Intelligent Roadways TMS Market: Application Updates 2030

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Intelligent Roadways TMS Market Application
Updates 2030

• 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.

Transportation Management Systems A Quick
Run-down on the Parent Market
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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. 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
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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.