“Intelligent transportation system (ITS) market in roadways is projected to grow at a CAGR of 5.65% between 2018 and 2023”
The ITS market in roadways is expected to be worth USD 23.35 billion in 2018 and USD 30.74 billion by 2023, at a CAGR of 5.65% between 2018 and 2023. The growth of the overall market can be attributed to driving factors such as increasing concerns related to public safety, increasing traffic congestion problem, and favorable government initiatives for effective traffic management. However, high expenses associated with ITS installation and relatively slow growing infrastructure sector restrain the growth of the ITS market.
“Intelligent traffic control is the major application of ITS in roadways”
The intelligent traffic control application in roadways accounted for the largest share of the overall ITS market in 2017. An intelligent traffic control involves a much closer interaction between all of its constituents: drivers, pedestrians, public transportation, and traffic management systems. Adaptive signal systems, driver advisory and route planning, and automated vehicles are some of the goals set up to increase the efficiency of actual systems.
“Advanced traffic management system accounted for the largest market size in 2017”
The advanced traffic management system accounted for the largest market size in 2017. Advanced traffic management systems (ATMS) include ITS applications that focus on traffic control devices, such as traffic signals, ramp metering, and dynamic message signs on highways that provide drivers real-time messaging about traffic or highway status.
“ITS market in APAC to grow at the highest CAGR”
The demand for ITS in roadways is expected to highly increase in APAC in the near future, and the market in this region is estimated to grow at the highest CAGR during the forecast period. Increasing number of mega cities and growing population in developed and developing countries has increased the need for ITS. ITS involves the revamp of overall technological aspects such as GPS, carrier access for land mobiles, and dedicated short-range communication (DSRC).
In the process of determining and verifying the market size for several segments and subsegments obtained through secondary research, extensive primary interviews have been conducted with officials from the key players.
The breakup of the profile of primaries has been given below:
- By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: North America = 43%, Europe = 29%, APAC = 14%, and RoW = 14%
Companies that provide a range of customized solutions are expected to emerge as the game changers in this market.
The key players in the ITS market in roadways profiled in the report are as follows:
1. Thales (France)
2. Siemens (Germany)
3. Garmin (Switzerland)
4. Kapsch TrafficCom (Austria)
5. TomTom (Netherlands)
6. Q-Free (Norway)
7. Denso (Japan)
8. EFKON (Austria)
9. FLIR Systems (US)
10. Cubic (US)
In this report, segments such as offering, system, application, and geography have been covered. The report also discusses drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW. Value chain analysis have also been included in the report.
Reasons To Buy the Report:
- This report includes statistics pertaining to the ITS market in roadways, by offering, system, application, and geography, along with market size of each subsegment.
- Major drivers, restraints, opportunities, and challenges for the market have been provided in detail in this report.
- This report would help stakeholders to understand their competitors better and gain more insights to enhance their company’s position in the market.
- The competitive landscape section includes competitor ecosystem and recent development strategies adopted by the key players in the market such as product launches and developments, partnerships, and mergers and acquisitions.