Pune, India, November 11, 2017/MRFR Press Release/- Market Research Future published a Cooked research report on “Machine Vision Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Global Intelligent Road System - Overview
With rising levels of population density and increase in distances due to development of society, many people have been motivated to own personal transport of various types. These days a single household may be accountable for 2 or more cars which considerably leads to an increase in the levels of cars on the roads as well as parking problems in various commercial and residential areas. This scenario has fuelled the development for Intelligent Road System.
According to a report published by Market Research Future on Intelligent Road System (IRS) Market Research Report - Global Forecast to 2022, the sector is predicted to grow to USD 48 billion by the end of the year 2022. Furthermore, Intelligent Road System Market is expected to grow at compound annual growth rate of 11% from year 2016 to year 2022 with computational technology expected to be the fastest growing market with 13% CAGR in the global market. Currently, for example, traffic lights in many countries are not equipped to capture real-time data of the vehicles passing through them or regulate traffic based on the flow of traffic. This has led to the availability of a very limited level of intelligence towards the management of roads in urban area. Though traffic lights on most of the signals are sequenced in sync with each other, but they are not geared to deal and respond to the levels of traffic at that particular time as this task is mostly done manually.
The Intelligent Road System technology could contribute significantly to make roads safer for pedestrians and drivers by alerting vehicles for hazards and thereby increase road safety, in the future they can also be linked with driverless cars or autonomous cars as they are popularly known today. Owing to these facts the Intelligent Road System technology is predicted to observe an upward trajectory especially with the development of smart cities on the horizon.
Trends such as In Vehicle Management Systems which utilizes satellite communication, are being increasingly used for providing organizational assurance to fleet managers as it monitors a driver’s behavior data on workers. Similarly use of vehicle-to-vehicle communications, or vehicle-to-infrastructure communications allowing for communication between traffic signals, other vehicles etc. allow for drivers to be aware about potential hazards by way of safety alerts. Availability of Bluetooth communications also enable combining of historical and live travel time data can help in calculating the time required to complete the trip and possible disruptions like congestions etc and alternative routes that can be accordingly taken. The most significantly popular trend in this sector is that of autonomous vehicles that can considerably alleviate the traffic issues countries around the world face on a day to day basis.
The drivers that are responsible for driving growth of this sector include rise in levels of traffic congestion due to population growth, need for improvements in road safety due to increase in the traffic volumes, need for business to coordinate with this branch of technology to grow their business and ensure timely deliveries. The factors that can prove to limit the growth of this sector are slow growth in improving infrastructure and high installation costs related to such technologies.
Latest Industry News:
April 2017 TomTom and Maplink have come together to power Maplink’s logistics and enterprise geolocation solutions. Maplink will leverage TomTom global map and traffic data in its API’s and logistics platform which hosts hundreds of thousands of assets worldwide.
May 2017 The city of Milton Keynes with the backing of Innovate UK and Tracsis are investing £3 million in the technology for smart traffic lights that can detect heavy concentration of vehicles and alter their pattern to ease congestion.
Global Intelligent Road System - Competitive Analysis
With the entry of new industry players in the global intelligent road system, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of R&D which will enable to continue the upward growth trend. The Emergency Vehicle Notification System segment is expected to be the fastest growing market with 15% CAGR in the global market.
Some of the major players in Global Intelligent Road System Market include Ricardo Plc, TomTom International BV, Siemen AG, WS Atkins PLC, Kapsch Trafficcom. Some of the other notable players are Q-Free ASA, EFKON AG, Iteris Inc., Lanner Electronics Inc., Roper Technologies Inc. and others.
Global Intelligent Road System – Segments
Global Intelligent Road System Market can be segmented as follows:
By Type: Wireless Communication, Computational Technologies, Floating Car Data/ Floating Cellular Data, Sensing Technologies and others.
By Application: Emergency Vehicle Notification System, Automatic Road Enforcement, Variable Speed Limits, Collision Avoidance System among others.
Global Intelligent Road System –
According to the report by region, North America has the leading market for intelligent road system and is expected to dominate the market over forecast period due to rising driver safety, reducing congestion and regulatory initiatives. Following North America, Asia-Pacific is the fastest growing region in intelligent road system market. Amongst all Asia Pacific countries, China which is a major developing economy is expected to grow at the highest CAGR of 15.54% during the forecast period.
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