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Intelligent Road System Market Is Projected To Reach at Value of US$ 36.3 Bn by 2028, Growing At A CAGR of 6.2 % During The Forecast Period
The global Intelligent Road System market has shown stagnant growth since the last few years. The global market is expected to gain traction over the forecast period. Some of the factors for the growth of global market include rising population, advancements in the transportation industry, and high traffic congestion in emerging economies.
Rising Number of Vehicles is anticipated to fuel the demand for Intelligent Road System during the forecast period
The major driving factor for the growth of the global intelligent road system market is the rapidly growing number of vehicles on the road leading to increased traffic congestion in several countries. To regulate and minimize these congestions, state transport is continuously deploying intelligent road systems in different continents. According to a study, in 2018 the total number of car production was more than 95 million globally, in which Germany, China, and Japan have registered major shares. Therefore, the intelligent road system has registered major demands from these countries to overcome traffic-related hurdles.
Moreover, the implementation of these systems shortens the travel distance by maximizing traffic management efficiency, which is anticipated to poise a positive impact on the growth of the global market.
ATMS Segment had dominated the Global Intelligent Road System Market in 2018
On the basis of system type, the ATMS (Advanced Traffic Management System) segment dominates the global market by holding a significant share in 2018. The ATMS includes applications which manage various traffic control devices such as dynamic message signs, ramp metering, and traffic signals. The advanced traffic management system continuously manages highway and expressway by capturing real-time data to provide feedback and information to the central control room. Moreover, the rising number of vehicles due to favourable deals offered by manufacturers is resulting in a traffic congestion problem. These factors necessities the use of advanced traffic management systems which is anticipated to fuel the growth of the segment during the forecast period.
Intelligent Traffic Control Segment Held Significant Share in 2018
Based on the application, the intelligent traffic control system is estimated to witness the fastest growth during the forecast period. The intelligent traffic control system consists of ramp metering systems, vehicle detection systems, and bridge traffic management systems. The segment is majorly driven by supportive government legislation in Europe and North America, promoting enhanced performance and reliability of road networks.
On the other hand, the automotive telematics segment is anticipated to show remarkable growth in the coming years. Rising awareness regarding driver safety is promoting the usage of telematics services in vehicles.
North America is anticipated to be the Dominant Region in Global Intelligent Road System Market during the Forecast Period
In terms of region, North America is anticipated to be the dominant region throughout the forecast period. The growth of the region can be attributed to the rising adoption of intelligent traffic systems to control traffic congestion and increase road safety. The U.S. and Canada are the major contributors for the intelligent road system market in North America. The United States Department of Transportation is continuously investing gin research and development activities to deploy ITS across the region which will further fuel the growth of the region.
The intelligent road system is majorly being adopted in emerging economies such as Brazil, South Africa, China, and Russia, which is expected to put a positive impact on the growth of the market.
The global almond ingredient market is highly competitive as the market is fragmented with several global and regional players. The companies are focused on expanding their operations by strategic merger and acquisition with different regional and multinational players.
For instance, in January 2019, Cubic Corporation announced the acquisition with GRIDSMART Technologies, Inc, one of the leading companied in intelligent road systems offering differentiated video tracking systems. The acquisition will help the company to strengthen their foothold in the global market.
Similarly, in October 2018 Cubic Corporation announced the acquisition of Trafficware. The acquisition was for approximately US$ 235.7 million in cash. The acquisition was intended to expand their facility in Texas, United States.
Some of the prominent companies operating in global Intelligent Road System market include Roper Technologies Inc., Ricardo Plc, Q-Free ASA, EFKON AG, Kapsch Trafficcon, Tomtom International BV, WS Atkins PLC, Iteris Inc., Siemens AG, and Lanner Electronics Inc.
Global Intelligent Road System Market by Offering
Global Intelligent Road System Market by System Type
- Advanced Traffic Management System
- Commercial Vehicle Operation
- Advanced Traveler Information System
- Advanced Public Transportation System
- ITS-Enabled Transportation Pricing System
Global Intelligent Road System Market by Application
- Fleet Management and Asset Monitoring
- Automotive Telematics
- Intelligent Traffic Control
- Emergency Vehicle Notification
- Collision Avoidance
- Ticketing Management
- Passenger Information Management
- Parking Management
Global Intelligent Road System Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America