Intelligent Transportation System (ITS) Market is Poised to Reach USD 51,09 billion by 2025
June
7, 2019: The global intelligent transportation system market
size is projected to reach USD 51,09 billion by 2025, at a CAGR of 10.5% over
the forecast period, according to a new report by Grand View Research, Inc.
Road traffic related deaths have been increasing over the past few years. The
usage of ITS to reduce road accidents and to increase safety, in general, is a
major driving force for the ITS market. The demand for Vehicle-to-Vehicle (V2V)
and Vehicle-to-Infrastructure (V2I) communication to enhance the road safety is
expected to gain momentum over the next few years.
An effective
transportation system is critical for the socio-economic development of any
country. ITS associations estimate that the use of systems, such as the
Advanced Traffic Management Systems (ATMS) effectively reduce the travel time
by 25% and the waiting time at a signal by 20% to 30%. They also help curb
emissions of greenhouse gasses such as methane, carbon dioxide, and nitrous
oxide.
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The use of Electronic
Tolling Systems (ETS) and ramp metering systems also helps reduce the traffic
congestion and maintain the overall traffic flow. The limited space for
transportation network expansion is expected to further impact congestion
costs, which in turn will fuel the demand over the forecast period.
Intelligent
transportation system helps improve the supply chain process performance and
yields a high benefit to cost ratio; deploying these systems results in a
significantly high ratio (8:1) as compared to a traditional transportation
network. Users can also cut down on costs through real-time transportation
systems. On account of these factors, transportation service providers have
increased the investment in ITS over the past few years.
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sample Copy of This Report at: https://www.radiantinsights.com/research/intelligent-transportation-systems-its-market
Further
key findings from the study suggest:
• Advanced public
transport system is expected to witness the fastest CAGR of 12.1% from 2019 to
2025
• Stringent regulations
to improve driver safety in developed markets of Europe and North America are
expected to contribute to the ITS market growth
• The U.S. road tolling
systems segment is expected to expand at a CAGR of 7.1%, while public transport
segment is projected to witness the highest CAGR of 8.6% over the forecast
period
• Asia Pacific is
expected to grow at a significant CAGR of 13% during the forecast period, owing
to increasing government initiatives and deployments of ITS
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