Worldwide Smart Roads and Bridges Market to Grow at a CAGR of 24.1% to Aggregate $2,660.0 Million by 2022
Increasing traffic congestion & road accidents and integration of infrastructure with technology are driving the growth of smart roads and bridges market; the leading technology segment - transportation management system is expected to grow at a CAGR of 23.7%.
Bangalore, India, April 6, 2017 (Newswire.com) - According to Infoholic Research, the transportation management system will continue to dominate the smart roads and bridges market. As per the study, the market will experience a significant growth in the coming years due to the increase in the traffic congestion, internet penetration, and growing demand for digital infrastructure. The increase in the ownership of the vehicle in China has made the country the mother of traffic jams and the country witnessed a traffic jam for nearly 100 kilometres that lasted for 12 days in 2010. The market is expected to grow at a CAGR of 24.1% during the forecast period 2016–2022 to touch an aggregate of $2,660.0 million.
“The smart roads and bridges market is witnessing a potential growth mainly driven by growing traffic congestion, road accidents, and technology innovations in IoT and cloud lending huge opportunities for stakeholders to expand their business and revenue in various regions. The government initiatives towards smart cities and increasing adoption of connected devices will offer huge opportunities for the market growth in developing countries such as India and China during the forecast years.” – Jaydeep Bhattacharjee – Group Head at Infoholic Research
"The smart roads and bridges market is witnessing a potential growth mainly driven by growing traffic congestion, road accidents, and technology innovations in IoT and cloud lending huge opportunities for stakeholders to expand their business and revenue in various regions. The government initiatives towards smart cities and increasing adoption of connected devices will offer huge opportunities for the market growth in developing countries such as India and China during the forecast years."
Jaydeep Bhattacharjee , Group Head at Infoholic Research
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The report is segmented by technology, sensors, deployment model and regions. The transportation management system is playing a major role in offering innovative and high-quality technology solutions to government sectors. In the ongoing connected world, smart infrastructure has become an essential part in individual’s daily activities. The individuals are worried about road accidents and traffic congestion. In line with this, the government is spending hugely on the integration of technology into infrastructure to improve traffic flow and to avoid uncertainties in roads for assisting travellers in prior. The transportation management system is the leading technology type and is expected to grow at a CAGR of 23.7% during the forecast period.
According to the sensors analysis, temperature sensors is expected to outperform and reach $751.2 by 2022. The temperature sensors have been the dominant sensor types for smart roads and bridges, where the revolution in sensor industry will support the growth of strain gauges in the next 5 years. The growing demand for connected infrastructure and unpredictable weather changes create significant opportunities for accelerometers. Many device manufacturers and OEMs are expected to enter the market within the next decade.
As per the deployment model, on-premise deployment model plays a major role in smart roads and bridges market mainly due to government initiatives to build secured infrastructure. The on-cloud deployment model is more advantageous and less cost compared to on-premise deployment model. It is expected in the coming years that on-cloud deployment model will be adopted more by the major technology vendors. At present, the on-premise model will be growing at an exponential rate, which is estimated to reach more than $2 billion by 2022.
“Currently, the smart roads and bridges market is providing opportunities to the government for implementing IT into infrastructure, to improve traffic efficiency and reduce road accidents. The lane departure warning system has a potential growth in the transportation management system and is expected to grow fast compared to other systems. The market offers an attractive space for software providers, device manufacturers, and OEMs for developing and capturing business needs. The sensors segment holds enormous growth in the next 3–4 years due to the demand for innovation in sensors and IoT from the business.” – Preeti Wadhwani, Team Lead – Research at Infoholic Research
North America is set to be the leading region for smart roads and bridges market followed by Europe. Asia Pacific is set to be the emerging region for the smart roads and bridges market growth. The rising investments from regional governments, innovations in IoT technology, and increasing traffic congestion in the developing countries are expected to drive the market growth in the upcoming years.
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Scope of the Report:
The research report categorizes the “Worldwide Smart Roads and Bridges” market into the following segments and sub-segments:
· Technology: Market Size and Analysis
o Transportation Management System
o Communication System
o Traffic Management System
o Monitoring System
· Sensors: Market Size and Analysis
o Anemometers
o Strain Gauges
o Accelerometers
o Weigh-in-Motion Devices
o Temperature Sensors
o Others
· Deployment Model: Market Size and Analysis
o On-Premise
o On-Cloud
· Regions: Market Size and Analysis
o North America
o Europe
o APAC
o RoW
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Source: Infoholic Research