Music Streaming Market Size Worth $ 76.9 Billion By 2027

The global music streaming market size is estimated to reach USD 76.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2020 to 2027. The growing adoption of digital music services is one of the key factors driving the market. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a notable shift from traditional viewership to online content consumption over the last decade. This is owing to the availability of vast databases of audio and video songs across streaming platforms.

The increasing integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Extended Reality (ER) is expected to support the growth of the market over the forecast period. For instance, ML-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. These technologies are further expected to bring advanced capabilities, such as song mixing, automated one-touch personalized playlists, and voice assistance, to the platforms.

Furthermore, the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. For instance, Spotify witnessed an upsurge in its monthly active users by 29.0% year-on-year to 299 million users in the second quarter of 2020. The increasing rate of digitalization and the rise in the adoption of digital music are fueling the industry’s growth.

The app segment dominated the market and accounted for the largest revenue share in 2019. This segment is expected to continue its dominance over the forecast period. This is attributed to the availability of thousands of soundtracks on applications that can be streamed for free. Users can also purchase selective songs available on these applications.

The audio segment dominated the market and accounted for the largest revenue share in 2019. This is attributed to an increasing number of commercial end-users including pubs, restaurants, cafes, and gymnasiums, who play songs in their commercial places for entertainment. Rising consumer preference for listening to songs while exercising, commuting, working, and doing household chores is driving the segment.

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https://www.grandviewresearch.com/industry-analysis/music-streaming-market

Further key findings from the study suggest:

Growing preference for on-demand music services on platforms such as Spotify, Apple Music, Tidal, SoundCloud, and Bandcamp is likely to drive the industry over the forecast period
The video content segment is expected to witness considerable growth, registering a CAGR of nearly 19.0% over the forecast period
Consumers are seen to be favoring the usage of music apps due to their user-friendly interfaces, advancements in smartphones, and handiness for listening to songs
The commercial end-use segment is anticipated to capture nearly 40.0% of the revenue share by 2027
In the Middle East and Africa, the market is likely to witness a CAGR of over 21.0% from 2020 to 2027

Public Safety And Security Market Size Worth $812.6 Billion By 2025

The global public safety and security market size is expected to reach USD 812.6 billion by 2025, expanding at a CAGR of 14.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The rapid modernization of public safety regulations and policies across the globe is anticipated to drive the market growth over the forecast period. These solutions have provided users with effective measures to ensure the safety of organizations, individuals, and critical infrastructure against multiple threats such as illegal immigration, terrorist attacks, and illegal drugs and arms trafficking. Furthermore, the rapidly increasing number of natural and man-made disasters is also expected to play a pivotal role in driving the demand for these solutions worldwide.

Over the past few years, an increasing collaboration among countries has been witnessed regarding the measures taken for public safety. Countries are hence focusing on establishing regional cooperation in the area of cross-border disaster management to address key issues by deploying emergency management systems, critical communication network infrastructure, and geospatial data collection and analysis tools, among others. Furthermore, developed as well as emerging economies around the world have realized the importance of public safety and security solutions in emergency and crisis management. Governments are now developing regulations and standards to improve surveillance and enhance public safety. Surveillance systems are particularly effective for transit agencies to monitor their systems remotely, while critical communication network enables secure communication between various units, which is crucial for crisis management.

Due to rapid digital transformation of global financial and banking systems, there has been a constant focus on deployment of digital security measures to deal with the increasing number of cyber-attacks. The increasing awareness regarding security systems, replacement of obsolete systems and technologies, and rise in hazardous industrial operations are also some of the major factors expected to drive the demand for these systems. Hence, to comply with the growing demand, there has been a significant increase in financial allocation by countries for upgrading and modernizing the existing information technology infrastructure and the setting-up of dedicated departments to deal with the emerging cyber threats. However, the high system acquisition and deployment costs and lack of interoperability between legacy and emerging security systems is hindering the growth of the public safety and security market.

