Intelligent Road System Market is Estimated to Grow by Around 8.81% of CAGR by the 2032

Pune, India, May 2021 /MRFR Press Release/- Market Research Future published a cooked research report on Intelligent Road System Market.

Overview

The intelligent road system market is anticipated to witness healthy growth from 2024-2032, a research report suggests. Growing at a CAGR of 8.81%, the market is projected to reach USD 99.85 Billion by 2032. Increasing population is expected to support the market growth along with the development of smart cities. As predicted by analysts, slow growth in infrastructure development will negatively affect the market’s performance from 2024-2032. During the forecast period, the market will be supported by the need to make roads safe for pedestrians and drivers and a rise in the number of cars on the roads.

High installation costs associated on the other hand will challenge smart transportation sector based organizations functioning in the global intelligent road system market. Analysts have split the market into type and application segments based on products and services. Smart transportation based companies have been profiled. Dynamic policies and regulations is set to affect the global market during the forecast period 2024-2032. The report also provides the market’s performance forecasts till 2032. Strategies of smart transportation based companies are studied. The smart transportation sector itself is supported by increasing traffic as well as organizational assurance. During the forecast period 2024-2032, the intelligent road system market is set to witness a health growth across type and application segments as well as regional markets.

Market Segmentation

The smart transportation sector has seen growth across type and application segments owing to in-vehicle management systems and the need for businesses to coordinate. To study the market, analysts have further segmented type and application into computational technologies, floating car data/ floating cellular data, sensing technologies, wireless communication, and others on the basis of type. The market is further segmented into application sub segment which is split into automatic road enforcement, collision avoidance systems, emergency vehicle notification systems, variable speed limits, and others.

The segmental analysis presented in the report provides smart transportation field based organizations insights into key growth factors such as a rise in traffic congestion levels as well as challenges such as the lack of investments from major companies the market will face from 2024-2032. Adoption of advanced technology and the need to enhance road safety are some of the key factors having an influence on smart transportation industry based companies, suggest analysts as per the intelligent road system market report. But the report also identifies the high cost of product and maintenance and the lack of demand from developing countries as major threats companies in smart transportation will face till 2032. 

Regional Overview

Smart transportation market based companies in the intelligent road system market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The availability of Bluetooth communications will be a key growth driver for regional markets. However, the lack of effective communication will turn out to be a threat. For the forecast period 2024-2032. Each of these regional markets are studied in the report. Starting from North America, the regional market and smart transportation vertical based companies are spread across the United States, Mexico, and Canada.

The low demand from developing countries will turn out to be a major challenge from 2024-2032. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by autonomous vehicles as well as issues with parking, suggests the report. Similarly, the smart transportation sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the intelligent road system market covers the Middle East and Africa. The global intelligent road system market forecasts based on the findings are presented for the forecast period till 2032.

Competitive Landscape

The global intelligent road system market research report brings a comprehensive study of type and application market segments, regional analysis, and smart transportation vertical based company details of key players. As the forecast period 2024-2032 will bring new opportunities for the market owing to development of intelligent road systems and technical advancements, the market is set to grow at a compound annual growth rate of 8.81% and is predicted to reach a value of USD 99.85 Billion by 2032. With SWOT analysis of smart transportation sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as low research and development budgets and high initial investments, companies in the smart transportation sector can change the way business is done.

Industry News

Quipux Africa, the technical operator in charge of implementing the intelligent transportation infrastructure project in Côte d'Ivoire, has reached a deal with Bridge Bank Côte d'Ivoire for first instalment of the program's funding. As per a media release from Quipux, this financing, which complements the company's upfront outlay, would allow the procurement of additional radars for the ITS project's extension process. Quipux intends to raise over US$ 18 million on the local capital market in completing the project, which clears the way for multimedia.