The report titled “Intelligent Transportation System Market” sheds a concentrated focus on the Intelligent Transportation System industry in terms of market driver, opportunities, restraints of global segmentation. Further data on the reports also includes demographic conditions, over-turning changing business cycles and analyzing country-to-market.
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The Intelligent Transportation System (ITS) Market for roadways is expected to grow from USD 17.9 Billion in 2020 to USD 36.5 Billion by 2025, at a CAGR of 15.3%.
Top Companies Profiled in the Intelligent Transportation System Market:
- Thales Group (France)
- Siemens (Germany)
- KapschTrafficCom (Austria)
- Garmin (US)
- TomTom International BV (Netherlands)
- Cubic Corporation (US)
- Q-Free ASA (Norway)
- EFKON GmbH (Austria)
- FLIR Systems Inc. (US)
- Indra Sistemas (Spain)
- Denso Corporation (Japan)
The recent COVID-19 pandemic is expected to impact the global ITS market. The manufacturing units are highly hampered due to worldwide lockdown and limited availability of labor and raw material. This has resulted in a delay in ongoing transport projects to a greater extent. Some experts argue that the governments may rethink on their recently announced transport project plans to curb traffic congestion.
“Software segment is expected to register the highest CAGR in the ITS market for roadways during the forecast period.”
Based on the offering, the ITS market for roadways has been divided into hardware, software, and services. The high growth rate of the software segment is attributed to the deployment of various advanced software solutions and complex algorithms to strengthen the overall information and communication systems.