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https://www.grandviewresearch.com/industry-analysis/public-safety-security-market

Further key findings from the study suggest:

Managed services is anticipated to emerge as the fastest-growing service segment over the forecast period owing to the increasing deployment of public safety and security solutions as part of smart city initiatives
The emergency & disaster management segment is expected to gain traction over the forecast period owing to the increasing need for these solutions for better management of natural calamities and emergency situations worldwide
The logistics & transportation systems segment is expected to register the highest CAGR over the forecast period due to the increasing focus of governments on the development of road and rail infrastructure projects
The Asia Pacific regional market is expected to grow at the highest CAGR from 2019 to 2025 owing to the increased spending on these solutions to improve public safety, particularly in emerging economies such as India and China
Key players operating in the market include Atos; ESRI; NEC Corporation; SAP SE; Cisco Systems, Inc.; Genetec; Harris Corporation; General Dynamics; Ericsson; and Huawei Technologies Co., Ltd.

Action Camera Market Size Worth $9.6 Billion By 2025

The global action camera market size is expected to reach USD 9.6 billion by 2025, expanding at a revenue-based CAGR of 16.7%, according to a new report by Grand View Research, Inc. A shift in consumer trends and demand for technologically advanced action cameras is likely to induce the market growth throughout the forecast period. 4K and above in parallel with high definition image resolution have made a huge difference to consumer perception about the camera industry in the recent years. For instance, display manufacturers are now focusing on providing adjustable contrast features for images with effective brightness.

Entry level pricing and consumer demand for latest technology are the major driving factors as the industry is progressing in terms of resolution, image quality, and enhanced VR aspects. Demand for 4K resolution in action cameras is accelerating owing to the increased sale of Ultra HD variants in the past few years. It is also anticipated that the adoption of 4K display technology will outpace the demand for Ultra HD technology in the forthcoming years. Such consumer buying patterns will enable manufacturers to produce massive units of digital media.

Recently, AKASO unveiled EK7000 Pro 4K waterproof action camera that involves adaptable view angle, auto image stabilization, and a wireless remote control. It is highly ideal for water sports to produce high quality images in the diving mode in underwater scenarios. The company has made the product available for consumers on Amazon.com and Amazon.co.uk at an attractive price. EK7000 Pro 4K exhibits features such as upside down and loop recording that is capable of recording in outdoor conditions and producing sensitive evidence in case of insurance claims.

Asia Pacific is likely to witness a steady growth owing to rise in demand for action camera with advanced lens and resolution features. Major factors triggering the demand for these devices are increasing expenditure on leisure, rising disposable incomes, adventure and sports activities, and the vast popularity of social media channels. Moreover, commercial availability of varieties of cameras along with growing presence of retail channels and e-commerce is also propelling the regional demand over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/action-camera-market

Further key findings from the report suggest:

Ultra HD segment is estimated to register remarkable growth owing to growing emphasis of the customers on image quality and resolution of the videos captured
Retail channels accounted for highest market share in 2018 owing to change in consumer trends and high reliability for aftermarket sales service
The action cameras are being increasingly used for capturing the actions and adventures of surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle racing, among other sports, hereby supporting the growth for the sports segment
Action cameras are experiencing a surge in demand by professionals for capturing crucial moments of their adventures and sharing them on social media platforms with their followers
Asia Pacific is anticipated to register higher growth in the market owing to increasing number of sports leagues and tournaments in the region
Some of the key players mentioned are GoPro, Inc.; Sony Corporation; Nikon Corporation; Garmin Ltd.; SJCAM; YI Technology; and SZ DJI Technology Co., Ltd.

Digital Lending Platform Market Size Worth $15.3 Billion By 2026

The global digital lending platform market size is expected to reach USD 15.3 billion by 2026, registering a CAGR of 20.7% from 2019 to 2026, according to a new report by Grand View Research, Inc. Digitization has been the most widely adopted strategy in financial institutions to improve their core processing competencies and to offer enhanced consumer services and insights. Digitization in financing services is helping the financial institutions and their customers in rapid application and disbursement process as well as in making better loan management decisions. The increasing focus of financial institutions on digitalizing their services to achieve business efficiency and better outcomes is further anticipated to contribute to the market growth.

Increasing government initiatives to promote the digital platform among businesses is expected to drive the market over the forecast period. For instance, in November 2018, the Government of India launched a digital lending platform for Micro, Small, and Medium Enterprises (MSMEs) in India. The platform allows MSMEs to apply for a loan up to USD 10 million within 59 minutes. Furthermore, the regulators in economies, such as the U.S., Singapore, U.K., Hong Kong, and Australia, have created sandboxes to support innovations in the financial sector. Such measures taken by regulators across the globe have boosted the market growth.

