A broad range of technologies are included in intelligent transportation systems (ITS), which are designed to increase the sustainability, safety, and efficiency of transportation networks. These systems use cutting-edge sensor, processing, and communication technologies to gather, process, and distribute data to improve traffic control, vehicle performance, and traveler information, among other transportation-related elements. With the use of ITS technology, traffic conditions may be monitored in real time, giving authorities the ability to apply dynamic traffic management techniques like adaptive signal control and congestion charging.
United States Intelligent Transportation System Market Driving Factors and Challenges
Drivers: Market Growth Will Be Driven by Increasing Road Traffic Congestion. Congestion is brought on by an increasing number of cars on the road and a poor transportation infrastructure. Since vehicle emissions have a detrimental effect on the environment, the increasing traffic congestion on the roads also raises the possibility of an increase in traffic deaths. Approximately 1.35 million deaths worldwide were attributed to traffic accidents in 2018, accounting for nearly 36,600 deaths on American roads.
Challenges: The market for intelligent transportation systems (ITS) has to deal with a number of challenges. A significant challenge is the expensive nature of ITS solution implementation, which involves installing sophisticated sensors, communication networks, and software platforms. The cost of this can be too high for a lot of transportation organizations and municipalities, which prevents ITS technology from being widely adopted. Furthermore, there are difficulties with standardization and interoperability because disparate ITS systems could run on dissimilar platforms or utilize proprietary technologies, which makes it difficult to integrate and share data easily. Furthermore, privacy and cybersecurity issues are major problems because of the gathering and examination of enormous volumes of transportation data, which raises issues with data security and possible openings for cyberattacks.
Impact of COVID-19 on United States Intelligent Transportation System Market
Growth is being impeded by the effects of COVID-19, which include transportation limitations and ongoing project delays. Due to the COVID-19-related lockout and economic downturn, some transit agencies suffered severe financial difficulties in 2020. The COVID-19 pandemic has resulted in a number of negative outcomes, including supply chain disruption, corporate reductions, market instability, and an increase in dread among some client sectors.
United States Intelligent Transportation System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Cubic Corporation, Denso Corporation, EFKON, FLIR Systems, Garmin, Kapsch TrafficCom, Q-Free, Siemens, Thales Group, Others.
United States Intelligent Transportation System Market Segmentation:
By Mode of Transport: Based on the Mode of Transport, United States Intelligent Transportation Systems Market is segmented as; Roadways, Railway, Airways.
By Type: Based on the Type, United States Intelligent Transportation Systems Market is segmented as; Advanced Traffic Management System (ATMS), Advanced Transportation Pricing System (ATPS), Advanced Traveler Information System (ATIS), Advanced Public Transportation System (APTS), Others.
By Deployment Mode: Based on the Deployment Mode, United States Intelligent Transportation Systems Market is segmented as; On-Premise, Cloud.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.