The global IntelligentTransportation System (ITS) Market is anticipated to reach USD 66.5 billion by 2024. Rising awareness of road safety and need to improve existing transportation performance are expected to be the key driving factor for market growth. High traffic congestion due to urbanization and increasing number of on road vehicles has contributed to the demand for advanced traffic management systems for public. Consequent need for smart automobiles with public and private partnerships is forecasted to be a major growth opportunity for the intelligent transport system market. Various initiatives to deploy advanced traffic management systems such as vehicle to vehicle (V2V) and vehicle to infrastructure (V2I) communication is also expected to be witnessed as a key growth strategy. Developed regions including North America and Europe have made the use of driver assistance system, electronic stability control (ESC) systems in commercial and passenger vehicles mandatory. Ca...
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