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ITS Market worth $33.75 Billion by 2020

According to a new market research report of “Intelligent Transport Systems Market Intelligent transportation system 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 (www.marketsandmarkets.com) is expected to grow at a CAGR of 11.30% from 2014 to 2020 and reach $33.75 billion in 2020.

Browse 120 market data tables 31 figures spread through 300 pages and in-depth TOC on “Intelligent transportation system 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”
http://www.marketsandmarkets.com/Market-Reports/intelligent-transport-systems-its-market-764.html
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The overall Global Intelligent Transport System is segmented into four major segments; namelycomponents, 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.

Intelligent transportation systems are the advanced applications to provide innovative services to road transport. It is a system wherein information and communication technologies are applied. The major reason behind deployment of Intelligent Transportation Systems is to reduce the traffic congestion, provide real time control, and improve the communication networks. With the increasing number of vehicles and increasing population, traffic congestion has become one of the major problems in urban areas. The governments of many countries like the U.S., Germany, Japan, U.K., etc. are keenly interested in deploying ITS solutions. A massive research is being carried out to improve the road transport, such as the U.S. Department of Transportation is conducting research activities on ITS through its RITA (Research and Innovative Technology Administration) wing.

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Intelligent transportation systems has been categorized by different systems such as advanced traffic management system, advanced traveler information system, ITS enabled pricing system, advanced public transportation system, and commercial vehicle operation. Advanced traffic management system and transportation pricing system will remain at the top by 2017. There are numerous deployments of the ITS systems happening all over the world. This will boost the market for the different systems in ITS. The demand for transportation pricing system is increasing due to the increasing development of the electronic toll booths on the expressways and highways in the developed countries like the U.S., Germany, etc. as well as in the developing countries like India, China, and South Korea.

Global intelligent transport systems market is expected to reach $24.75 billion by 2017, at an estimated CAGR of 12%. Solutions to traffic congestion, government funding, better supply chain management, etc. are the major drivers of this market. Intelligent transportation system offers features like traffic prediction, analytics and decision support, advisory services, traveler information, ticketing and fare collection. Modern tools like roadside sensors, radio frequency tags, and global positioning systems also assist in monitoring and managing transport more effectively.

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