Albany, New York, USA (PRWEB) December 09, 2013
According to a new market report published by Transparency Market Research "Intelligent Transportation System (ITS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global market is expected to reach a value of USD 30.2 billion by 2019, at a CAGR of 11.1% from 2013 to 2019.
The demand of ITS systems is rising globally due to increased congestion in metropolitan areas. Development and deployment of intelligent transportation system not only reduces traffic, but also reduces number of accidents and improves quality of life by controlling vehicle emission levels. In addition, these systems reduce financial burden on countries by reducing fuel consumptions and traveling delays. These benefits of ITS systems are motivating both developed and developing countries to invest in these technologies instead of spending huge amount on transportation network expansion.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/intelligent-transportation-system-market.html.
Advanced transportation management systems (ATMS) used for traffic control and management accounted for the largest revenue share of 42.1% of the overall market. Significant investment is expected in this segment with increasing traffic problems in both developed and developing economies across the world. Advanced vehicle pricing systems which include electronic toll collection, congestion pricing, vehicle mile travel and other road user charging systems are expected to have a huge demand across the world. This is due to the increasing attention of highway and local transportation operators to reduce traffic on both urban and inter-urban transportation networks.
Traffic management and road user charging were two dominating applications with a share of 58% in 2012. Environment protection is emerging as well as the fastest growing application of ITS. In addition, automotive telematics is another major segment in ITS applications. Huge demand for vehicle position systems and navigation systems are expected from both vehicle manufacturers and owners due to increasing need to access real-time information. Advancement in wireless technologies are playing important role in the development of automotive telematics market. In wireless technologies, market is moving from dedicated short range communication (DSRC) technology to more sophisticated satellite based vehicle positioning systems (VPS) due to their higher adaptability and flexibility.
Global ITS market was dominated by North America and accounted for 42.2% of the revenue share in 2012. Government initiative and promotional activities particularly in the U.S. increased the demand for ITS systems in both public and private sector in North America. Asia-Pacific is the fastest growing region in the global market through the estimated period and huge investment is expected from developing countries including India, China, Thailand and Malaysia. In addition, large development in ITS market is expected in Middle East, Africa and South America as countries in these regions are investing in the transportation sector to support their economic growth.
Global ITS industry looks very competitive with large numbers of multinational and domestic hardware, software and end-use solution suppliers. The major players in the global ITS market include Siemens AG (Germany), Kapsch TrafficCom AG(Austria), Hitachi Ltd (Japan), Q-Free ASA (Norway), TomTom NV (Netherlands), Denso Corp (Japan), Xerox (U.S.) and others.
In the last five years, the global intelligent transportation system (ITS) market observed a substantial growth and is further expected to grow at a CAGR of 11.1% from 2013 to 2019. This potential growth is attracting vendors through the value chain of ITS industry to invest in this sector. Countries across the world are facing challenges from increasing congestion, pollution and number of accidents in their metropolitan areas. This study highlights processes through which ITS benefits these countries to overcome these problems. This report covers all advanced ITSs used to improve the efficiency of road transportation infrastructure.
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This report provides exhaustive analysis of the global ITS industry with market size and forecast for the period 2011 – 2019. The study covers regional and technology trends affecting the dynamics of this market. In-depth analysis of major segments of ITS and forecast for each segment is explained in detail. The global ITS market is segmented into types and its applications. Segment analysis identifies key opportunities for each system type in the global as well as regional markets. Porter’s Five Forces analysis helps industry players to understand degree of competition and to formulate their strategies.