Market Research Future (MRFR) in its “Intelligent Road System” report states that the market is estimated to touch a valuation of USD 54.5 billion by 2025 and expand at 10.5% CAGR over the forecast years of 2017 to 2025.
The increase in population density of the world and need for better long distances travelling are factors that are rising the need for deploying better techniques for transportation management. The significance of intelligent road system technology lies therein. The growing need for intelligent road system is expected to amplify the expansion of its market in the years to come.
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Safety for drivers and pedestrians is a major area to focus on. In the past few years, the rate of road accidents have increased. Hence, the growing concern of governments towards traffic safety and intensifying stringency of traffic rules have surged the adoption rate of intelligent road safety. Features, such as alerting approaching vehicles and getting real-time information of intelligent road system are factors that are likely to promote the growth of its market. In addition, as autonomous or driverless cars are gaining popularity, the need to maintain road discipline is surging. Hence, the market is likely to upscale in the foreseeable future.
Trends, such as in-vehicle management systems that use satellite communication are providing organizational assurance to fleet managers by monitoring driver’s behaviour. At the same time, vehicle-to-infrastructure communications and vehicle-to-vehicle communications are also providing drivers with information that can prevent accidents. In addition, the availability of robust wireless connectivity, such as bluetooth and incorporation of cloud technology are causes that can expand the market growth across the review period.
MRFR have recognized some of the eminent companies that are functioning in the global intelligent road system market. They are; TOMtom International BV, Ricardo PLC, EFKON AG, Lanner Electronic Inc., Iteris, Inc., Q-Free ASA, Siemens AG, Kapsch Trafficcom, WS Atkins PLC, and Roper Technologies, Inc. These prominent key players keep investing in research and development activities for innovations that are cost-effective. There mergers and acquisitions, strategic partnership, bonds and deals, and other agreements are expected to leverage the growth of the intelligent road system market.
The intelligent road system market’s segment study is done by type and application.
By type, the market is segmented into computational technologies, wireless communication, floating car data or floating cellular data, sensing technologies, and others. By application, the market is segregated into automatic road enforcement, emergency vehicle notification systems, collision avoidance systems, variable speed limits, and others.
MRFR reveals that the market for intelligent road system is likely to exhibit a profound growth between 2018 and 2025. The analysis of intelligent road system market is done across North America, Europe, South America, Asia-Pacific, and the Middle East & Africa. The market in North America is expected to lead globally. The growing concern for driver safety, need for reducing traffic congestion, and regulatory initiatives by governments are factors that are boosting the regional market growth. In Asia Pacific that intelligent road system market is likely to soar. Rapid developments that are taking place in the in transportation industry is expected to surge the market growth in APAC over the years of evaluation. The APAC market is expected to gain good business from China due to its developing economy and increase in investment by the government in transportation and infrastructure development budget. The intelligent road system market is expected to thrive at the highest CAGR across the review period.
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