Market Highlights
TheIntelligent Road System Market Analysisis predicted to touch USD 54.5 billion at a 10.5% CAGR during the forecast period (2020- 2027), states the latest Market Research Futures (MRFR) Intelligent Road System Market Analysis forecast report.
Intelligent Road System Industry Drivers/ Intelligent Road System Industry Trends
Growing Concern about Traffic Congestion to Boost Market Growth
The growing concern about traffic congestion will boost market growth over the forecast period. Now people are more worried regarding affordable, reliable, and convenient choices. The intelligent road system helps guide travelers in real-time on a regular basis assisting to escape congestion.
Opportunities
Need for Safer Roads for Pedestrians Drivers
Intelligent Road System Industry will make a huge contribution to make roads safer for drivers and pedestrians by altering vehicles to hazards and thus increase road safety and in the future, this can also be connected to autonomous or driverless cars as they are commonly known now. Thus, intelligent road system technology is likely to observe an upward trajectory, especially with the development of smart cities on the horizon.
Restraints and Challenges
High Installation Costs to act as Market Restraint
Slow growth in infrastructure development coupled with high installation costs may impact the global Intelligent Road System Market Analysis share over the forecast period.
COVID-19 Analysis
Several industries have been affected by the COVID-19 crisis and the global Intelligent Road System Market Analysis too is no different. It has also experienced the brunt of the deadly outbreak. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term immediate impact of the COVID-19 crisis had a negative effect on the market growth.
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Segmentation:
By type, the global Intelligent Road System Industry is segmented into floating car data/floating cellular data, computational technologies, sensing technologies, and wireless communication.
By application, the global Intelligent Road System Industry is segmented into collision avoidance systems, automatic road enforcement, variable speed limits, emergency vehicle notification systems and others.
Regional Analysis
North America to Lead Intelligent Road System Market Analysis
North America will lead this market over the forecast period. Rising driver safety, regulatory initiatives, and decreased congestion, the availability of funds, stable economic dynamics, heavy investments in RD development, deployment, adoption of intelligent transportation systems across the country, advances in communication technologies, devices such as mobile and radio possessing short-range dedicated technology are facilitating drivers, transport authorities, freight operators, and transit passengers for vehicle to vehicle communication, and growing number of vehicles are adding to the global Intelligent Road System Market Analysis growth in the region.
Europe to Have Second-Largest Share in Intelligent Road System Market Analysis
Europe will have second-largest share in Intelligent Road System Market Analysis over the forecast period. UK has the utmost market share for the substantial deployment of ITS in the country for public transportation and implementation of ITS by Canada are adding to the global Intelligent Road System Market Analysis growth in the region.
Key Players
Eminent players profiled in the global Intelligent Road System Industry report include Roper Technologies Inc, Q-Free ASA, Kapsch Trafficcom, WS Atkins PLC, Siemens AG, Lanner Electronics Inc., Iteris Inc., TOMtom International BV, EFKON AG, and Ricardo PLC.
The global Intelligent Road System Industry is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, more.
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Global Intelligent Road System Industry, By Type (Wireless Communication, Computational Technologies and Floating Car Data/ Floating Cellular Data), By Application (Emergency Vehicle Notification System, Variable Speed Limits and Collision Avoidance System) - Forecast 2027
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