SAN FRANCISCO, July 14, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Intelligent Transportation Systems (ITS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 28212
Companies: 161 - Players covered include Accenture; Citilog SA; Conduent Business Services, LLC; Cubic Corporation; Denso Corporation; EFKON AG; emovis; FLIR Systems, Inc.; Hitachi Vantara Corporation; IBM Corporation; Image Sensing Systems Inc.; INIT Innovation in Traffic Systems SE; Intelight Inc.; Iteris, Inc.; ItraMAS Corporation Sdn Bhd; Kapsch TrafficCom AG; LeddarTech Inc.; Q-Free ASA; Siemens AG; SpeedInfo, Inc.; SWARCO AG; Telenav, Inc.; TransCore Holdings, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (ATMS, ETC Systems, and Other Types)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Rest of Europe; Asia-Pacific; Rest of World.
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Global Intelligent Transportation Systems (ITS) Market to Reach $39.5 Billion by 2026
Intelligent Transportation Systems are integrated networks of communication technologies, independent modules of sophisticated pc/satellite-based navigation systems and other electronic data sensing, collection and transmission systems that collectively enhance transportation experience in terms of highly regulated and congestion-free traffic flow; guided, hassle-free, safer and collision-free on-road travel; faster emergency response times; automated & unobtrusive vehicle recognition & tracking; toll collection and fleet management. With the help of advanced traffic monitoring systems, data is transmitted to the appropriate authorities for readying rescue teams on time and the motoring public to keep track of possible delays or dangers on the road via VMS (variable message signs), HAR (highway advisory radio) or broadcast radio traffic reports.
ITS, entailing the application of information, communication, sensor and control systems to improve surface transportation systems' performance, can be classified into areas that address different transportation requirements such as travel security, reliability, higher mobility and lowered traffic jams. The technology comprises of traffic signal controls, electronic fare payment and constantly updated traveler data in conjunction with multimodal scheduling data. Superior navigation, communications, operations monitoring and data-collecting technologies are applied to improve the mobility, security and efficiency of transportation. Traveler management systems help in easing congestion on roads and in significantly reducing the response times in case of emergencies. ITS for public transportation services aid in streamlining transit, enable transit firms in identifying the precise location of vehicles and ensuring safety of commuters.
Global Intelligent Transportation Systems market is projected to register healthy growth over the near-to-long term. The market, estimated at US$23.8 Billion in 2020 is projected to reach US$49.5 Billion by 2026, registering a compounded annual growth rate (CAGR) of 8.8% over the analysis period. The United States represents the largest regional market for Intelligent Transportation Systems, accounting for an estimated 39.1% share of the global total in 2020. The market, estimated at US$9.3 Billion in 2020 is projected to reach US$15.9 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 14.2% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Intelligent Transportation Systems, supported by various factors conducive to healthy growth.
ATMS Segment to Reach $12.6 Billion by 2026
Global market for ATMS (Type) segment is estimated at US$8.6 Billion in 2020, and is projected to reach US$12.6 Billion by 2026 reflecting a compounded annual growth rate of 6.5% over the analysis period. The United States constitutes the largest regional market for ATMS segment, accounting for 41.8% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 10.3% over the analysis period, to reach US$1.4 Billion by the end of the analysis period. More
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SOURCE Global Industry Analysts, Inc.