Intelligent Roadways Transportation Management Systems Market | Forecast 2030

As per Triton's report, the global intelligent roadways transportation management systems market attained $34.87 billion in 2022. It is further anticipated to register a CAGR of 10.32% by 2030.

A recent study by Triton Market Research titled 'Global Intelligent Roadways Transportation Management Systems Market' includes the Global Analysis and Forecasts by Application (Automated Parking Assistance, Automated Traffic Control, Fleet Management, Automated Ticketing, Passenger Information Management, Other Applications), by Component (Service [Cloud Management Services, Support and Maintenance Services], Hardware [Security and Surveillance Cameras, Automated POS Systems, Sensors, Information and Rule Display Systems, ONT/OLT Devices, Line Wires, Other Hardware Components], Software [Smart Traffic Management Analysis Software, Pollution Analysis Software, Video Recording Software, Database Management System Software, Other Software Components]), and Regional Outlook (Asia-Pacific, Latin America, Middle East and Africa, Europe, North America).

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Intelligent roadways transportation management systems (IRTMS) use information and communication technologies to improve surface transportation safety, sustainability, and efficiency. They have various applications such as passenger information management, automated ticketing, automated traffic control, automated parking assistance, fleet management, and others.

Triton Market Research's report indicates that the global market for intelligent roadways transportation management systems is set to progress at a CAGR of 10.32% during 2023-2030, reaching a revenue worth $74.61 billion by 2030.

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With the deployment of IRTM systems, users can utilize transportation networks in a safer, more intelligent, coordinated, and efficient manner. This is a result of the systems' integration of several different technologies. Every day people's normal lives are impacted by traffic congestion caused by ever-increasing traffic flow, which also raises transportation costs. As a result, the successful navigation of traffic made possible by the integration of new technologies in IRTMS is expected to propel the expansion of the investigated market.

However, the adoption of intelligent roadway traffic management systems is being hampered by the high cost of both installation and maintenance. A certified IRTMS, for example, might cost anywhere from $10,000 to $250,000, including annual maintenance. This is a significant element impeding the market's expansion.

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The intelligent roadways transportation management systems market is primarily divided into application and component. Based on application, the market consists of automated parking assistance, automated traffic control, fleet management, automated ticketing, passenger information management, and other applications.

Whereas, based on component, the market is divided into service, hardware, and software. The service segment is bifurcated into cloud management services and support and maintenance services. The hardware segment includes security and surveillance cameras, automated POS systems, sensors, information and rule display systems, ONT/OLT Devices, line wires, and other hardware components.

Lastly, the software segment is divided into smart traffic management analysis software, pollution analysis software, video recording software, database management system software, and other software components.

North America leads the global market for IRTMS, and accounted for the highest revenue share in 2022. The expansion of the e-commerce industry, particularly in the field of food delivery and medical transport, is what has driven the adoption of intelligent roadways transportation management systems across the region. Other factors contributing to the market's growth include the growth of the food industry and the rise in processed food production.

The prominent players in the intelligent roadways transportation management systems market include Manhattan Associates Inc, Blue Yonder, Denso Corporation, MercuryGate International Inc, IBM Corporation, Tata Consultancy Services (TCS) Ltd, SAP SE, 3T Logistics and Technology Group, and Oracle Corporation.

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Question & Answer: Intelligent Roadways Transportation Management Systems Market

Question 1: What factors contribute to the intelligent roadways transportation management systems market's growth?
Answer: IRTM systems enable users to be better informed and make safer, smarter, more coordinated, & efficient use of transport networks. This is because a number of technologies are integrated to build these systems.
The ever-increasing traffic flow leads to increased traffic congestions, thus resulting in increased cost of transportation and also affecting the routine lives of people. Thus, the integration of advanced technologies in IRTMS enables to effectively navigate traffic, which is anticipated to drive the studied market's growth.

Question 2: What factor hampers the global market's development?
Answer: The high cost of installing intelligent roadways transportation management systems, as well as their high maintenance costs, are hindering their adoption. For instance, a certified IRTMS ranges anywhere between $10,000 and $250,000, including yearly maintenance. This is a major factor hampering the market's growth.

Question 3: Which region leads the intelligent roadways transportation management systems market?
Answer: North America leads the global market for IRTMS, and accounted for the highest revenue share in 2022. The expansion of the e-commerce industry, particularly in the field of food delivery and medical transport, is what has driven the adoption of intelligent roadways transportation management systems across the region. Other factors contributing to the market's growth include the growth of the food industry and the rise in processed food production.

Question 4: Which are the prominent players in the studied market?
Answer: The prominent players in the intelligent roadways transportation management systems market include Manhattan Associates Inc, Blue Yonder, Denso Corporation, MercuryGate International Inc, IBM Corporation, Tata Consultancy Services (TCS) Ltd, SAP SE, 3T Logistics and Technology Group, and Oracle Corporation.

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The global advanced driver assistance systems (ADAS) market is expected to grow at a CAGR of 19.46% in terms of revenue and 21.66% in terms of volume during the forecast years 2019-2027, according to Triton Market Research.

Some of the factors driving the ADAS market include the need to adopt safety standards, an expected surge in the number of autonomous vehicles, and stringent rules imposed by government authorities.

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According to Triton, the global parking management market is anticipated to witness a positive market trend with a CAGR of 11.68% during the forecast period 2019-2027.

Factors driving the market include the evolving automotive industry, the growing need to eliminate traffic jams, an increase in the number of automotive thefts, and the availability of features like real-time information in parking management systems.

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