According to a new report published by UnivDatos Markets Insights, the Variable Message Signs for Intelligent Transportation System Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Component Type (Software, and Hardware); Technology Type,( Electro-Mechanical Signs, Reflective Flip-Disk Signs, Light Emitting Signs and Others); Application (Active Traffic Management, Highway Advisory Radios, Road/Weather Information System, Parking Guidance Management, Airport, Rail & Bus Passenger Guidance and Lane Management, Freeways, Tunnels, Toll Facilities, Emergency Management, and Others)Region/Country.
The variable message signs for Intelligent
transportation system market report has been aggregated by collecting
informative data on various dynamics such as market drivers, restraints, and
opportunities. This innovative report makes use of several analyses to get a
closer outlook on the variable message signs for Intelligent transportation
system market. The variable message signs for Intelligent transportation system
market report offers a detailed analysis of the latest industry developments
and trending factors in the market that are influencing the market growth.
Furthermore, this statistical market research repository examines and estimates
the variable message signs for Intelligent transportation system market at the
global and regional levels.
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Market Overview
Global
Variable Message Signs For Intelligent Transportation System is expected to
grow at a significant rate of around 5% during the forecast period.
Real-time traffic management is a high priority in various developed and
developing countries. Managing the smooth flow of traffic due to the increasing
number of vehicles on the roads seems to be the biggest problem in most cities.
However, traffic management can be simplified with the advent of technology
solutions and IoT devices. Incorporating IT into traffic management has given
rise to the concept of Intelligent Traffic Management System 'ITMS'. Guided.
This system is not software, but an amalgamation of many tools, devices,
software and applications, and a variable message sign (VMS) working in
synchronism to support the manual traffic management process. Recently, in 2019,
the U.S. Department of State Department of Transportation in the county of St.
Deployed an additional 50 portable variable message signs. are common and
strong winds are expected. Additionally, the UK government in Keighley Town
decided to install a permanent digital variable message sign in 2019 to improve
information for drivers in the area after months of traffic disruption from
road widening projects planning.
Some of
the major players operating in the market include 3M, Daktronics, Inc.,
Triplesign System, Valmont Industries, Inc., Onyx Components & Systems (P)
Ltd. , Efftronics Systems Pvt. Ltd., SKYLINE HOME APPLIANCES, WANCO INC.,
YAHAM, WARCO McCain, Inc..
COVID-19
Impact
The
ongoing financial crisis in various regions of the world may somewhat impede
market expansion. The government must actively invest in the development and
deployment of such intelligent systems. The COVID-19 epidemic has exacerbated
the financial crisis in several nations, which could hinder market expansion.
The global variable message signs for Intelligent
transportation system market report is studied
thoroughly with several aspects that would help stakeholders in making their
decisions more curated.
·
Based on type, the market has
been classified into active traffic management, highway advisory radios,
road/weather information systems, parking guidance management, airport, rail
& bus passenger guidance and lane management, freeways, tunnels, toll
facilities, emergency management and others. The
active transportation management (ATM) category to witness higher CAGR during
the forecast period. It is projected that the active traffic management system
(ATM) market will dominate over the projection period. The employment of
cutting-edge technologies in the system to ensure safe and comfortable
commutes, as well as the regional department of transportation's development of
smart infrastructure due to less traffic congestion, are all factors that are
anticipated to drive the growth of this segment in the market.
·
On the basis of
component type, the market has been classified into software and hardware. Among these, the hardware segment holds the largest share of the
market. The basic hardware components like cameras, sensors and lights are
required to build a basic transportation system and most of the developed
countries already have a basic transportation system installed. Moreover, in
even the new advanced technology updated transportation system these components
are installed. Hence, in the upcoming year’s hardware segment will continue to
dominate the market and the demand for AI-controlled transportation systems is
going to increase will further increase the dominance of the segment in the
market.
Variable Message Signs For Intelligent Transportation System Market
Geographical Segmentation Includes:
·
North America (United States, Canada,
and Rest of North America)
·
Europe (Germany, United Kingdom, Spain,
Italy, France, and the Rest of Europe)
·
Asia-Pacific (China, Japan, India, and
the Rest of Asia-Pacific)
·
Rest of the World
In 2021, APAC to grow with the highest CAGR
among others regions. The Asia-Pacific area is rapidly developing because of
the region's increasing urbanization. The clear outcome is that traffic
congestion intensifies and worsens the already significant negative economic
effects. Technology for information and communication can lessen these
consequences. ITS increases transportation safety and efficiency and benefits
sustainable development. Originally pushed mostly by affluent nations (the US, Japan,
and certain European nations), it is now increasingly employed in developing
nations because of the pressing need to improve traffic in rapidly expanding
cities. Information and communication technology (ICT) has recently advanced to
precisely fulfil the needs of developing countries, thanks to features like
open data and big data analytics capabilities. ITS is routinely modified to
meet the particular needs of developing nations. The wireless communication
technology DSRC, which operates across a wide frequency spectrum and is a
short- and medium-range standard, is used by the Electronic Toll Collection
Services21 (ETCS).
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The major players targeting the market include
·
3M
·
Daktronics, Inc.
·
Triplesign System
·
Valmont Industries, Inc.
·
Onyx Components & Systems (P) Ltd.
·
Efftronics Systems Pvt. Ltd.
·
SKYLINE HOME APPLIANCES
·
WANCO INC.
·
YAHAM
·
WARCO McCain, Inc.
Competitive Landscape
The degree of competition among prominent global companies has been
elaborated by analyzing several leading key players operating worldwide. The
specialist team of research analysts sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the Variable Message Signs For Intelligent
Transportation System market. The major players have
been analyzed by using research methodologies for getting insight views on
global competition.
Key questions resolved through this analytical market research report
include:
• What are the latest trends, new patterns,
and technological advancements in the variable message signs for Intelligent
transportation system market?
• Which factors are influencing the variable
message signs for Intelligent transportation system
market over the forecast period?
• What are the global challenges, threats,
and risks in the variable message signs for Intelligent
transportation system market?
• Which factors are propelling and
restraining the variable message signs for Intelligent
transportation system market?
• What are the demanding global regions of
the variable
message signs for Intelligent transportation system market?
• What will be the global market size in
the upcoming years?
• What are the crucial market acquisition
strategies and policies applied by global companies?
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requirement of different businesses, regions, and countries, we offer
customized reports as per your requirements of business nature and geography. Please
let us know If you have any custom needs.
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