Variable Message Signs for Intelligent Transportation System Market Size

Variable Message Signs for Intelligent Transportation System Market size was valued at USD 183.02 million in 2023 and is likely to cross USD 425.24 million by 2036, expanding at more than 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of variable message signs for intelligent transportation system is estimated at USD 192.83 million.

The growth of the variable message signs for intelligent transportation system market can be attributed to the growing sales of vehicles worldwide, increasing concern for the rising incidences of road accidents, and therefore the need for real-time smart traffic management systems.  Moreover, according to the statistics by the World Health Organization (WHO), approximately 1.3 Million people are known to die every year due to road traffic crashes. The statistics also stated that it costed most countries 3% of their GDP due to road traffic crashes. With such rising concerns, real-time traffic management system has become one of the prime priorities across various developed and developing economies globally, which is anticipated to drive the market growth in the coming years.

The global variable message signs for intelligent transportation system market is also anticipated to grow on account of the growing investments for developing transport infrastructure and maintenance, along with the increasing advancements in research and development in the ICT sector.