New York City, 03 Feb 2020: According to a new study published by Polaris Market Research the
global intelligent
transport system (ITS) market is anticipated to reach USD 73.9
billion by 2026. Owing to the growing concerns regarding the inclusion of
safety measures and reducing the street mishaps, the intelligent transport
system market is projected to gain traction over the forecast period.
The implementation of
intelligent transport systems to reduce the road accidents and street mishaps
is one of the major driver for this market. The adoption for vehicle to vehicle
and vehicle to infrastructure communication for helping in improvement of
street security is presumed to gain pace throughout the forecast years. One of
the restrictions to the market are the interoperability issues between the
vehicle and the control units, however successful communication can be
accomplished just by developing an up embedded technology that gives real time
notifications.
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The ITS frameworks
also 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.
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.
Key Findings from the
study suggest the market for ITS in North America is expected to be the highest
during the forecast period. ITS 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 ITS
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.
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The growing incorporation of the ITS frameworks has reduced
transport-related issues in emerging economies such as India and China. The
Advanced Traffic Management System (ATMS) segment is estimated to remain the
biggest segment attributable to the rising need to get to real time data caught
by cameras and sensors. This framework permits transport organizations to
empower safety by recognizing and reacting quickly to the crises in real-time.
Growing government concentration on passenger wellbeing and adoption by traffic
administration for tasks and activities are driving the interest for
intelligent transportation system.
About Polaris Market Research
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company. The company specializes in providing exceptional market intelligence
and in-depth business research services for our clientele spread across
different enterprises.
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