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.
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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.
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.
The Intelligent Road System is the tested route to mitigate the traffic congestion problem. It is an application that is designed to provide customized solutions to improve the transportation system. The major objective of this system is to evaluate, develop, analyze and integrate new technologies and concept to achieve the traffic efficacy. The major growth driver of Intelligent Road System Marketincludes increasing concern about traffic congestion, increasing need of road safety improvements, and shifting of freight industry from unorganized to organized sector among others. In the year 2016, the global market of intelligent road system had been valued at approximately USD 25 billion, which is expected to be at USD 48 billion by the end of the year 2022. However, slow growth in improving infrastructure and high installation cost are some of the factors which are hindering the growth of Intelligent Road System Market.
Intelligent Road System Market is expected to grow at compound annual growth rate of 11% from year 2016 to year 2022.
North America expected to dominate the market of intelligent road system throughout the forecast period.
By Type segment- computational technology is expected to be the fastest growing market with 13% CAGR in the global market.
By Application- Emergency Vehicle Notification System is expected to be the fastest growing market with 15% CAGR in the global market.
Global Intelligent Road System Market can be segmented as follows:
Segmentation by Type: Wireless Communication, Computational Technologies, Floating Car Data/ Floating Cellular Data, Sensing Technologies and others.
Segmentation by Application: Emergency Vehicle Notification System, Automatic Road Enforcement, Variable Speed Limits, Collision Avoidance System among others.
Regional Analysis of Intelligent Road System Market:
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. Asia-pacific is the fastest growing region in intelligent road system market. China among all major developing economy is expected to grow at the highest CAGR of 15.54% over the forecast period.
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Intelligent transportation system providers
Navigation and GPS manufacturers
Research & consultancy
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