Intelligent Roadways Transport Management Systems Market: Top Tech & Application Trends
Intelligent roadways transport management systems (IRTMS) leverage communications and information technologies in surface transportation management to improve sustainability, safety, and efficiency. The system also reduces traffic congestion to improve the driving experience. IRTMS comprises a range of applications that process and share information to reduce environmental impact. It can potentially expand the transport system’s benefits for commercial companies and the global public. According to Inkwood Research, the global intelligent roadways transport management systems market is set to record a 10.98% CAGR during the forecast period 2023-2032.
Technology-Forward IRTMS: Backbone of Smart Cities
Effective roadway transport management is considered the backbone of smart cities. Cloud technologies and the IoT used in the development of infrastructure for smart cities can provide safety and warning alarms as well as real-time information to commuters about route selection. Moreover, in October 2016, the United States Department of Transportation secured an investment of $165 million for smart city solutions, of which $100 million was allotted to developing a smart transportation system. The increasing number of commuters using public transport and commercial vehicles significantly contributes to traffic congestion and the need for intelligent transport management for heavy vehicles such as fleet vehicles.
Top Trends in the Application Segment
The growth of the roadway segment of the ITS market is boosted by the initiatives adopted by many governments globally to improve public safety on roadways. The growing traffic congestion and the number of vehicles on the road are major problems for transportation networks worldwide. Fleet vehicles carrying large loads of goods need efficient transport management to help prevent road accidents. Therefore IRTMS is an essential requirement worldwide.
Inkwood Research analyzes the applications based on the following subsegments: automated ticketing, passenger information management, fleet management, automated traffic control, automated parking assistance, and other applications.
Automated Traffic Control
Automated traffic control currently accounts for the largest share of the global intelligent roadways transport management systems market in the application segment. Road and highway traffic congestions are a major problem that optimized traffic control systems can address. Also, the lack of technology and infrastructure required for traffic management in developing economies is expected to drive demand for automated traffic control. Besides, essential services, like ambulances, cannot afford to stop at red lights. Hence, these services use intelligent traffic control systems with the help of radio frequency receivers and transmitters to give ambulances the green light in their respective lanes.
Automated Parking Assistance
Automated parking assistance applications include hardware for collecting and transmitting mobility data, data analysis software, and sharing data over the cloud through an interconnection network. Demand for technology-based automated parking assistance is anticipated to propel as the number of vehicles in urban areas continues to surge.
Additionally, parking-related problems in crowded, congested cities contribute to traffic issues. Automated parking systems are predicted to help commuters find available parking spaces within and beyond cities. Also, rising urban populations, developing smart cities in emerging economies like China and India, and a rise in vehicle owners are expected to increase market demand for automated parking assistance over the forecast period.
Passenger Information Management
Passenger information management uses effective vehicle tracking systems to estimate and display their arrival and departure times at bus and railway stations. The information can be delivered to commuters through SMS, mobile apps, and websites. The components and services used for passenger information management include:
- Transit portals for displaying the schedules of buses and trains.
- Display screens at bus and train stations.
- Automated voice announcement systems
- Mobile applications and interactive voice response (IVR) systems for vehicle and rail inquiries.
Smart Technology Paving Way for the Future
Smart technologies and transport have become synonymous with each other in recent years, and there continues to be large growth in the intelligent transportation systems market. The intelligent Transportation Systems (ITS) sector contributes to safer and more efficient road networks, and the data generated by the growing number of advanced ITS technologies can be leveraged to further improve traffic management for road operators. Public transportation scheduling and dispatch systems use cloud services and technologies to manage real-time passenger information and display it from anywhere.
Next-generation trains are currently being built with GPS-based passenger information systems that use passenger information and satellite positioning to provide information about the next station from visual displays or automated announcements. Intelligent transportation systems utilize various technologies, including communications systems, active & passive sensors, and data analysis & processing tools, contributing to a greater understanding of road infrastructure for operators.
What is the value of the global intelligent roadways transport management systems market?
The global intelligent roadways transport management systems market was valued at $33.22 billion in 2022.
Which country is leading the global intelligent roadways transport management systems market?
Indonesia is leading the global intelligent roadways transport management systems market.