The emergence of innovative technologies such as blockchain, Machine Learning (ML), Artificial Intelligence (AI), and robotic process automation is helping financial institutions to enhance the security of customer data and make the paperless loan processing transparent. The innovations in digital lending have revolutionized businesses in the financial sector and helped end-use industries such as banks, credit unions, and insurance companies to streamline their processes and improve the quality of their services. For instance, AI-enabled digital lending platform possess capabilities to minimize loan processing time as well as operating costs. These factors are further expected to drive the digital lending platform market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/digital-lending-platform-market

Further key findings from the report suggest:

The lending analytics segment is anticipated to exhibit the highest CAGR of 21.8% from 2019 to 2026. The increasing adoption of IoT, Artificial Intelligence (AI), and machine learning is expected to drive growth within the segment
The risk assessment segment is anticipated to grow at the highest CAGR of 23.1% from 2019 to 2026. Increasing demand to proactively respond to various cyber-attacks and the necessity to bring back the financial processes to a normal state is driving demand for the risk assessment segment
The cloud segment is expected to register highest growth rate over the forecast period, as it minimizes up-front costs among new entrants in the industry
Peer-to-peer segment is expected to emerge as the fastest-growing end use segment over the next seven years owing to increasing digitally savvy consumer base coupled with high adoption of paperless financing services for retail propositions
North American regional market held the largest share in 2018 due to the presence of large number of technology providers and robust infrastructure for digital lending platform
The key players operating in the digital lending platform market include Ellie Mae, Inc.; Fiserv, Inc.; FIS; Roostify; Nucleus Software; Sigma Infosolutions; Tavant; Wizni, Inc.; Newgen Software; and Pegasystems Inc.

Companion Animal Diagnostics Market Size Worth $4.1 Billion By 2026

The global companion animal diagnostics market size is expected to reach USD 4.1 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.4% during the forecast period. The anticipated rise in companion animal population would increase the demand for veterinary healthcare facilities. According to a 2018 report by the American Pet Products Association (APPA), the overall spending in the U.S. pet industry has increased by 4.1% from 2016 to 2017. Moreover, veterinary care spending has increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.

The demand for advanced diagnostic facilities for rapid and accurate testing of sample is propelling the growth of companion animal diagnostics over the forecasted period. The approvals and the new product launches by the key industry players to deal with the rising demand are driving the market. The companies are constantly trying to develop innovative devices to tap the enormous growth potential of the market. For instance, Idexx Laboratories gained a significant presence in the market by launching the new chemistry analyzer. Zoetis increased their penetration by acquiring one of the top veterinary diagnostics company Abaxis in July 2018.

Moreover, the rising concern of people for their pets leads to an increase in insurance claims. Most of the pet insurance covers major chronic conditions except any pre-existing one. The millennials are considered an attractive target population for the companies playing in this space. Millennials around the world consider pets and presence of animals good for their emotional and physical health. The demand for easy to administer and rapid diagnosis is anticipated to further boost the revenue.

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https://www.grandviewresearch.com/industry-analysis/companion-animal-diagnostics-market

Further key findings from the report suggest:

In 2018, clinical pathology held the largest revenue share of the companion animal diagnostics market in terms of application owing to its wide usage for multiple disease diagnosis
Clinical biochemistry acquired major market share in 2018 within the technology segment and is expected to expand at the fastest CAGR by 2026. The growth can be attributed to the increased use of clinical chemistry analyzers and glucose monitors for rapid diagnosis of some chronic diseases in pets
On the basis of animal type, cats was the fastest growing segment in 2018 and is expected to register a CAGR of over 8.00% by 2026, majorly owing to increasing prevalence of chronic diseases such as arthritis and diabetes among others
The point of care/in house testing segment is expected to showcase lucrative growth over the forecast period, attributed to the rapidity, efficiency, and convenience of these tests
Asia Pacific is expected to emerge as the fastest growing region over the forecast period. North America held the largest revenue share in 2018 due to the presence of major industry players in the region
Some of the major market players include Zoetis Inc.; Idexx Laboratories Inc.; Heska Corporation; Thermo fisher Scientific; and Neogen

Digital Marketing Software Market Size Worth $151.8 Billion By 2027

The global digital marketing software market size is expected to reach USD 151.8 billion by 2027, registering a of CAGR 17.4% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The software can integrate multiple digital content delivery platforms so that organizations can plan, design, and execute marketing campaigns on their own. The software is utilized by companies to perform an in-depth and real-time analysis of campaigns. The proliferation of the internet and the growing use of social media are encouraging companies to increase their spending on creating interactive and intuitive digital content for marketing purposes. This, in turn, is anticipated to drive the market over the forecast period.

