According to a new market report published by Credence Research “Intelligent Transportation Systems and Services (ITSS) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the ITSS market was valued at US$ 54.34 Bn in 2014, and is expected to cross US$ 80.00 Bn by 2022, expanding at a CAGR of 6.0% from 2015 to 2022.
Browse the full Intelligent Transportation Systems and Services (ITSS) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022, report at http://www.credenceresearch.com/report/intelligent-transportation-systems-and-services-itss-market
Intelligent transportation system is used to manage transportation related problem by using information and communication technologies such as sensors, cameras, display boards, dashboards, traffic control systems, driver assistance systems and others. The market for intelligent transportation systems and services is expected to grow with the rising need to improve efficiency of road transportation networks, reduce fuel consumption and pollution caused due to vehicles and improve road safety. Lack of interoperability between on vehicle tools and roadside infrastructure is the major challenging factor for intelligent transportation systems and services providers. Several countries across the world are investing significant amount in the deployment of intelligent transportation systems and services (ITSS) to support their economic growths. Intelligent transportation systems and services (ITSS) reduces the traffic congestion and fuel consumption which ultimately reduces the economic burden on governments. The U.S., Japan and Germany are early adopters for intelligent transportation systems and services (ITSS). ITSS is becoming popular in China, India, Singapore, Australia, Brazil, Russia and South Africa with rising need to have efficient road transport network to support their economic developments.
The global intelligent transportation systems and services (ITSS) industry is highly fragmented and comprise large number of recognized international players. Some of the major players in the global intelligent transportation systems and services (ITSS) market include Siemens AG, Garmin International Inc, Kapsch TrafficCom AG, Thales Group, TomTom NV, Xerox Corporation, DENSO Corporation, Q-Free ASA, Hitachi Ltd, SWARCO AG and others. These market players different provides range of hardware, software and other integrated solutions and services to their global customers. Recognized players are focusing on developing innovative solutions and regional expansion to strengthen their footholds in the global ITSS market.
- Increasing population and congestion in metropolitan cities across the world
- Development of wireless communication technologies used in transportation management
- Introduction of mandatory regulations to improve road safety across the world
- Rising competition with new market entrants