Intelligent Road System (IRS) Market, By Product Type, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Intelligent Road System (IRS) Market size was valued at USD 45,116.12 Million in 2023, expanding at a CAGR of 10.2% from 2024 to 2032.
Intelligent Transportation Systems (ITS), also referred to as Intelligent Road Systems, comprise a network of technologies that elevate roads into information hubs. Picture sensors embedded in the pavement to monitor traffic flow, cameras detecting accidents, and digital signs displaying real-time updates. This data is then utilized to optimize traffic light timing, provide drivers with detour information, and issue emergency alerts. Ultimately, ITS aims to enhance safety, alleviate congestion, and establish a more efficient and sustainable transportation network.
Intelligent Road System (IRS) Market- Market Dynamics
Increasing prevalence of autonomous cars to propel market demand
The market growth for Intelligent Road System supplements is propelled by the increasing prevalence of autonomous cars. The transportation infrastructure is gearing up for the future with the surge of autonomous and connected vehicles on the roadways. Additionally, transportation organizations must be prepared for forthcoming developments. Various ITS service providers contribute their expertise in design, planning, implementation, and activities aimed at enhancing the performance of solutions and systems. Enhanced infrastructure, a well-connected transportation system, and heightened road safety are now essential requisites for many transportation service providers due to rising disposable incomes, urbanization, and the demand for modern automobiles to enhance driving experiences. Future smart city initiatives, advanced communication networks, and government initiatives for smart development in regions like China, India, Singapore, Dubai, and other emerging nations will also unlock new opportunities for market expansion. The advancement of virtual reality and artificial intelligence holds the potential to enhance transportation systems globally. These technologies involve improved visualization and display for motorized transportation, benefiting both drivers and other users of the transportation system. AI has the capability to transform how traffic management technologies are embraced by vendors. For instance, Taiwanese IP video-based systems manufacturer, Lilin, introduced the Aida ALPR series, an AI-based traffic control system incorporating various surveillance cameras and other cutting-edge municipal tools, in March 2020. This comprehensive system offers precise object identification for plate recognition, parking space detection, vehicle speed detection, and identification of offenses involving trucks, motorcycles, and pedestrians.
Intelligent Road System (IRS) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.2% over the forecast period (2024-2032)
Based on Product Type segmentation, wireless communication was predicted to show maximum market share in the year 2023
Based on Application segmentation, emergency vehicle notification system was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
Intelligent Road System (IRS) Market- Segmentation Analysis:
The Global Intelligent Road System (IRS) Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into three categories based on Product Type: computational technologies, wireless communication, and floating car data/floating cellular data. The wireless communication segment commanded the majority share of market revenue. Various wireless communication solutions have been proposed for intelligent transportation systems (ITS). Short- and long-range radio modem communication is commonly utilized on UHF and VHF frequencies within ITS, while infrastructure networks like 5G are employed for longer-range communications. Although effective for long-distance communication, these techniques necessitate the establishment of extensive and costly infrastructure, unlike short-range protocols.
The market is divided into three categories based on Application: variable speed limits, emergency vehicle notification systems, and collision avoidance systems. The emergency vehicle notification system category generated the highest revenue in 2023. These technologies encompass ramp metering systems, bridge traffic management systems, and vehicle detection systems, among others, and enhance the operational efficiency and reliability of road networks. Prolonged traffic congestion often leads to significant financial losses due to increased travel times and fuel consumption. Globally, traffic congestion remains a persistent issue, impacting fuel consumption and diminishing people's quality of life. Hence, governmental bodies worldwide play a crucial role in the adoption of new technologies and the implementation of intelligent transportation systems, which can drive market demand and alleviate financial burdens on governments.
Intelligent Road System (IRS) Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Intelligent Road System (IRS) Market- Competitive Landscape:
In the domain of Intelligent Road Systems (IRS), companies are employing numerous strategy to drive innovation and elevate transportation infrastructure. One of the key strategies involves the introduction of groundbreaking products.. In tandem with product innovation, key players are channeling resources into research and development to continually enhance system efficiency and efficacy. Furthermore, strategic partnerships with governmental entities and urban planners facilitate the seamless integration of IRS into existing infrastructure, fostering smooth traffic flow and bolstering safety. Moreover, efforts to educate and engage stakeholders play a pivotal role in garnering public acceptance and support for IRS implementations.
