The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Market Dynamics
Drivers
- Increasing Concerns Related to Public Safety
- Increasing Traffic Congestion Problem
- Favorable Initiatives Taken By Government for Effective Traffic Management
- Increasing Concerns Toward Protecting Environment With Ecofriendly Automobile Technology
- Development of Smart Cities Across the World
- Increasing Concerns Regarding Security and Surveillance
- Increasing Number of Railway Accidents
- Growing Focus on Efficient Airline Operations
- Increasing Concerns for Conservation of Environment
- Improving Maritime Logistics Infrastructure
Restraints
- High Expenses Associated With ITS Installation
- Relatively Slow Growing Infrastructure Sector
- Relatively Slow Growing Railway Infrastructure
- Lack of Funding and Synchronization Among Agencies
- Inappropriate Coordination Among Authorities for Integration and Information Exchange
Opportunities
- Designing and Developing Smart Vehicles Compatible With ITS
- Increasing Public-Private Partnerships (PPPs)
- Increasing Number of Economically and Technologically Developing Countries
- Availability of Diverse Services and Solutions
- Industry Goals and Initiatives Taken to Reduce Co2 Emission
- Enhancement of Information and Communication Technologies
Challenges
- Achieving Interoperable and Standard ITS Architecture
Companies Mentioned
- Bestmile
- Cubic
- Denso
- Doublemap
- Efkon
- Electricfeel
- Flir Systems
- Garmin
- Geotoll
- Iteris
- Kapsch Trafficcom
- Lanner Electronics
- Nutonomy
- Q-Free
- Ricardo
- Savari
- Siemens
- Thales
- Tomtom International
- Transcore
For more information about this report visit https://www.researchandmarkets.com/research/fw2qqk/global?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20180419006157/en/
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