Intelligent transportation system is type of integrated application of communication and information technologies which provide highly efficient transportation related services. This system has various advantages such as operational efficiency, maintaining sustainability of transportation network, enhancing road safety, and reducing traffic congestion.
Increase in adoption of smart transport systems to reduce traffic congestion problems and favorable government initiatives are the key driving factors which are expected to boost global intelligent transportation system market growth. Furthermore, increase in number of vehicles on road, aging infrastructure, and lack of traffic data management will have the positive impact on market growth. Moreover, growing adoption of IoT to transform the transportation industry through automating airways, roadway, and railway transportation system and offer better user experience which is expected to propel the market growth during this forecast period.
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However, slow infrastructure growth is the major restraining factor which is expected to hamper the global intelligent transportation system market growth. Also, high cost on installation and lack of standards will affect the market growth.
Global Intelligent Transportation System Market is segmented into type such as Advanced Traffic Management System, Advanced Traveler Information System, Advanced Public Transportation System, and Others, by offering such as Hardware, Software, and Services, by protocol such as Short Range, Long Range, IEEE, Traffic Management Data Dictionary, and Others. Further, market is segmented into application such as Traffic Management, Freight Management, Public Transport, Road Safety and Security, Automotive, Telematics, and Others.
Also, Global Intelligent Transportation System Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Key Players
Various key players are discussed in this report such as
- Siemens AG
- Thales Group
- Kapsh Trafficcom
- Flir Systems
- DensoTomtom Internations.