The advent of social media has dramatically enabled organizations to increase customer engagement via influencers, allowing organizations to engage in content-driven publicity. Furthermore, the on-going innovations in digital marketing technologies such as virtual influencers and its subsequent applications in the retail industry are anticipated to fuel market growth. For instance, Channel S.A and PRADA have adopted Lil Miquela, a virtual influencer developed by Brud for advertising their products. Moreover, the increasing adoption of Voice of the Customer (VoC) techniques such as online-hosted customer communities that defines a customer’s preference for future products is anticipated to boost the demand for the software over the forecast period. Moreover, the outbreak of COVID-19 has positively impacted the market owing to the increasing social media marketing activities among industries such as automotive, BFSI, education, and healthcare.

Artificial Intelligence (AI) is extensively used to build data models automatically in digital forms and collect data from multiple sources. AI is positively impacting the market, as organizations are emphasizing the adoption of this technology for improving the customer experience. For instance, CogniCor Technologies has integrated AI in its digital marketing software to enable end users to enhance the complaint resolution activities, resulting in an increased level of customer satisfaction. Thereby, the companies offering AI in their software are likely to stay competitive in the market.

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https://www.grandviewresearch.com/industry-analysis/digital-marketing-software-dms-market

Further key findings from the report suggest:

The marketing automation software is anticipated to gain traction over the forecast period to perform activities such as lead nurturing and collaboration among teams to promote business
The managed services segment is expected to grow significantly over the forecast period. This can be attributed to the advantages provided by managed services such as remote monitoring and cost-effective management of IT infrastructure through subscription-based pricing models
The cloud deployment model is expected to gain traction over the forecast period due to its cost-effectiveness and increased accessibility
The SMEs segment is anticipated to grow remarkably owing to the increasing adoption of social media platforms such as Facebook, Pinterest, and Instagram, by SMEs for activities related to sales and promotion
In Asia Pacific, the digital marketing software market is anticipated to witness significant growth owing to increasing popularity of social media, e-commerce, and m-commerce particularly in emerging economies such as India, Indonesia, and Thailand
Key players operating in the market include Adobe, Inc.; Hewlett Packard Enterprise Company; Hubspot, Inc.; IBM Corporation; Marketo, Inc.; Microsoft Corporation; Oracle Corporation; Salesforce.com, Inc.; SAP SE; and SAS Institute, Inc.

Robotic Process Automation Market Worth $25.56 Billion By 2027

The global robotic process automation market size is expected to reach USD 25.56 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 40.6% over the forecast period. The organization’s need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.

3d rendering humanoid robot working with headset and monitor

The integration of technology to automate repetitive tasks across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, machine learning, and Natural Language Processing (NLP) is capable of handling higher-order tasks with Artificial Intelligence (AI) assistance without humans’ decision-making capabilities. RPA was designed to reduce repetitive tasks by following a set of predefined procedures that do not require knowledge or insights, while the integration of AI allows RPA softbots to function as a knowledge-based dynamic system to work beyond an automated cognitive system. The application of RPA from the bill of materials to customer query handling with the intelligence of AI has led to a high growth trajectory of the RPA market.

The COVID-19 pandemic has resulted in inclination towards cost saving by reducing the number of employees involved in performing redundant tasks or improving the efficiency of its workforce using automation software. Specifically, the adoption of robotic process automation has increased in small and medium organizations that need to monitor its cost and human resource more precisely to save on additional and unwanted expenses. The significant benefit of RPA for SMEs includes improved employee and customer satisfaction, enhanced compliance, and accelerated productivity gains with reduced cost and time. Moreover, large enterprises are also adopting RPA to improve their business operation due to the implication of remote working that has affected the overall company business. Hence, changing workforce dynamics is expected to increase the adoption of RPA over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market

Further key findings from the study suggest:

The Robotic Process Automation market size is anticipated to reach USD 25.56 billion by 2027. The higher demand for automating processes to save time and reduce operational costs is driving the market growth over the forecast period.
The BFSI segment is anticipated to grow at a CAGR of 40.1% over the forecast period.
North America held the dominant market share of approximately 37% in 2019. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR over the forecast period.
Some of the major players present in the market are UiPath, Automation Anywhere, Blue Prism, NICE, Pegasystems, KOFAX INC., NTT Advanced Technology Corporation, EdgeVerve Systems Limited, FPT software, OnviSource, Inc., and HelpSystems. These major players in the RPA market exhibit robust product offerings and presence across the world.

