North America Automatic Tolling System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering, and Type

North America Automatic Tolling System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering, and Type

  • August 2021 •
  • 116 pages •
  • Report ID: 6134367 •
  • Format: PDF
The automatic tolling system market in North America is expected to grow from US$ 2,228.71 million in 2021 to US$ 3,045.86 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.

The commercialization of global positioning systems (GPS or GNSS) has substantially broadened its scope of applications in various daily activities.For instance, the GPS systems installed onboard vehicles could also be utilized for toll collection purposes, thereby effectively eliminating the need for any tolling infrastructure or system.

Moreover, other benefits such as low cost per transaction, maintainability, accessibility to web-based accounts, and no infrastructure required for the integration of new routes are among the other advantages that are expected to drive the demand for GPS-based toll collection systems. Additionally, benefits to the economy and public safety, in the long run, are expected to fuel the demand for automatic tolling systems in North America.

Based on offering, the services segment led the North America automatic tolling system market in 2020.Automatic tolling systems include operations services such as customer service, traffic & toll revenue management, maintenance & lifecycle, and management & standard operating procedures (SOPs).

Further, the customer services include customer administration, support & account setup, management of customer queries, complaints & incidents, dispute management, website management, toll service provider, public relations, and stakeholder management.Similarly, the traffic & toll revenue management services include traffic measurement & reporting, toll collection, revenue reconciliation, bank lodgment on behalf of the client, audit, compliance & reporting, and traffic management and enforcement.

Moreover, application programs, software upgrades, analytic reports & insights, and lane software or toll station software are among other services, which hold a significant position in the automatic tolling system market.For instance, TransCore is currently operating eight customer service centers.

The company’s operations teams are responsible for managing 3.7 million active accounts, which represents over US$ 2 billion in toll revenues. TransCore toll operations are well-known for providing superior financial accounting, customer relationship management, interoperability, and mobility services. Apart from TransCore, EFKON GmbH and STMicroelectronics are also providing various services for automatic tolling systems. Therefore, owing to the multiple services offered by these systems, the demand for automatic tolling systems is increasing.

North America is among the worst-hit regions by the COVID-19 pandemic.The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients.

COVID-19 outbreak has negatively impacted manufacturing and construction businesses in the region in four critical areas – supply chain/operations, workforce, 2020 investments, and product offering.The transportation sector was also affected due to the non-movement of vehicles.

There has been a disruption in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities.The outbreak of COVID-19 has resulted in flight cancellations, lockdowns and restrictions, and travel bans.

As a result of all these travel bans and restrictions, there have been extraordinary changes in traffic volumes, transits, and toll collection revenues. As a result of less toll collection, the upgrading of older toll systems to advanced tolling systems is at a halt, impacting the growth of the North America automatic tolling system market. However, in 2021, with the release of lockdown restrictions and the beginning of vaccination processes, the road and highway construction and developments have started again, helps in creating a positive scenario for the automatic tolling system market growth.

The overall North America automatic tolling system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the North America automatic tolling system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America automatic tolling system market. Conduent Business Services, LLC; Feig Electronic; IBI Group; Indra Sistemas, S.A.; Iteris, Inc.; Neology Inc.; Raytheon Technologies Corporation; Siemens Mobility; STMicroelectronics N.V.; Tecsidel, S.A.; Thales Group; and TransCore, LP are among the key players operating in the North America automatic tolling system market.
Loading...

We are very sorry, but an error occurred.
Please contact [email protected] if the problem remains.