San Francisco, California (PRWEB) April 22, 2014
The global market for intelligent transportation systems is expected to reach USD 38.68 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for optimizing fuel consumption and reducing emissions is expected to be the key driving force for the market. ITS aids in reducing incidents such as road accidents and boost safety, which is estimated to positively impact demand over the next six years.
Increasing need for enhancing existing transportation networks coupled with demand for alleviating traffic congestion is expected to fuel market growth during the forecast period. However, interoperability and standardization issues may restrain the market over the next few years. Technological advancements have led to enhancement in wireless communication technologies, which is an opportunity for market participants.
The report “Intelligent Transportation Systems (ITS) Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/Intelligent-Transportation-Systems-Industry.
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global ITS market on the basis of product, application and region:
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