One of the major factors that are impacting the intelligent transport systems market positively is the growing need for public safety as collision avoidance and dynamic warning systems are introduced to reduce the frequency of accidents by making users more aware of their surroundings. The analysts forecast global intelligent transport systems market to grow at a CAGR of 8.23% during the period 2016-2020.
The global intelligent transport systems market an analyst said one of the major trends is smart vehicles on smart roads. The governments of major countries are making a lot of effort to reduce collisions and accidents in different transport verticals. The introduction of smart vehicles is one such measure to avoid accidents on roads as these vehicles use advanced IT solutions that help them to control their speed and better manage traffic congestions along the route.
The report covers the present scenario and the growth prospects of the global intelligent transport systems market for the period 2016-2020. To calculate the market size, the report takes into account the total revenue generated from the different geographical regions.
Product Based Segmentation and Analysis of the Intelligent Transport Systems Market - Network management, Freight and commercial ITS, Public transport its, Security and crime reduction ITS, Automotive and infotainment telematics, Road safety systems and ITS communications
The network management segment accounted for intelligent transport systems market share of around 42% during 2015 and is expected to retain its market dominance until the end of the forecast period. The network management segment is further segmented into advanced traffic management systems (ATMS) and road user charging, congestion charging, and electronic toll collection (ETC). The major end-users of this segment are government organizations and public authorities. Developed countries such as the US are expected to be the biggest contributors to this market due to increased awareness and spending power.
North America dominated the global intelligent transport systems market during 2015, accounting for a market share of around 47%. The US and Canada are the key contributors to this market share. There is a high demand for network management, freight and commercial ITS public transport ITS, and security and crime reduction ITS in this region. However, the market here would see slow growth over the forecast period due to market saturation.
The global intelligent transport systems market is very fragmented thanks to many local and international vendors. International companies are able to grab a larger market share based on a number of features and price. Vendors have to offer customized solutions to increase market share.
Key players in the global intelligent transport systems market: 3M, Denso, EFKON, Kapsch TrafficCom, Traffic Tech Middle East, and TransCore. Other prominent vendors in the market are: ADDCO, Agero, DENSO, Garmin, Hitachi, International Road Dynamics, Lanner, Metro Infrasys, Mitsubishi Heavy Industries, Omron, Perceptics, SAIC, Sensys Gatso Group, Telenav, TomTom, TRMI Systems Integration, Watchdata Technologies, and Xerox.