Asia Pacific is Witnessing High Growth in Variable Message Signs for Intelligent Transportation System Market
The Global Variable Message Signs for Intelligent Transportation System Market is expected to witness a CAGR of 4.4% to reach revenue of $21.7 million by 2024
Bangalore, India, March 06, 2019 With its recently published study “Global Variable Message Signs for Intelligent Transportation System Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global variable message signs in the transportation market will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, the adoption of digital and variable message signs technologies varies depending on the regions. North America is the most significant contributor to the market, followed by Europe. The lack of customized industry-specific technology solutions and the early stages of the technology are the reasons for slow adoption among various underdeveloped and emerging economies. The US, with the largest number of start-ups, innovators, and variable message signs deployments, has a huge market for variable message signs solutions. Europe has a lot of potentials, but strict regulations related to technology and trust issues could hinder the growth. The Asia Pacific is the region to be focused due to the economic growth, investments in digitization, fast adoption of cloud-based solutions & services, and development of web-based services among others.
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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 2018–2024. The Global Variable Message Signs for Intelligent Transportation System Market are segmented based on components, applications, and regions. Among various applications, parking guidance and management are expected to grow at the highest CAGR during the forecast period.
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“The variable message signs technology is currently at an evolving stage in underdeveloped and emerging economies. In recent years, a significant number of deployments have been taken place in the global market as part of the real-time communication strategy, which have also resulted in partnerships, joint ventures with technology companies & OEMs to build and test industry-specific software solutions and applications related to variable message signs in transportation sector. The new instant information coupled with enhanced observation will ensure that variable message signs systems perform a significant role in how people make the decision based on the provided real-time information.” – Pradeep Singh, Sr. Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Components: Variable Message Signs Hardware, Variable Message Signs Software, and LED-based Display
- Applications: 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
- The report covers the adoption and usage of Variable Message Signs for Intelligent Transportation System Market across different regions, i.e., North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Industry outlook: Market trends, drivers, restraints, and opportunities