The research identifies that the main market drivers for the Global Intelligent Transport Systems Market are aspects such as a focus on reducing vehicular pollution; an increase in government collaborations for effective traffic management; a growing requirement for advanced traffic congestion solutions; growing innovations in products to amplify the brand of ITS products; an elevated interest in keeping a check on high emission vehicles; increasing demand for advanced solutions to reduce road accidents; traffic law enforcement; rapid urbanisation and the government’s increasing spending on smart city projects; and government funding is increasingly becoming available for proper transport plans.

Regional variations

This market research company has included the ASEAN region along with APEJ, Japan, North America, Latin America, Eastern Europe, Western Europe, Japan, and MEA. In APEJ, the collision avoidance system segment is a key application segment, which is expected to showcase a high CAGR during the forecast period. In APEJ, the intelligent urban traffic management system application segment is expected to reflect a high market share.

Software component to show highest growth

Based on components, the global intelligent transport systems market is segmented into hardware, software, and service. After studying the entire market, it has been witnessed that in terms of value, the software segment is expected to increase at a relatively higher CAGR during the forecast period. This segment is expected to register a moderate Y-o-Y growth rate throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 13.0% during the forecast period. The hardware segment on the other hand is expected to exhibit a high market attractiveness index over the forecast period. In 2017, the hardware segment is estimated to be valued at US$ 10,396.3 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.

Collision avoidance and traffic management are strong applications

Based on application, the global market for intelligent transport systems market is segmented into intelligent urban traffic management systems, highway traffic management, intelligent car parking management systems (smart parking), fleet management and asset monitoring, collision avoidance systems, advanced traveller information systems, and congestion/road charging solutions. The collision avoidance system segment is expected to showcase a high CAGR during the forecast period. In terms of the attractiveness index, the highway traffic management segment is expected to witness a high market attractiveness index over the forecast period. In terms of value, the intelligent urban traffic management system segment was valued at US$ 5,037.5 Mn in the year 2017, expanding at a robust CAGR of 9.4%.

Competitive landscape

Some of the key companies identified by the researchers as active in this market sector and included in the report include, Thales, Siemens,Garmin, Kapsch Trafficom Tomtom, Q-Free, Denso, Atkins, Iteris, Ricardo, Efkon, Savari, Transcore, and Lanner. Ltd.