Market Analysis:

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), states the latest Market Research Future’s (MRFR) intelligent road system market forecast report.

Intelligent Road System Market Drivers/Intelligent Road System Market 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.

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Key Players:

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

Opportunities:

Need for Safer Roads for Pedestrians & Drivers 

Intelligent road system technology 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 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 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.

Market Segmentation:

By type, the global intelligent road system market is segmented into floating car data/floating cellular data, computational technologies, sensing technologies, and wireless communication.

By application, the global intelligent road system market 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 

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 R&D 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 growth in the region.

Europe to Have Second-Largest Share in Intelligent Road System Market 

Europe will have second-largest share in intelligent road system market 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 growth in the region. 

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The global intelligent road system market 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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