Intelligent Traffic Management System Market Report will Worth USD 28.6 Billion by 2030 at a CAGR of 13.1% : GreyViews
Intelligent Traffic Management System Market Imtech, IBM Corporation, Siemens AG, TransCore, Fujitsu, SWARCO, International Business Machines Corporation, TomTom International BV, Baumer Holding AG, Q-Free ASA, Kapsch TrafficCom, Iteris Inc., Dahua Technology Co., Ltd.
Pune India, Feb. 10, 2023 (GLOBE NEWSWIRE) — Intelligent Traffic Management System Market Size By Spender-Type (Infrastructure Enterprises & PPPs, Federal & Provincial Government and Industries & Commercial Enterprises), By System (Traffic Management System, Advanced Public Transportation System, Advanced Traveller Information System, ITS-Enable Transportation Pricing System and Commercial Vehicle Operation), By Component (Traffic Controllers & Signals, Surveillance Cameras and Video Walls), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the intelligent traffic management system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the intelligent traffic management system market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as spender-type, system, component, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global intelligent traffic management system market Imtech, IBM Corporation, Siemens AG, TransCore, Fujitsu, SWARCO, International Business Machines Corporation, TomTom International BV, Baumer Holding AG, Q-Free ASA, Kapsch TrafficCom, Iteris Inc., Dahua Technology Co., Ltd. among others. To achieve a substantial market share in the worldwide intelligent traffic management system market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
According to real-time traffic congestion levels and other variables, intelligent traffic management uses a variety of technologies and data sources to govern or support traffic control. Intelligent traffic management improves safety, reduces congestion, promotes roadway efficiency, and improves emergency response and transit system operations. Due to this fact, the demand for the Intelligent Traffic Management Systems is increasing dramatically. Among the leading causes of air pollution is road congestion. As smart traffic systems make it easier to monitor traffic, harmful emissions will be reduced, which is expected to positively influence market growth. It is expected that the demand for intelligent traffic solutions will grow exponentially as smart cities develop, urbanize rapidly, and the population in developing countries grow. In smart cities and smart traffic, big data analytics and the internet of things are becoming increasingly important. A traffic manager uses the Internet of Things to manage traffic by using smart, connected devices like sensors, vehicle-mounted information systems, and even private mobile phones. This information is sent to a central system for analysis via the internet, where big data analysts analyze the data and optimize traffic flow and management. A head-up display and a visualisation system developed for motorised transportation can improve transportation systems around the world as a result of the development of virtual reality and artificial intelligence. There is a potential for AI to alter the way the system is modeled, so both drivers and other users can benefit from them.
Scope of Intelligent Traffic Management System Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Spender-Type, System, Component, and Regions.
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Imtech, IBM Corporation, Siemens AG, TransCore, Fujitsu, SWARCO, International Business Machines Corporation, TomTom International BV, Baumer Holding AG, Q-Free ASA, Kapsch TrafficCom, Iteris Inc., Dahua Technology Co., Ltd. among others|
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Industries & commercial enterprises are expected to be the fastest-growing segment in 2022.
The spender-type segment includes infrastructure enterprises & PPPs, federal & provincial government and industries & commercial enterprises. The industries & commercial enterprises segment is expected to witness the highest growth rate during the forecast period. Industries and commercial enterprises held 36.12% of the market share in 2021. It is thought that these factors are attributed to the improvement of the movement on roads regulated by traffic signals, which results in less overcrowding and saves drivers time and fuel.
The traffic management system is expected to be the fastest-growing segment in 2022.
The system segment includes a traffic management system, advanced public transportation system, advanced traveller information system, ITS-enable transportation pricing system and commercial vehicle operation. The traffic management system segment is expected to witness the highest growth rate during the forecasted period. Traffic congestion and increased travel time can be caused by inadequate signal controls. A key factor in deploying traffic monitoring systems is the government’s initiatives to develop infrastructure, the emergence of smart city projects, and the growth of smart city control & analytics.
Surveillance cameras are expected to be the fastest-growing segment in 2022.
The component segment includes traffic controllers & signals, surveillance cameras and video walls. The surveillance cameras segment is expected to witness the highest growth rate during the forecasted period. As a result of communication and information technology, smart traffic systems improve traffic management and commuting experiences in urban planning, with a rapid growth forecast for the Surveillance Cameras segment. In smart traffic systems, cameras provide real-time information and assist with improving traffic flows.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the intelligent traffic management system market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. It is expected that North America will dominate the Intelligent Traffic Management System market by the end of the forecast period, as it held a major revenue share of about 30% in 2021. Regional governments’ considerable focus on developing transportation infrastructure is expected to drive adoption during the forecast period. Through real-time interchange and advances in communication technology, the region’s transportation network is slated for a revolution due to reducing vehicular congestion and increasing efficiency.
Germany’s intelligent traffic management system market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 2.1 billion by 2030, at a CAGR of 13.2% from 2023 to 2030. Germany dominated the Europe intelligent traffic management system market by country in 2020 and is expected to continue to dominate till 2027. In the transportation sector, a smart transportation management system will allow road authorities to change the traffic signal light based on literal traffic density. As part of the Decentralized Environmental Notification system, data related to abnormal traffic conditions, such as a road hazard’s position, is available.
China’s intelligent traffic management system market size was valued at USD 0.83 billion in 2022 and is expected to reach USD 2.28 billion by 2030, at a CAGR of 13.5% from 2023 to 2030. In China, the market for self-driving cars is being developed gradually by automakers by first offering linked and partially automated models. Self-driving automobiles perceive their surroundings using GPS technology and sensors such as sonar and infrared. Advanced control systems in these vehicles analyze sensory data to determine acceptable navigation routes, as well as blind spots, obstructions, and important signs.
India’s intelligent traffic management system market size was valued at USD 0.64 billion in 2022 and is expected to reach USD 1.7 billion by 2030, at a CAGR of 13.4% from 2023 to 2030.
Due to increasing road accidents and fatalities resulting in serious injuries, solutions are being sought that can improve vehicle and operation safety, thereby improving road safety and reducing collision risk. A driver information system equipped with intelligent technology can assist drivers, strengthen security, and provide additional features such as collision warnings and automatic braking.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising problem of heavy traffic jams.
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