Unified Communications Market Size Worth $167.1 Billion By 2025

The global unified communications market size is expected to reach USD 167.1 billion by 2025, exhibiting a CAGR of 16.8% over the forecast period, according to a new report by Grand View Research, Inc. Changing workforce dynamics, growing prominence for Unified Communication as a Service (UCaaS), and virtualization of data and devices are factors that are expected to increase the adoption of UC solutions in enterprises.

The use of cloud-based solutions for fast and seamless communication across enterprises is expected to positively impact market growth. Organizations are effectively deploying cloud-based collaboration solutions across various time zones so that they can improve the productivity of their mobile team members.

Growing adoption of cloud-based unified communication platforms is allowing geographically-diverse and dispersed teams to work together and collaborate mutually in real-time via voice and video conferencing. The transition toward the cloud is also allowing enterprises to curb capital spending by adopting an operational cost model that will enable them to pay on the basis of the capacity they require.

Increasing demand for UC solutions is opening up opportunities for solution providers to launch advanced versions of team collaboration software for enterprises. Solution providers such as Cisco Systems, Inc.; Avaya, Inc.; and IBM Corporation are offering a mix of UC and team collaboration solutions as part of their efforts to strengthen their market position.

Having realized that there are several UC solutions available in the market, key players are focusing on offering diverse solutions with various features, including support for audio and video conferencing, email platforms, instant messaging, and unified messaging. As a result, the market is expected to witness a convergence of voice communication, video communication, synchronous communication, and other communication tools.

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https://www.grandviewresearch.com/industry-analysis/unified-communication-market

Further key findings from the report suggest:

The hosted UC solutions segment is expected to register a significant CAGR over the forecast period owing to increasing implementation of UCaaS solutions in enterprises
The healthcare application segment is expected to develop at a CAGR of approximately 20.0% over the forecast period owing to increased adoption of video conferencing tools for remote patient monitoring
The SMEs segment is expected to grow at the fastest pace through 2025 owing to the increasing need for an efficient unified infrastructure for improving communication capabilities
The audio and video conferencing segment is poised to witness steady growth over the forecast period owing to rising deployment of visual communication tools in enterprises
Asia Pacific is expected to be the fastest-growing regional market due to the emergence of local service providers offering diverse solutions
Key players in the Unified Communications market include Avaya, Inc.; IBM Corporation; Cisco Systems, Inc.; and NEC Corporation.

Third-party Logistics Market Worth $1.56 Trillion By 2027

The global third-party logistics market size is expected to reach USD 1.56 trillion by 2027, registering a compound annual growth rate (CAGR) of 8.3% from 2020 to 2027, according to a new report by Grand View Research, Inc. The advent of new technologies is changing the Third-party Logistics (3PL) industry dynamics. The advanced data collection capabilities, warehouse automation, and digitalization of the entire supply chain are enabling companies to adopt a consistent innovative, customer-centric, and agile approach. As a result, 3PL companies are providing technologically driven services by investing in block-chain solutions, mobile technologies, and 3PL software to gain a competitive advantage in a fiercely competitive marketplace.

The internet of things (IoT) and cloud-based logistics management solution turn the data into actionable value-added information, which can shape the strategic decision-making process and increase productivity. Some of the capital-intensive organizations are increasing their Information Technology (IT) spending and are using predictive analytics for supply chain enhancement. For instance, C.H. Robinson Worldwide (CHRW) Inc. is using artificial intelligence (AI) technology to analyze the customer data and get notified about extreme weather conditions or traffic disruption.

Logistics automation is expected to play a vital role in the growth of the third-party logistics market. The use of robots in warehouses and unloading docks help to streamline order fulfillment services. The use of automated guided vehicle (AGV) can help to lessen the human errors, resolve material handling issues, ensure movement of high-volume goods, and increase accuracy and repeatability. In order to deliver immediate value and long-term returns, companies are widely accepting logistics automation.

