The Intelligent transportation systems have been constantly evolving over the decades, due to the rapid technological advancements in the arena. ITS technology based systems are intended to facilitate the realization of optimized, efficient, smooth, comfortable transport system to improve traffic flow and reducing the bottleneck of traffic congestion. It integrates the modern information and communication technology into the existing transportation systems. The major objective of the intelligent transport system market is to reduce traffic congestion, pollution level, and control the number of road accidents. The major reasons behind the increasing in traffic congestion are the increase in number of vehicles on the roads, increase in population, and migration of the rural areas to the metropolitan cities.
The five major ITS systems are mostly in demand and deployed in all across the globe; they are Advanced Traffic Management System (ATMS), Advanced Traveller Information System (ATIS), ITS Enabled Transportation Pricing System, Advanced Public Transportation System (APTS), and Commercial Vehicle Operation (CVO). In coming years, most of the toll collection booths on the newly developed highways and expressways will be installed with the ITS-enabled transportation pricing system. The Government of developed countries like the U.S., Germany, and developing countries like India, China,and so on are also taking various initiatives towards the deployment of the systems provided by the intelligent transport system market.
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Intelligent transportation systems market can be categorized into different applications such as fleet management and asset monitoring, traffic signal control system, parking availability systems and automotive telematics. In the developing countries like India, China, Malaysia, Thailand, and so on., the demand for ITS applications like traffic signal control system, variable traffic message signs, and advanced traffic enforcement cameras is very high, in order to enhance the road transportation infrastructure.
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, 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"
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The America holds the major market share, followed by the 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.
Scope of the report
This research report categorizes the ITS market based on various applications, System, component, and geography; it also covers the revenue foretold from 2013 to 2020. It describes the demand for ITS in various regions. The report describes the applications mapping in the Intelligent Transportation Systems market with respect to the growth potential.
On the basis of the applications
ITS is used for various applications such as fleet management and asset monitoring, traffic monitoring, variable traffic message signs, collision avoidance system, traffic signal control system, parking availability systems, automotive telematics and traffic enforcement cameras. Among all the applications, traffic monitoring is the most important application to improve the efficiency of traffic flow and security on the roads.
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.
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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 include 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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