Intelligent Road System Market Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2027
Global Intelligent Road System Market, By Type, By Application - Forecast 2027
(firmenpresse) - Market Overview
In its new research report, Market Research Future (MRFR), emphasizes that the global intelligent road system market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation of USD 54.5 billion by 2025, and a healthy 10.5% CAGR over the assessment period.
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Market Dynamics
With the growing population density and increasing distances due to the growth of society, many people have been motivated to own different forms of personal transport. Nowadays, a single household may be accountable for two or more vehicles, which significantly contributes to a rise in the number of cars on the roads, as well as issues with parking in different commercial and residential areas. This scenario has fuelled the development of an Intelligent Road System Market Growth.
Intelligent road system technology will make a significant contribution to making roads safer for pedestrians and drivers by alerting vehicles for hazards and thereby increasing road safety, and in the future, it could also be connected to driverless cars or autonomous cars as they are popularly known today. As a result of these facts, Intelligent Road System Market share is expected to observe an upward trajectory, particularly with the development of smart cities on the horizon.
The factors responsible for driving this sector's growth include a rise in traffic congestion levels due to population growth, the need to improve road safety due to increased traffic volumes, the need for businesses to coordinate with this technology branch to develop their business and ensure timely delivery. The factors that may prove to be restricting this sector's growth are slow growth in infrastructure improvement and high installation costs associated with such technologies.
Trends such as in-vehicle management systems that use satellite communication are increasingly being used to provide fleet managers with organizational assurance as they monitor a driver’s behavior data on workers. Furthermore, the use of vehicle-to-vehicle communications or vehicle-to-infrastructure communications, allowing communication between traffic signals, other vehicles, etc., enables drivers to be aware of possible hazards by way of safety alerts. The availability of Bluetooth communications also allows the combination of historical and live travel time data to help gauge the time needed to complete the trip and potential delays like congestion and alternate routes, which can be taken accordingly. The most common trend in this sector is autonomous vehicles can dramatically reduce traffic problems faced by countries around the world on a daily basis.
Key Players
Notable players in the global intelligent road system market are Ricardo PLC, EFKON AG, TOMtom International BV, Iteris, Inc., Lanner Electronic Inc., Siemens AG, WS Atkins PLC, Kapsch Trafficcom, Q-Free ASA, and Roper Technologies, Inc.
Segmental Analysis
By type, the market has been segmented into wireless communication, computational technologies, floating car data/ floating cellular data, sensing technologies, and others.
By application, the market has been segregated into emergency vehicle notification systems, automatic road enforcement, variable speed limits, collision avoidance systems, and others.
Regional Analysis
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America has the leading market for intelligent road systems and is expected to dominate the market over the forecast period due to rising driver safety, reducing congestion, and regulatory initiatives. Moreover, the availability of funds, driven by stable economic dynamics, is creating opportunities for research and development projects, which will consequently drive the global intelligent road system market.
Asia-pacific is the fastest-growing region in the intelligent road system market. China, among all significant developing economies, is expected to grow at the highest CAGR over the forecast period. The APAC region is witnessing growth in the populace, which is driving the demand in the construction sector.
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Datum: 03.05.2021 - 14:25 Uhr
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