Variable Message Signs For Intelligent Transportation System Market : Current Analysis and Forecast (2022-2028)

Report Description

Global Variable Message Signs For Intelligent Transportation System Market 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. In 2019, the U.S. Department of State Department of Transportation in the county of St. Deployed an additional 50 portable variable message signs. Additionally, the UK government in Keighley Town decided to install a permanent digital variable message sign in 2019 to improve the information for drivers in the area after months of traffic disruption from road widening projects planning.

Insights Presented in the Report

“Amongst application type, advanced transportation management category to witness higher CAGR during the forecast period”

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.

“Amongst component type, the hardware to hold a significant share in the market in 2020”

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.

“APAC to grow with highest CAGR in the market”

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).

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Variable Message Signs For Intelligent Transportation System Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global variable message signs for intelligent transportation system market were the three major steps undertaken to create and analyze the adoption of variable message signs for intelligent transportation systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global variable message signs for intelligent transportation system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the variable message signs for intelligent transportation system market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the variable message signs for intelligent transportation system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology type, mode of transport type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the variable message signs for intelligent transportation system market. Further, we conducted factor analysis using dependent and independent variables such as various technology type, mode of transport type, and application of variable message signs for intelligent transportation systems. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the variable message signs for intelligent transportation system market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global variable message signs for intelligent transportation system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the variable message signs for intelligent transportation system market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global variable message signs for intelligent transportation system market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global variable message signs for intelligent transportation system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology type, mode of transport type, and application in the global variable message signs for intelligent transportation system market.

The main objective of the Global Variable Message Signs For Intelligent Transportation System Study

The current & future market trends of the global variable message signs for intelligent transportation system market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the variable message signs for intelligent transportation system market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology type, mode of transport type, and application.
• Define and analysis of the regulatory framework for the variable message signs for intelligent transportation system
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the variable message signs for intelligent transportation system market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the variable message signs for intelligent transportation system market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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