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Intelligent Transport System (ITS) Market to Grow by USD 33.83 Billion during 2021-2025|Increasing Traffic Congestion and Road Accidents to Emerge as Key Driver |Technavio

·5 min read

NEW YORK, March 17, 2021 /PRNewswire/ -- The intelligent transport system (ITS) market is expected to grow by USD 33.83 billion during 2021-2025, expanding at a CAGR of almost 10%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

Intelligent Transport System Market by Application and Geography - Forecast and Analysis 2021-2025
Intelligent Transport System Market by Application and Geography - Forecast and Analysis 2021-2025

The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Download FREE Sample Report

Intelligent Transport System (ITS) Market: Increasing traffic congestion and road accidents to drive growth.

Growing urbanization and the ever-rising use of automobiles are intensifying traffic congestion. These factors are more prevalent in developing countries such as India and China than in developed countries. Increased disposable income is fueling automobile sales and urbanization in developing countries. Increased vehicle sales and the rising urban population in Asian countries have triggered road traffic congestion. Government organizations in developing countries implement ITS solutions to control traffic congestion. Improper traffic management is another major factor for the increasing traffic congestion and rising number of road accidents. With the increasing number of road accidents, the demand for smart traffic management systems (part of ITS solutions) is rising. The abovementioned factors drive the demand for ITS across the world.

Is there any relief during this COVID pandemic?
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As per Technavio, the growing road freight logistics market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.

Intelligent Transport System (ITS) Market: Growing road freight logistics market.

Road freight logistics is one of the major application segments of the ITS. Road freight transport is witnessing moderate growth across the world. Increased trade has led to a rise in imports and export volumes, which is driving the demand for road freight logistics. With a rise in the number of vehicles, traffic and the number of fleets of freight operators have increased. Consequently, operators in road freight logistics services, government organizations, and other related parties are demanding ITS. Hence, growth in road freight logistics is driving the demand for ITS. Vendors operating in the global ITS market have expanded their road freight logistics offerings to address the growing demand. These factors will drive the intelligent transport system (ITS) market over the forecast period.

"The implementation of ITS solutions and the rising number of smart cities will further boost market growth during the forecast period", says a senior analyst at Technavio.

Intelligent Transport System (ITS) Market: Major Vendors

  • EFKON GmbH

  • Hitachi Ltd.

  • Kapsch TrafficCom AG

  • Neology Inc.

  • Q-Free ASA

Intelligent Transport System (ITS) Market: Segmentation Analysis

This market research report segments the intelligent transport system (ITS) market by application (Traffic management, Toll management, Automotive, and infotainment telematics, Public transport, and Others) and geography (North America, Europe, APAC, South America, and MEA).

The North America region led the intelligent transport system (ITS) market in 2021, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as growth in the number of smart connected devices.

Technavio's sample reports are free of charge and Gain competitive intelligence about market players. Track key industry trends, opportunities, and threats. Inform your marketing, brand, strategy, and market development.
Download FREE Sample Report

Related Reports on Information Technology Include:

Global Satellite Phone Market- The satellite phone market is segmented by satellite type (GEO and LEO), geography (APAC, North America, Europe, MEA, and South America), and key vendors.

To get extensive research insights: Download FREE Sample Report

Global Industrial Internet of Things (IoT) Market- The industrial internet of things (IoT) market is segmented by end-user (manufacturing, energy and utilities, automotive and transportation, healthcare, and others), geography (North America, APAC, Europe, South America, and MEA), and key vendors.

To get extensive research insights: Download FREE Sample Report

Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

  • Vendors covered

  • Vendor classification

  • Market positioning of vendors

  • Competitive scenario

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Report Page: https://www.technavio.com/report/intelligent-transport-system-market-industry-analysis

Technavio (PRNewsfoto/Technavio)
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View original content to download multimedia:http://www.prnewswire.com/news-releases/intelligent-transport-system-its-market-to-grow-by-usd-33-83-billion-during-2021-2025increasing-traffic-congestion-and-road-accidents-to-emerge-as-key-driver-technavio-301249061.html

SOURCE Technavio

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