Global Variable Message Signs for Intelligent Transportation System Market Forecasts to 2024
Global Variable Message Signs for Intelligent Transportation System Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
Real-time traffic management is of high priority in various developed and developing countries. Managing the seamless movement of traffic due to the increasing number of vehicles on the road appears to be the biggest problem in the majority of the cities. However, traffic management can be simplified with the advent of technology solutions and IoT devices. The inclusion of IT in traffic management has given rise to the concept of Intelligent Traffic Management System (ITMS). This system is not a software, instead an amalgamation of many tools, devices, software, and applications, along with variable message signages (VMS) that work in sync to assist the manual traffic management process. Recently, in 2019, the State Department of Transportation in St. Lawrence County, US, has deployed an additional 50 portable variable message signs to enhance storm messaging to the public on key corridors throughout the state, as complex winter storm containing heavy snow, ice, and high winds are expected. In addition, the UK Government in Keighley Town is planning to install permanent digital variable message signs in 2019 to improve the information available to drivers in the area, after months of traffic disruption due to road-widening projects.
According to Infoholic Research, the Global Variable Message Signs for Intelligent Transportation System Market revenue is estimated to increase from $16.7 million in 2018 to $21.7 million by 2024, growing at a CAGR of 4.4% during the forecast period. The market will be driven by the increasing demand from the US and Western European countries. The Western Europe market has the strongest hold due to the presence of various large and small-scale variable messaging signs manufacturing-based industries and well-developed IT infrastructure. The US is witnessing growth due to the spending from federal and state government entities. The market in APAC is in its initial stages due to the lack of specialized variable messaging signs technology solutions and digital infrastructure in emerging economies that hamper the market growth.
Market Segmentation Analysis:
The study covers and analyzes the Global Variable Message Signs for Intelligent Transportation System Market by components, applications, and regions. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenarios, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions. The regions covered include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading in the market, followed by Europe, and Asia Pacific is emerging in the variable message signs market.
Regions and Vendors Analysis:
The report contains an in-depth analysis of the vendors, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The key and prominent vendors covered in the report include Daktronics Inc., EBSCO Industries Inc., Skyline Products Inc., Swarco AG, Wanco Inc., and Aesys among many others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The report encompasses the study of Variable Message Signs for Intelligent Transportation System Market by components such as variable message signs hardware, variable message signs software, and LED-based displays; by applications such as active urban traffic management, freeways, tunnels, toll facilities, emergency (hard shoulder) management, airport, rail and bus passenger's guidance and lane management, and parking guidance and management. VMS-based innovation has received a lot of traction in the last three years. Variable message signs innovative software solutions and applications have a broad scope of use in rail, road, and transit among other application areas. Furthermore, the report provides details about the major challenges impacting the market growth.
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