Yahoo Finance Intelligent Road System Market Worth USD 54.5 Billion by 2025 Growing at 10.5% CAGR - Report by Market Research Future (MRFR)
New York, US, July 27, 2021 (GLOBE NEWSWIRE) -- Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Global Intelligent Road System Market Information by Type, by Application - Forecast till 2027” the market size is bound to reach an astounding value of USD 54.5 billion by 2025 at a 10.5% CAGR.
Intelligent Road System Market Scope:
Intelligent road system is an application or platform that assists drivers in navigating through daily routes. It can improve quality of roadways and manage traffic outflow by collecting data through sensors. The rise in urban population and access to cars is adding to traffic woes. Intelligent transportation system (ITS) can play a major role in traffic management, collision avoidance systems, parking management, electronic toll collection, and other solutions.
Prominent Players In The Intelligent Road System Market Are:
Siemens AG
TomTom International BV
WS Atkins PLC
Iteris Inc.
Lanner Electronics Inc.
Roper Technologies Inc
Ricardo PLC
Kapsch Trafficcom
EFKON AG
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Market USP Exclusively Encompassed:
Intelligent Road System Market Drivers
The global market is poised to expand owing to shift to technology by major transportation departments for managing traffic on highways and roadways. Large volume of trade between states and daily commute by citizens to their workspace can drive the demand for ITS. The use of location-based applications for monitoring heavy traffic and helping travelers and tourists in navigating new routes can drive its demand significantly. Rise of domestic tourism can spur its demand in local regions.
The focus of traffic departments on making roads safe for travel for pedestrians and commuters can spur the demand for intelligent road systems. Intelligent road systems can alert customers of any road blocks or impending construction and assist them with detours. Issues with parking in popular shopping districts are an opportunity for the market.
But high costs of sensors and slow growth rate of infrastructure can hamper intelligent road system market growth.
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Segmentation:
By type, the global intelligent road system market has been segmented into computational technologies, wireless communication, sensing technologies, floating car data/ floating cellular data, and others. The sensing technologies segment is estimated to exhibit a stellar growth rate due to need for advanced traffic management systems for managing heavily congested roads. Increasing affordability of vehicles and use of sensors on roads can spur the segment demand.
By application, the global intelligent road system market has been segregated into collision avoidance systems, emergency vehicle notification systems, automatic road enforcement, variable speed limits, and others. The collision avoidance systems application can garner maximum growth owing to use of location data of smartphone owners for sending alerts on collisions on their regular routes. This can be used as a precursor to divert traffic in an organized manner.
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Regional Segmentation:
The intelligent road system market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is estimated to lead in the market due to regulations on road safety, traffic congestion on heavy routes, and rise in driver safety. Awareness campaigns for public safety and efforts by traffic departments to maintain flow on busy highways can induce the need for intelligent road systems. Rise of collisions and accidents on busy roads can be sent as alerts to connected customers to ensure uninterrupted flow of traffic. Availability of funds and increased spending on connected roads can bode well for the market.
APAC is anticipated to exhibit the fastest growth rate over the assessment period owing to rise of developing economies, large urban populace, and analysis of traffic routes. For instance, the government of Seoul has designed new routes for its night bus service based on night-time mobile data usage of customers. The city partnered with private telecommunication providers to aggregate the data and match with frequency of calls during this period.
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COVID-19 Impact:
The COVID-19 pandemic had put a spanner in the demand of intelligent road systems as restrictions on movement had halted the outings of the public. Efforts taken by governments to contain the virus had resulted in complete lockdown of states. But the threat of community transmission had let to government officials rely on intelligent transportation infrastructure for sensing crowds in public places and adhere to social distancing measures on public transport. Moreover, it can provide real-time crowd information to people with mobile applications.
Industry Trends:
Data as a service models are becoming highly prevalent with mobility service providers managing to accumulate data on user based on their data history and browsing patterns. The data can be leveraged from satellite navigation devices and connected vehicles to identify trends in origin-destination flows and manage traffic in real-time. Metropolitan cities are utilizing the technology to make roads safe for driving and commuting. The global intelligent road system market can experience huge growth owing to collaborative efforts of transportation departments and mobility service providers to form a centralized solution.
Micro sensors are being embedded on traffic strips on roads for providing real-time data on road conditions, environmental temperature, vehicle detection, oil spillage, existing underway construction, and others. The STRIP project by the European Union aims to provide real-time data to drivers for promoting road safety and safe travel for pedestrians and commuters.
Competitive Analysis:
The intelligent road system market has players focusing on urban mobility solutions and bidding on public tenders for popularizing their product. Players are relying on geospatial data and location-based data of customers for designing their software and adding new features to solve problems in urban areas.
Industry News
The state of Nevada, U.S., uses the Intelligent Transportation System (ITS) to keep drivers aware of weather conditions, congested traffic routes, and visibility on roads. It uses cameras, sensors, and internet of things (IoT) to accumulate information about traffic volume and collisions.
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