Fast penetration of smart cities in emerging countries like India that execute IT solutions for smart parking, video surveillance, and prioritization of public transport may broadly influence the adoption of intelligent traffic management systems.
JERSEY CITY, N.J., Nov. 25, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Intelligent Traffic Management System Market" By Solution (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Cameras), By Spender Type (Infrastructure Enterprises & PPPs, Federal & Provincial Government, Industries & Commercial Enterprise), By Components (Traffic Controllers & Signals, Surveillance Cameras, Video Walls), and By Geography. According to Verified Market Research, the Global Intelligent Traffic Management System Market size was valued at USD 9.22 Billion in 2020 and is projected to reach USD 19.91 Billion by 2028, growing at a CAGR of 10.1% from 2021 to 2028.
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Browse in-depth TOC on "Intelligent Traffic Management System Market"
202 - Pages
126 - Tables
37 - Figures
Global Intelligent Traffic Management System Market Overview
An improvement in the adoption of intelligent traffic management systems globally can be credited to their capacity to improve efficiency in different situations including mobility and road transport. An excessive need to reshape transportation networks, particularly in emerging economies due to burgeoning urban population and speedy industrialization, is assumed to be highly impactful on the growth of the Intelligent Traffic Management System Market. These systems help decrease eliminate delays, traffic congestion, and convey accurate information to commuters as well as traffic planners at the precise time. Such benefits have led to a surge in the demand for effective traffic management systems which will probably fuel the market growth.
The market is expected to gain immense traction, underpinned by rising concerns regarding increasing accidents along with air pollution caused by vehicles that decrease the visibility of roads and other transport networks. An increase in the construction of expressways to develop interstate transportation is anticipated to bode well with the global development of the Intelligent Traffic Management System Market. Furthermore, government initiatives for infrastructural development aligned with developing road networks are anticipated to display favourably on the growth of the global Intelligent Traffic Management System Market.
There are certain fallbacks and restrictions faced that will confine the overall market growth. The factors such as the dearth of skilled professionals in governments to achieve the right combination of solutions for smart traffic management inhibits the growth of the Intelligent Traffic Management System Market. Further, governments elect third-party service providers to guide the implementation process of smart solutions in traffic that sums to the overall cost of the project. This, in turn, is expected to hinder the Intelligent Traffic Management System Market. Nevertheless, the advancements in technologies, increasing government initiatives for smart cities in China and India, and untapped potential in emerging markets offer lucrative growth opportunities during the forecast period.
Key Developments
- July, 2021, Siemens announced the rebranding of its Intelligent Traffic Systems (ITS) business into a new company as Yunex Traffic. The drive for machine learning, 5G and cloud computing as part of the smart city is leading the company to need to have more independence as Yunex Traffic. The company, which provides adaptive traffic control and management, highway and tunnel automation, and smart solutions for V2X and toll systems, generates annual revenue of over USD 700.28 million and is growing at an annual rate of 8%.
Key Players
The major players in the market are Cubic, SWARCO, Siemens, THALES, IBM, Fujitsu, Q-Free, Imtech, SICE, and Iteris.
Verified Market Research has segmented the Global Intelligent Traffic Management System Market On the basis of Solution, Spender Type, Components, and Geography.
- Intelligent Traffic Management System Market, By Solution
- Traffic Monitoring System
- Traffic Signal Control System
- Traffic Enforcement Cameras
- Integrated Corridor Management
- Intelligent Driver Information System
- Other
- Intelligent Traffic Management System Market, By Spender Type
- Infrastructure Enterprises & PPPs
- Federal and Provincial Government
- Industries & Commercial Enterprise
- Intelligent Traffic Management System Market, By Components
- Traffic Controllers and Signals
- Surveillance Cameras
- Video Walls
- Detectors & Sensors
- 3D Simulators
- Others
- Intelligent Traffic Management System Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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Leading Integrated Traffic Systems stopping road rage and major accidents
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