Inkwood Research predicts that the Global Intelligent Roadways Transport Management Systems Market is set to record a 10.98% CAGR during the assessment years 2023-2032.
“Browse 83 market data Tables and 82 Figures spread over 263 Pages, along with an in-depth TOC on the Global Intelligent Roadways Transport Management Systems Market Forecast 2023-2032.”
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Intelligent roadways transport management systems (IRTMS) leverage information and communications technologies in surface transportation management to improve safety, sustainability & efficiency, reduce traffic congestion, and improve the driving experience. The market for intelligent roadways transport management systems is expected to witness substantial growth during the forecast period and is primarily driven by demand for effective toll management, fleet management, smart traffic control, and intelligent transportation networks in emerging economies like India and China. Moreover, the evolution of technologies such as the IoT and cloud services is anticipated to fuel the growth of the global intelligent roadways transport management systems market. In addition, the increasing number of automobile owners is also expected to boost the market.
A Rise in Optimization Across Key Transportation Functions set to Boost Market Growth
The global freight and transport demand are on the rise, driven by global trade initiatives. Total transport activity is anticipated to be more than double by 2050 as compared to 2015 under the current growth rate trajectory. According to Organization for Economic Co-operation and Development (OECD), passenger transport is expected to increase by 2.3 times and freight transport by 2.6 times.
Such developments are expected to increase the demand for optimization in freight and transportation service providers’ key functioning areas. With the increasing number of shipment sizes and enterprises fighting over profit margins, freight and transportation have become cost-saving areas for enterprises. Thus, enterprises are optimizing freight and transportation with the increasing adoption of technology and automation.
Automated Parking Assistance to lead the Application Segment
Automated parking assistance applications monitor and manage the presence of parked vehicles in real time. As the number of vehicles in urban areas continues to increase, demand for technology-based automated parking assistance is expected to grow. The components of automated parking assistance applications include sensors, hardware that collects and transmits mobility data, an interconnection network to share the data over the cloud, and data analysis software.
Dominating Region – Asia-Pacific
Asia-Pacific is anticipated to dominate the global market in terms of revenue and CAGR during the forecast period. The increasing adoption of IoT drives the market of intelligent roadways transport management systems in Asia-Pacific, the need for efficient traffic control, rapid urbanization, and government initiatives for smart transportation systems. The Asia-Pacific region has the world’s largest population. The rising number of vehicles on the road in all countries, particularly China and India, is expected to create huge traffic problems. Implementing intelligent roadways transport management systems can effectively manage them.
The correlation between the threat of entry and barriers posed by the market is unfavorable for new entrants in the intelligent roadways transportation management system market. These vendors are subjected to stringent government compliances in logistics and transportation and, thus, require the capabilities of maintaining paperwork related to the customers. Further, major vendors are expected to command a strong client base and be less influenced by market competition. However, other vendors in the market are expected to compete intensely with each other to gain access to the market share.
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