San Francisco, Oct. 10, 2016 (GLOBE NEWSWIRE) -- The global intelligent transportation system (ITS) market is expected to reach USD 66.5 billion by 2024, according to a new report by Grand View Research, Inc. The usage of ITS to reduce road accidents and increase safety is a major driving force for the ITS market.
Demand for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication in order to enhance road safety is expected to gain momentum over the forecast period. The continuous progression and development have become a crucial need for betterment of road networks in the transportation systems. Enhancement in vehicle transport technology such as blind spot detection and electronic toll collection has continued to redefine the current opportunity and future prospects of sustainable traffic and transport management.
Additionally, congestion cost is a major issue for any nation in terms of fuel consumption and travel time. ITS and connected car technology is transforming mobility and safety on highways by avoiding crashes and reducing fatalities. As a result, there is a strong focus on deployment of advanced traffic systems and reducing the number of road accidents, which can be facilitated through ITS solutions.
Browse full research report with TOC on “Intelligent Transportation System (ITS) Market Analysis By Type (ATIS, ATMS, ATPS, APTS, Cooperative Vehicle System), By Application (Traffic Management, Road Safety And Security, Freight Management, Public Transport, Environment Protection, Automotive Telematics, Parking Management, Road User Charging) And Segment Forecasts To 2024” at:http://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry
Further key findings from the report suggest:
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Grand View Research has segmented the intelligent transportation system market on the basis of type, application and region:
ITS Type Outlook (Revenue, USD Million, 2014 - 2024)
ITS Application Outlook (Revenue, USD Million, 2014 - 2024)
ITS Regional Outlook (Revenue, USD Million, 2014 - 2024)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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