Intelligent Transport System Market by Component, Application, and System is Estimated to Reach $33.75 Billion by 2020 – New Report by MarketsandMarkets
(PRWEB) August 11, 2014 -- According to a new market research report of "Intelligent Transport Systems Market by System (ATMS, ATIS, ITS-Enabled Transportation, Pricing System, APTS and CVO), by Component, Application and Geography (Americas, Europe, APAC, ROW) Analysis and Forecast to 2014 - 2020" published by MarketsandMarkets, the industry is expected to grow at a CAGR of 11.30% from 2014 to 2020, and reach $33.75 billion in 2020.
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America holds the major market share, followed by Europe owing to the rapid development in their infrastructure. APAC market also constitutes a substantial market share in ITS. From these factors, it is believed that these markets will grow at a significant growth rate for the forecast period of 2014 to 2020.
The overall Global Intelligent Transport System is segmented into four major segments; namely components, system, application, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately classified in the report. The Global Intelligent Transport System is expected to reach up to $33.75 billion by 2020, at an estimated CAGR of 11.30% from 2014 to 2020.
The intelligent transportation system is the integration of information technology, communication systems, and transport infrastructure. This system is implemented in order to have safe transportation, mobility, and improve productivity of the transportation sector. In the current scenario, Americas hold the largest share in the intelligent transportation system market which is mainly contributed by the U.S., followed by Canada and Mexico. APAC is expected to grow at a faster rate owing to the population growth in urban areas which causes traffic congestion, rising income, and economic growth prevailing in the countries in this region. In order to reduce the traffic congestion problems and accidents, countries have started deploying intelligent transportation systems in the infrastructure.
The Advanced Transport Management System (AMTS) and ITS-Enabled Transport Pricing System(ETPS) are witnessing high demand among all other intelligent transportation systems. The advanced transport management system is basically useful to provide information to the drivers and traffic management centers to carry out traffic control, which helps in controlling the signals, speed control, high occupancy vehicle control, and for incident management purposes. ITS-Enabled transportation pricing system is mainly used for electronic toll collection purposes through which the drivers can pay tolls automatically through the on-board device. Other applications which are included in this segment are: congestion charging, fee high-occupancy toll lanes, and vehicle-miles traveled usage fees.
The major driving factors for the Intelligent Transport System are solution to traffic congestion and government support; public private partnership is the key to the success in implementing intelligent transportation system. In this report, various new technologies like V2V and V2I communication system are discussed, and it also includes the prominent Architecture of ITS and insights of standards used in Intelligent Transport System Market. The report forecasts the growth from 2014 to 2020, along with market size, list of leading players, the latest technology adoption, M&A s, and JV s of key players.
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