact: Bhavya Banga
Email: [email protected]
BIS Research Inc.
39111 PASEO PADRE PKWY STE 313, FREMONT CA 94538-1686
Visit our Blog @ https://bisresearch.com/news
Get Expert Insights @ https://community.insightmonk.com
Connect with us on LinkedIn @ https://www.linkedin.com/company/bis-research
Connect with us on Twitter@ https://twitter.com/BISResearch