ID: MRFR/ICT/1939-CR | July 2019 | Region: Global | 75 pages
Market Research Future (MRFR) presumes the Global Intelligent Road System Market to reach USD 54.5 billion, registering a 10.5% CAGR from 2019 to 2025 (forecast period). The market for intelligent road systems is rising at a rapid rate. Growing concern about traffic congestion is one of the main market drivers for the growth of the intelligent road system market. In the current situation, people are more worried about convenient, reliable, and affordable travel choices. The intelligent road system helps guide travelers in real-time on a regular basis, helping to escape congestion. The study shows that the growing need for road safety improvements is boosting the intelligent road system market.
The industry is expected to undergo a modest decline as a result of the global outbreak of the latest coronavirus pandemic. Manufacturing activities are at a halt due to labor shortages and work-from-home initiatives. This has resulted in a drop in demand from the end-use industries.
With growing population density and increasing distances due to the growth of society, many people have been compelled to own different types of personal transport. Nowadays, a single household may be responsible for two or more vehicles, which greatly 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 fueled the development of an intelligent road system.
Need to make roads safe for pedestrians and drivers
Intelligent road system technology will make a major contribution to making roads safer for pedestrians and drivers by alerting vehicles to hazards and thereby increasing road safety, and in the future, it could also be connected to driverless cars or autonomous cars as they are commonly 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 market's growth include a rise in traffic congestion levels due to population growth, the need to enhance road safety due to increased traffic volumes, the need for businesses to coordinate with this branch of technology to develop their business and ensure timely deliveries.
Adoption of advanced technology
Trends such as in-vehicle management systems that use satellite communication are increasingly being used to provide fleet managers with organizational assurance as they track driver's behavior data on workers. Likewise, the use of vehicle-to-vehicle communications or vehicle-to-infrastructure communications, enabling communication between traffic signals, other vehicles, etc., enables drivers to be aware of possible hazards by means of safety alerts. The availability of Bluetooth communications also allows the combination of historical and live travel time data to allow measure 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 field is that of autonomous vehicles that can dramatically reduce traffic problems faced by countries around the world on a daily basis.
Slow growth in infrastructure development and high installation costs
The factors that may prove to be restricting the growth of this sector are slow growth in infrastructure improvement and high installation costs associated with such technologies.
Global Intelligent Road System Market has been segmented into Type and Application.
By type, the global intelligent road system market has been segmented into wireless communication, sensing technologies, computational technologies, 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.
North America to lead the global market
North America has a leading market for intelligent road systems and is expected to lead the market over the projected period due to rising driver safety, decreased congestion, and regulatory initiatives. Furthermore, the availability of funds, powered by stable economic dynamics, generates opportunities for research and development projects that will, as a result, drive the global intelligent road system market.
APAC to witness the fastest growth
The Asia Pacific is the fastest-growing region in the intelligent road system industry. China, among all the major developing economies, is projected to rise at the highest CAGR in the forecast period. The APAC region is experiencing a rise in population, which is driving demand in the construction sector.
Leading players continue to innovate and invest in research and development in order to present a cost-effective product portfolio. There have been recent mergers and acquisitions among key players, a strategy that business entities are using to extend their reach to consumers.
This research report examines crucial factors, constraints, and obstacles in the global intelligent road system market, regional and segment revenue forecasts, and assessments. The base year is 2019; the projection is 2019-2025. The segmentation of the market is described in the following manner.
Frequently Asked Questions (FAQ) :
The global market for intelligent road system (IRS) market is slated to reach a market value of USD 54.5 billion by 2025.
The global intelligent road system (IRS) market is poised to generate substantial revenue at a 10.5% CAGR over the review period (2019-2025).
a rise in levels of traffic congestion due to population growth, the need for improvements in road safety, is likely to create opportunities for the market players.
The high cost of intelligent road system (IRS) systems, slow growth in improving infrastructure, are expected to impede the overall market growth.
The wireless communication segment is expected to record the highest CAGR over the review period.
The APAC region is witnessing significant infrastructural development, foreign investment in emerging economies such as India and China, and increasing industrialization.
The primary drivers of the North American intelligent road system (IRS) market are increasing driver safety, falling congestion, and regulatory initiatives.