Concerns Related to Traffic Congestion Anticipated to Push the Intelligent Transportation System Market Share

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The global intelligent transportation system market is projected to grow at a notable pace in the coming years. A study conducted for the forecast period of 2016 to 2022 by Market Research Future (MRFR) stated that the global market is expected to attain a CAGR of 12.21%. Moreover, the valuation of the intelligent transportation system market is expected to reach USD 42.67 billion by the end of the mentioned forecast period.
It was reported that a major driver of growth for the market is the prevailing concern related to traffic congestion, the increasing need for safety improvements for road, and a shift of the freight sector from unorganized to organized sector. However, it is worth noting that the lack of any proper infrastructure for the deployment of ITS technology across developing as well as underdeveloped economies can cause hindrance to the overall growth of the market in the coming years.
Market Segmentation
The global intelligent transportation system market segmentation is based in terms of application, product, and component.
By products, the market segments into advanced public transportation systems (APTS), advanced transportation management systems (ATMS), cooperative vehicle systems, advanced transportation pricing systems (ATPS), and advanced traveler information systems (ATIS).
By application, the market categorizes into road safety and security, traffic management, traffic signal control, automotive telematics, freight management (commercial), collision avoidance system, parking management, road user charging, environment protection, public transport, and traffic enforcement camera.
By components, the market divides into software, sensor, telecommunication network, surveillance camera, monitoring and detection system, interface board, and others.
Intelligent Transportation System Market - Regional Analysis
Globally, the North American region accounts for the largest market for intelligent transportation system. Technological advancement is the key force factoring the market growth in the region. Also, factors such as the growing demand for safety features to improve efficiency in road transportation system. The US, backed by the world’s best road infrastructure, that encourages the ITS providers to develop products with futuristic safety systems, accounts for the major contributor to the market growth in the region.
The presence of the state-of-the-art infrastructure that allows implementation of intelligent transportation system effectively is also a major factor driving the growth of the regional market. Simultaneously, the presence of major key players in the region impacts the market growth positively.
The intelligent transportation system market in the European region accounts for the second-largest market, emerging as a lucrative space, globally, in terms of both, size and volume. The market in the region produces some of the most innovative and technologically advanced transportation systems which drive the market growth in the region.
Furthermore, factors such as the rising concern for traffic congestion alongside the increase in the need for road safety improvements and the shift of freight industry from unorganized to organized sector provide impetus to the market growth. The ITS market in Europe is expected register 12.83% CAGR during the forecast period.
The ITS market in the Asia Pacific region is emerging as a promising market growing rapidly and vastly. Advancements in technology and the increasing number of accidents and safety concerns are driving the market growth in the region. India is one of the significant markets for ITSs followed by China and Japan. Increasing awareness towards technological developments is the primary factor driving the demand for the intelligent transportation system in the APAC region. The APAC ITS market is expected to grow to USD 12.10 Bn. by 2022. 
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