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24/07/2020

New forecast with COVID impact on ITS market

Northbrook, Il (USA)

The latest report on the Intelligent Transportation System market with COVID-19 impact analysis Global Forecast to 2025, from Marketsandmarkets expects the sector to still see a growth from USD 17.9 billion in 2020 to USD 36.5 billion by 2025, at a CAGR of 15.3%.

The growth, say the analysts, is driven by factors such as increasing concerns toward public safety, growing traffic congestion problems, rising favourable government initiatives for effective traffic management, increasing adoption of eco-friendly automobile technologies, and development of smart cities across the world.

Urgency to deal with congestion

On the basis of system, the ITS market for roadways is categorised into advanced traffic management systems, advanced traveller information systems, ITS-enabled transportation pricing systems, advanced public transportation system, and commercial vehicle operations. The largest market size of the advanced traffic management system is attributed to the increasing traffic congestion on roads across the world. Further, the growing affordability of vehicles, due to the availability of favourable deals offered by the automobile manufacturers and changing lifestyles of buyers, is also resulting in traffic congestion. So, it is expected that advanced traffic management systems will be deployed significantly across the globe to curb the growing traffic congestion.

Automotive telematics to see largest growth

On the basis of roadways application, the ITS market has been segmented into fleet management and asset monitoring, intelligent traffic control, collision avoidance, parking management, passenger information management, ticketing management, emergency vehicle notification, and automotive telematics. Factors such as the increasing demand for driving assistance systems and automatic driving systems are supporting the market growth. Moreover, the need to reduce traffic congestion and increasing funding by various governments for the implementation of ITS in automobile telematics systems are contributing towards the high growth of the market.

North America ahead geographically

The market in North America is expected to hold the largest share during the forecast period. The deployment of ITS to reduce traffic congestion and boost safety on roads is propelling the growth of the ITS market in North America. In addition, the development related to ITS deployment in North American countries—including the US and Canada—is also empowering the market in the region.

Some of the key companies identified as operating in the market and cited by the researchers are Thales, Siemens, Kapsch Trafficcom, Garmin, Tomtom, Cubic Corporation, Q-Free, Efkon, Flir, Indra Sistemas, and Denso Corporation.


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