The value-added logistics services are expected to witness the highest growth rate over the forecast period. The 3PL companies are offering comprehensive logistics services to ensure their competitiveness of the business. Shippers are reducing their operational costs by shifting their focus from transportation and back-office functions such as warehousing, order taking and picking process, kitting and final assembly, product localization, and labeling. Thus, the value-added logistics services are becoming the boon for the shippers to mitigate inventory and transportation costs.

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https://www.grandviewresearch.com/industry-analysis/third-party-logistics-market

Further key findings from the study suggest:

The 3PL companies are emphasizing value-added logistics services to unveil their unique capabilities and provide enhanced customer experience, facilitating the strong growth of the segment
Logistics is the backbone of the retail sector. The steady growth of the sector is expected to provide lucrative opportunities for 3PL companies
Globalization, along with sustainable economic growth, is expected to drive the growth of airways logistics mode over the forecast period
Asia Pacific is anticipated to register the highest CAGR of over 10.0% from 2020 to 2027 owing to the growing transport infrastructure and effective transit of freight and goods among emerging countries

Intelligent Transportation System Market Worth $37.64 Billion By 2027

The global intelligent transportation system market size is expected to reach USD 37.64 billion by 2027, exhibiting a CAGR of 5.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Necessity to reduce traffic congestion and improve road safety and security, implementation of data analytics and cloud computing in traffic management systems, and cost-effectiveness of intelligent transportation systems is projected to fuel the market growth.

Rapidly changing consumer demand has subsequently posed new challenges for manufacturers and retailers. Consumers are particularly demanding for reliability and efficiency, same-day deliveries, and real-time shipment tracking facilities. Timely delivery owing to reduce in-transit time and tracking facility are some of the features that are particularly in demand. Provisioning these features would require a comprehensive transportation management system capable enough of bridging the gap between order management and warehouse fulfillment. As a result, ITS vendors are introducing the latest solutions that can effectively meet the challenges posed by the growth of the e-commerce industry and the changing consumer behavior.

In addition to being one of the leading causes of accidents, lack of road safety also results in high costs and adversely impacts the overall economic development. Numerous initiatives are being undertaken to install technologically advanced traffic management systems and overall awareness about the importance of road security and safety. This is expected to result in the demand for Vehicle-to-Vehicle (V2V) and Vehicle to Infrastructure (V2I) over the forecast period. Developed markets of Europe and North America have mandated the use of Electronic Stability control (ESC) systems, a driver assistance system, and in passenger as well as commercial vehicles. This is expected to favorably impact the overall demand for intelligent transportation system over the forecast period.

Moreover, in 2020, the ITS market will be hampered due to the COVID-19 crisis, which has impacted demand, interrupted production, and disrupted supply chain. Thus, various market players are experiencing flat or lower unit sales. However, with economic stimulus packages announced by many countries such as Japan, U.S., China, France, Italy, India, U.K., and Germany, is anticipated to create great opportunities for transportation infrastructure development.

North America ITS market dominated in 2019 and is projected to continue its dominance over the foreseen years. The U.S. alone holds more than 75% of the market share in North America. The U.S. government has developed a national architecture that offers guidance to private companies and urban areas likely to implement an intelligent transportation system of what functions and communication technologies are essential to be compatible with other systems. This architecture is specifically aimed at providing interoperability for ITS across U.S. Moreover, strong government support, R&D activities, and strategic public-private partnerships aimed at improving the transportation network across the region are some major factors fueling the growth of the market for intelligent transportation system.

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https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry

Further key findings from the study suggest:

The Advanced Traffic Management System segment is expected to dominate the ITS market owing to it helps in detecting dangerous weather conditions, roadway hazards, accidents, and creates a complete integrated view of overall traffic flow. The segment is expected to reach USD 12.16 billion by 2027
The traffic management market is expected to dominate the application segment and the trend is expected to continue over the forecast period. It is anticipated to reach USD 12.07 billion by 2027. Traffic management systems help enhance operational performance and reliability of road networks
North America is projected to account for the majority share of the market over the forecast period. Advancements in communication technologies are boosting the revolution of the transportation network in U.S. The region is anticipated to reach USD 14.33 billion by 2027