Intelligent Road System (IRS) Market Opportunities, Challenges and Growth Factors 2022

Market Scenario

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.

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Key Findings:

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.
Key Players

Some of the major players in Global Intelligent Road System Market include Ricardo Plc, TomTom International BV, Siemen AG, WS Atkins PLC, Kapsch Trafficcom, Q-Free ASA, EFKON AG, Iteris Inc., Lanner Electronics Inc., Roper Technologies Inc. and others.

Segments

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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Target Audience

Intelligent transportation system providers
Network providers
Software providers
Navigation and GPS manufacturers
Research & consultancy
Government
Technology investors
The report for Intelligent Road System Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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