HOME Press Releases Intelligent Transportation System Market worth 30.74 Billion USD by 2023



Intelligent Transportation System Market worth 30.74 Billion USD by 2023


According to the new research report "Intelligent Transportation System Market by Offering, System (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System), Application, and Geography - Global Forecast to 2023", The Intelligent Transportation System (ITS) market in roadways is estimated to be worth USD 23.35 Billion in 2018 and projected to reach USD 30.74 Billion by 2023, at a CAGR of 5.65% between 2018 and 2023.

Browse 65 market data Tables and 70 Figures spread through 189 Pages and in-depth TOC on "Intelligent Transportation System Market - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/intelligent-transport-systems-its-market-764.html
Early buyers will receive 10% customization on reports.

The growth of this market is driven by increasing concerns related to public safety, increasing traffic congestion problem, and favorable government initiatives for effective traffic management.

The commercial vehicle operation system market in roadways to grow at the highest CAGR

Commercial vehicle operation (CVO) encompasses a range of industries including service and repair vehicle, private buses and taxis, and trucks. The monitoring and information system in CVO helps a driver find safe routes and track the total travel time, as well as enables the owner to monitor the vehicle. CVO includes operations associated with moving freight and passengers in commercial vehicle and activities necessary to regulate these operations, as well as activities related to safety assurance, commercial vehicle credentials, and tax administration. The increasing demand for the expansion of transportation networks and growth in the logistics sector are key reasons for the growing demand for commercial vehicle operation systems.

Hardware offering is expected to lead the overall ITS market in roadways

Hardware offering includes interface boards, sensors, surveillance camera, telecommunication network, monitoring and detection systems, and other hardware components such as linked traffic controller and variable message sign. The large market size for hardware is owing to the implementation of numerous heterogeneous devices, including cameras, sensors, intelligent traffic management systems, and advanced traveler information systems across the ITS infrastructure of any region. In addition, these high-end systems are synchronized to respond in real time; hence, these are likely to need frequent software updates, thereby increasing the operational cost.

North America held the largest share of the intelligent transportation system market in 2017

The highest market size in North America is attributed to the adoption of ITS to counter traffic congestion and boost safety on roads is propelling the growth of the ITS market in this region. Government funding and support toward the implementation of ITS in North America is another major driver for this market.

Some of the key companies operating in the ITS market are Thales (France), Siemens (Germany), Garmin (Switzerland), Kapsch TrafficCom (Austria), TomTom (Netherlands), Cubic (US), Q-Free (Norway), EFKON (Austria), FLIR Systems (US), Denso (Japan), and so on.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

We will organize an analyst call and demonstrate the latent opportunities and threats which will likely impact your business, at no cost.

Speak to Analyst


* Name :
* Business Email :
* Phone :
* Country:
Report SE 2415: Intelligent Transportation System Market by Offering, System (Advanced Traffic Management System, Advanced Traveler Information System, ITS-Enabled Transportation Pricing System), Application, and Geography - Global Forecast to 2023
* Enter the text from the image
   to the textbox :
2 6 3 3 6  
Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support


US : 1-888-600-6441

Search reports