Recent Developments:
In November 2022, Hitachi Rail Limited will design and implement ERTMS digital signaling across 1,885 km of the Italian rail network under a Framework Agreement contract with Ferroviaria Italiana (RFI).
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INTELLIGENT ROAD SYSTEM (IRS) MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Ricardo
TomTom
International BV
Siemen
WS Atkins
Kapsch Trafficcom
Q-Free ASA
EFKON
Iteris
Lanner Electronics
Roper Technologies
Others
GLOBAL INTELLIGENT ROAD SYSTEM (IRS) MARKET, BY PRODUCT TYPE- MARKET ANALYSIS, 2019 - 2032
Computational Technologies
Wireless Communication
Floating Car Data/Floating Cellular Data
GLOBAL INTELLIGENT ROAD SYSTEM (IRS) MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032
Variable Speed Limits
Emergency Vehicle Notification Systems
Collision Avoidance Systems
GLOBAL INTELLIGENT ROAD SYSTEM (IRS) MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1.Intelligent Road System (IRS) Market Overview
1.1.Study Scope
1.2.Market Estimation Years
2.Executive Summary
2.1.Market Snippet
2.1.1.Intelligent Road System (IRS) Market Snippet by Product Type
2.1.2.Intelligent Road System (IRS) Market Snippet by Application
2.1.3.Intelligent Road System (IRS) Market Snippet by Country
2.1.4.Intelligent Road System (IRS) Market Snippet by Region
2.2.Competitive Insights
3.Intelligent Road System (IRS) Key Market Trends
3.1.Intelligent Road System (IRS) Market Drivers
3.1.1.Impact Analysis of Market Drivers
3.2.Intelligent Road System (IRS) Market Restraints
3.2.1.Impact Analysis of Market Restraints
3.3.Intelligent Road System (IRS) Market Opportunities
3.4.Intelligent Road System (IRS) Market Future Trends
4.Intelligent Road System (IRS) Industry Study
4.1.PEST Analysis
4.2.Porter's Five Forces Analysis
4.3.Growth Prospect Mapping
4.4.Regulatory Framework Analysis
5.Intelligent Road System (IRS) Market: COVID-19 Impact Analysis
5.1.Pre-COVID-19 Impact Analysis
5.2.Post-COVID-19 Impact Analysis
5.2.1.Top Performing Segments
5.2.2.Marginal Growth Segments
5.2.3.Top Looser Segments
5.2.4.Marginal Loss Segments
6.Intelligent Road System (IRS) Market Landscape
6.1.Intelligent Road System (IRS) Market Share Analysis, 2023
6.2.Breakdown Data, by Key Manufacturer
6.2.1.Established Players' Analysis
6.2.2.Emerging Players' Analysis
7.Intelligent Road System (IRS) Market - By Product Type
7.1.Overview
7.1.1.Segment Share Analysis, By Product Type, 2023 & 2032 (%)
7.1.2.Computational Technologies
7.1.3.Wireless Communication
7.1.4.Floating Car Data/Floating Cellular Data
8.Intelligent Road System (IRS) Market - By Application
8.1.Overview
8.1.1.Segment Share Analysis, By Application, 2023 & 2032 (%)
8.1.2.Variable Speed Limits
8.1.3.Emergency Vehicle Notification Systems
8.1.4.Collision Avoidance Systems
9.Intelligent Road System (IRS) Market- By Geography
9.1.Introduction
9.1.1.Segment Share Analysis, By Geography, 2023 & 2032 (%)
9.2.North America
9.2.1.Overview
9.2.2.Intelligent Road System (IRS) Key Manufacturers in North America
9.2.3.North America Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
9.2.4.North America Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
9.2.5.North America Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)