Intelligent Road System Market Overview:
The Intelligent Road System market is projected to grow from USD 46.14 Billion in 2023 to USD 99.85 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.13% during the forecast period (2023 – 2032).
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Key Companies in the Intelligent Road System market include,
- Ricardo PLC
- EFKON AG
- TOMtom International BV
- Iteris Inc.
- Lanner Electronics Inc.
- Siemens AG
- WS Atkins PLC
- apsch Trafficcom
- Q-Free ASA
- Roper Technologies Inc
Drivers and Restraints:
The Intelligent Road Network helps the effect of road travel on the environment by reducing congestion and collisions, improving driver safety, and helping to manage the transport system well. Increasing the number of applicants in transport operations has made logistics networks more complex. In addition, the need for a new type of transportation system is used in the current scenario to more effectively transfer data and information between partners, increase freight visibility, and also increase contact with logistic information. Advancement in technology from the conventional transport management system to the smart road management systems leads to improved transportation operator efficiency. The reasons responsible for driving this sector’s growth include a rise in traffic congestion rates due to population development, the need to enhance road safety due to rising traffic volumes, the need for businesses to collaborate with this technology division in order to expand their business and ensure timely deliveries. The factors that may prove to limit this sector’s growth are slow growth in infrastructure upgrades and high deployment costs associated with these technologies.
Trends like in-vehicle management systems that use satellite communication are increasingly being used to provide fleet managers with organizational security as it tracks employee behavior data from a driver. Likewise, the use of vehicle-to-vehicle communications, or vehicle-to-infrastructure communications, allowing contact between traffic signals, other vehicles, etc., allow drivers to be aware of potential hazards through safety warnings. The use of Bluetooth connectivity also allows the combination of historical and live travel time data to help measure the time needed to complete the journey, as well as potential delays such as congestion and alternate routes, which can be taken accordingly. The most popular trend in this sector is that of autonomous vehicles, which can significantly alleviate the traffic problems that countries around the world face on a daily basis.
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.
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.
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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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