As per Market Research Future (MRFR), the global intelligent road system market is estimated to reach USD 54.5 billion with a CAGR of 10.5% from 2019 to 2025 (forecast period). The report presents the strengths, opportunities, threats, and future business risks and offers a holistic analysis of the global market environment with the results of COVID-19.
The Intelligent Road System is a tested route to reduce traffic congestion problems. It is an application designed to provide customized solutions to enhance the transport system. The main objective of this system is to assess, develop, analyze, and integrate new technologies and concepts to achieve traffic efficacy.
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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.
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 technology 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.
The global market for intelligent road system has been segmented into type and application.
By type, the global Intelligent Road System Market Size has been segmented int sensing technologies, computational technologies, wireless communication, floating car data/ floating cellular data, and others.
By application, the global intelligent road system market has been segregated into emergency vehicle notification systems, variable speed limits, automatic road enforcement, collision avoidance systems, and others.
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.
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The regional analysis of the global intelligent road system market has been studied for North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America.
North America has a leading market for intelligent road systems and is expected to dominate the market over the projected period due to increased driver safety, reduced congestion, and regulatory initiatives. The Asia Pacific is the fastest-growing region in the intelligent road system industry. Among all the major developing economies, China is projected to rise at the highest CAGR in the forecast period.
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