Variable Message Signs for Intelligent Transportation System Market Giants Spending is going to Boom

Due to the impact of the Russia-Ukraine conflict and the COVID-19 pandemic, the global economy is expected to recover, leading to an expansion of the World Variable Message Signs for Intelligent Transportation System Market size from USD million in 2021 to USD million in 2022, with a projected CAGR that will generate substantial revenue until 2030. As a result, consumers gain valuable knowledge about the industry and its organizations from past, present, and future perspectives, enabling informed investment decisions and resource allocation. This research report provides up-to-date analysis and forecasts for various market segments and geographical regions. It offers insights and analysis based on in-depth consultations with key stakeholders, including CEOs, Managers.

Real-time traffic management has become a top priority in various developed and developing countries as urbanization continues to increase the number of vehicles on the road. Efficient traffic management is a significant challenge in many cities, but technology solutions and IoT devices are simplifying the process. The integration of information technology into traffic management has given rise to the concept of the Intelligent Traffic Management System (ITMS).

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This system combines various tools, devices, software, and applications with Variable Message Signs (VMS) to streamline manual traffic management processes. Notably, in 2019, the State Department of Transportation in St. Lawrence County, US, deployed 50 portable Variable Message Signs to improve storm messaging to the public during severe weather conditions. Similarly, the UK Government in Keighley Town planned to install permanent digital Variable Message Signs in 2019 to enhance driver information following traffic disruptions due to road-widening projects.

Market Analysis

According to Report Ocean Research, the Global Variable Message Signs for Intelligent Transportation System Market is expected to witness revenue growth from $16.7 million in 2018 to $21.7 million by 2024, representing a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. The market’s growth will be driven by increasing demand, particularly from the US and Western European countries. Western Europe has a strong foothold in this market, thanks to a multitude of large and small-scale variable messaging sign manufacturers and a well-developed IT infrastructure. In the US, federal and state government spending is contributing to market growth. However, the market in the Asia Pacific (APAC) is still in its nascent stages due to a lack of specialized variable messaging sign technology solutions and digital infrastructure in emerging economies, which hinder growth.

Market Segmentation Analysis

The report covers and analyzes the Global Variable Message Signs for Intelligent Transportation System Market based on components, applications, and regions. By providing comprehensive insights into the industry, the report aims to help players understand the latest trends, current market conditions, and relevant technologies. Additionally, it assists venture capitalists in gaining a better understanding of companies and making informed decisions. The regions under consideration include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The primary revenue contributors are North America, Europe, and Asia Pacific, with North America leading the market, followed by Europe, while Asia Pacific is emerging in the variable message signs market.

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Regions and Vendors Analysis

The report includes an in-depth analysis of vendors, covering aspects such as financial health, business units, key business priorities, SWOT analysis, strategies, and viewpoints. Key and prominent vendors featured in the report include Daktronics Inc., EBSCO Industries Inc., Skyline Products Inc., Swarco AG, Wanco Inc., and Aesys, among others. Vendor selection was based on portfolio diversity, geographical presence, marketing and distribution channels, revenue generation, and significant investments in Research and Development (R&D).

Benefits

The report delves into the study of the Variable Message Signs for Intelligent Transportation System Market, covering components such as variable message signs hardware, variable message signs software, and LED-based displays. It also examines applications, including active urban traffic management, freeways, tunnels, toll facilities, emergency (hard shoulder) management, airports, rail and bus passenger guidance and lane management, and parking guidance and management. Variable Message Signs (VMS) have gained significant traction in recent years, with innovative software solutions and applications finding broad use in various sectors, including rail, road, and transit. Furthermore, the report provides insights into the major challenges impacting market growth.

Region/Country Coverage

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa

Key Players Covered in the Report

• Daktronics Inc.
• EBSCO Industries Inc.
• Skyline Products Inc.
• Swarco AG
• Wanco Inc.
• Aesys

Key Questions Answered in the Market Report:

• What are the global trends in the market? Would the market witness an increase or decline in the demand in the coming years?
• What is the estimated demand for different types of products in industry? What are the upcoming industry applications and trends for market?
• What Are Projections of Global Industry Considering Capacity, Production and Production Value?
• What Will Be the Estimation of Cost and Profit?
• What Will Be Market Share, Supply and Consumption? What about Import and Export?
• Where will the strategic developments take the industry in the mid to long-term?
• What are the factors contributing to the final price of market? What are the raw materials used for manufacturing?
• How big is the opportunity for the market? How will the increasing adoption of for mining impact the growth rate of the overall market?
• How much is the global market worth? What was the value of the market in 2023/2022/2021?
• Who are the major players operating in the market? Which companies are the front runners?
• Which are the recent industry trends that can be implemented to generate additional revenue streams?
• What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Industry?

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