Intelligent Roadways TMS Market: Application Updates 2030

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Intelligent Roadways TMS Market Application
Updates 2030
Automotive 12, January 2023 Intelligent
roadways transportation management systems refer
to an advanced technology that offers innovative
solutions pertaining to transport management
and enables end-users to make better, safer,
and smarter use of road transport networks.
According to Triton Market Research, the Global
Intelligent Roadways Transportation
Management Systems Market is likely to develop
with a CAGR of 10.32 over the forecast years
from 2023-2030. IRTM systems are incorporated
with sensors, navigation systems, vehicle probes,
video surveillance devices, etc., that offer
real-time data for analysis, which is then
communicated to users. Statistics from the
OECD suggest that, by 2050, global
passenger transport and freight transport
will increase by 2.3 fold and 2.6 fold,
respectively, compared to their values in
2015. Also, roads are among the most
preferred transport modes, accounting for
most motorized passenger travel and domestic
freight transit. IRTMS help enhance the
operational efficiency of public transit systems
and also boost overall passenger safety.
Moreover, they optimize the logistics
capabilities and help manage numerous business
needs of e-commerce service providers. These
factors have contributed to the increased
demand for intelligent
roadways TMS.
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Transportation Management Systems A Quick
Run-down on the Parent Market Transportation
management systems streamline the process
of shipping. This makes managing and
optimizing operations easier for businesses,
whether the transit mode they use is sea, land,
or air. TMS play a key role in supply chain
management, impacting every part of the
processfrom planning procurement to
logistics lifecycle management. Rapid
industrialization and manufacturing growth are
key factors that have increased their adoption
worldwide. The burgeoning e-commerce sector, due
to the growing trend of online shopping, is
further contributing to the escalating demand for
these systems to facilitate shipping operations.
In todays world, where countries compete on
a global level, it is crucial for them
to have developed transport, logistics, and
trade-related infrastructures. A TMS provides
visibility into everyday operations, trade
compliance data requirements, and ensures
the timely delivery of goods. The improving
bilateral economic relations between several
countries worldwide are creating growth
opportunities for operating players to expand
their consumer base. IRTMS Market Expanding
Applications Fleet management solutions
leverage telematics and IoT technologies
using navigational positioning. Smart
technologies can reduce the operational costs of
managing fleet, increase routing efficiency,
and also enhance driver security.
MercuryFleet by MercuryGate International
Inc facilitates instant communication
with drivers, and also helps track
equipment in real time via control tower
visibility. The fleet management market is driven
by the growing demand for logistics and freight
transportation. Fleet management accounted for a
revenue share of 9819.39 million in the
application segment in 2022. Whereas, automated
ticketing is expected to grow at a CAGR of 11.39
in the application segment over the forecasted
period. Automated ticketing systems for public
transport, such as buses, metros, and trains,
rely on the use of smart cards and IoT
technology. These systems enable hassle-free
payments, save time, and eliminate
other barriers associated with traditional
ticketing systems. Also, recent projects in India
and China for the development of IRTMS-based
unified automated ticketing systems have
enhanced the scope of this application.
Such developments have also bolstered the
Asia-Pacific intelligent roadways
transportation management systems market, which
is expected to grow at an 11.02 CAGR during the
forecast period. Smart Cities Markets Future
Agenda According to the World Bank, nearly
4.4 billion people worldwide live in
cities. And by 2050, the global urban
population is expected to reach more than double
its current size. The concept of smart cities
is gaining impetus, which will bring
together technology and infrastructure. It
will transform cities through infrastructure
development and improve peoples quality of
life by efficient public service delivery. Smart
transport systems and smart city traffic
management are revolutionizing the approach
towards mobility and emergency
response, while reducing congestion issues.
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Global hubs like New York City have embraced
this development. The implementation of
autonomous goods transportation systems across
the country has drastically improved supply chain
efficiency and also reduced the need for
long-haul drivers to balance tight timelines.
Also, smart infrastructure development for
transportation management represents growth
opportunities for IRTMS providers, as
various transportation agencies and car
rental companies in smart cities will use these
solutions to reduce traffic congestion and save
time. Thus, the rising concept of smart cities is
anticipated to foster the growth of the
intelligent roadways transportation management
systems market.
FAQs Q 1) What are the revenue estimates for the
IRTMS market? The IRTMS market was valued
at 34875.99 million in 2022, and is
anticipated to reach 74615.39 million by
2030. Q 2) Which are the different applications
covered in the market report? Passenger
Information Management, Automated Ticketing,
Automated Traffic Control, Fleet Management,
Automated Parking Assistance, and Other
Applications