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(USGovernment-News.Com, October 21, 2018 ) Intelligent Transport System Market is anticipated to reach USD 73.9 billion by 2026 and estimated to grow at a CAGR of 12.2% between 2018 to 2026, according to a new study published by Polaris Market Research.
Owing to the growing concerns regarding the inclusion of safety measures and reducing the street mishaps, the market is projected to gain traction over the forecast period. Along with this, the implementation of intelligent transport systems to reduce the road accidents and street mishaps is one of the major driver for Intelligent Transport System Market.
Intelligent Transport System frameworks help to reduce carbon dioxide density in the air and greenhouse fumes in densely populated territories through traffic administration and therefore helps in lowering exhaust gases. Continuous fuel utilization is reduced by means of ITS as it helps in avoiding traffic blockage due to the real-time updates the driver receives.
Major Key Players in Intelligent Transport System Market:
Sensys Networks Inc.
Garmin International Inc
EFKON AG
Agero Inc.
WS Atkins PLC
Nuance Communications Inc.
Key Findings from the study suggest the Intelligent Transport System Market in North America is expected to be the highest during the forecast period. It is also anticipated to be implemented in many developing countries of Asia Pacific which is helping the market to grow in this region. Asia Pacific is presumed to be the fastest developing region, growing at the highest CAGR during the forecast period. The application for Intelligent Transport System in Traffic management segment is projected to have a highest market share owing to the demand for limiting the traffic congestion and reducing the pollution levels. The growing incorporation of this frameworks has reduced transport-related issues in emerging economies such as India and China.
The consistent development and improvement in the transportation system have turned into an essential need for advancement of street networking in the transportation frameworks. Advancements in vehicle transport technology, for example, blind spot location and electronic toll gathering has kept up the advancements of present and future prospects of practical traffic and transport administration. Growing government concentration on passenger wellbeing and adoption by traffic administration for tasks and activities are driving the interest for Intelligent Transport System Market.
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