Global Intelligent Road System Market was valued US$ XX Bn. in 2019 and is expected to reach US$ XX Bn. by 2027, at a CAGR of 11 % during the forecast period.
Global Intelligent Road System Market
Global Intelligent Road System Market Overview:
Today the rate of road accidents has grown drastically. The road accidents are unintended cause and the entire world is facing this issue. To minimize the number of accidents and overcome this problem the government of each country are putting maximum efforts and investing billions. The intelligent road system technology has definitely proven to be the major contributor to avoid accidents and improve road safety. Global Intelligent road safety system are significant back up to make roads safer for walkers on road as well as drivers by alerting vehicles for hazards and thereby increase protection from accident. Today this system is widely getting popular all over the world and could be the best supplementary factor in future cars. Intelligent road system can progressively assist with advanced cars like, driverless cars or autonomous cars. Another accelerating factor is the development of smart cities in various developed as well as developing countries. As per the researchers at Maximize Market Research, current economic slowdown and adverse effects of COVID – 19 may hamper market growth in 2020 but all these factors are expected to fuel the global intelligent road system market growth in forecasted period.
The report presents the analysis of Global Intelligent Road System Market with regards to different segments, geography and role of several small & large companies in the market. At the same time the report study has also analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Intelligent Road System Market Dynamics:
The accelerating factors responsible for driving growth of the market contain a rise in levels of traffic congestion due to more number of vehicles on road and population growth. Rapid growth in the traffic volumes creates large demand for improvements in road safety, which estimated to contribute market growth over forecasted period. With mounting levels of population density and upsurge in distances due to the widespread of society, having own personal transport of various types has become necessary as well as status symbol for many people. Intensification in the levels of cars on the roads along with parking problems in numerous commercial and residential areas led to higher demand for advanced cars. This scenario has fuelled the development of the intelligent road system. The use of vehicle to vehicle communications, or vehicle to infrastructure communications, permitting for communication among traffic signals, other vehicles, etc. This allows to drivers to be alert of potential hazards by way of safety aspects. Availability of Bluetooth, sensors, satellite communications and GPS systems also empower combining of historical and live travel time data, which can help in calculating the duration required to complete the trip and possible disruptions like congestions and alternative routes that can be conveniently used. The most expressively popular trend in this market is that of autonomous vehicles that can considerably relieve the traffic issues. The factors that can hamper the growth of this market are sluggish growth in infrastructure development and high implementation costs related to such technologies.
Global Intelligent Road System Market Regional Analysis:
North America stood as the major contributor market for intelligent road system with US$ XX Bn in 2019 and is expected to dominate the market over the forecast period growing with CAGR XX% owing to rising concern for driver safety, to reduce jamming and governing initiatives. The major contributing countries are the US, Canada, and Mexico in North America. Asia-pacific is the fastest-growing region in the intelligent road system market owing to rising sale of automobile and demand for latest technologies implemented into it. Asia Pacific is expected to grow at CAGR of XX% during forecast period and reach value US$ XX Bn by 2027. In this region countries like, China and India register the highest growth owing to large population and growing attraction for having own personal vehicle. Similarly, the report covers the detail analysis of all the regions such as, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Their growth rate and the reason for growth along with the expected value to be reached by end of the 2027 are mentioned in the final report.
Global Intelligent Road System Market Segmentation Analysis:
Based on type, the market is segmented into wireless communication, computational technologies, floating car data/ floating cellular data, sensing technologies, and others. Among all sensing technology is anticipated to experience rapid growth at CAGR XX% during forecasted timespan. But wireless communications as well as computational technologies are estimated to be the largest contributor in the growth of the Global Intelligent Road System Market. Owing to diverse use of Computational technologies in improving vehicles safety as well as performance, this segment is anticipated to grow at CAGR XX% and reach US$ XX Bn by 2027. All the segments and their sub segments with their current market share, expected growth percentage, factors boosting & hampering the growth and region wise anticipated market share during the each year in forecast period along with their graphical representation are illustrated in the report.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Intelligent Road System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Intelligent Road System Market dynamics, structure by analyzing the market segments and projects the Global Intelligent Road System Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Intelligent Road System Market make the report investor’s guide.
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Scope of the Global Intelligent Road System Market Report:
Global Intelligent Road System Market, By Type
• Wireless Communication,
• Computational Technologies
• Floating Car Data/ Floating Cellular Data
Global Intelligent Road System Market, By Application
• Emergency Vehicle Notification System
• Variable Speed Limits
• Collision Avoidance System
Global Intelligent Road System Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Intelligent Road System Market
• Ricardo PLC,
• EFKON AG,
• TOMtom International BV,
• Iteris, Inc.,
• Lanner Electronic Inc.,
• Siemens AG,
• WS Atkins PLC,
• Kapsch Trafficcom,
• Q-Free ASA,
• Roper Technologies, Inc.
This Report Is Submitted By : Maximize Market Research Company
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