High Focus of Governments on Road Safety and Increasing Smart City Projects Widening Application Scope of Intelligent Traffic Management Systems
ROCKVILLE, Md., May 30, 2024 /PRNewswire/ -- Increasing measures to combat traffic congestion and the growing number of smart city projects are leading to the increasing installation of intelligent traffic management systems for traffic control. The global intelligent traffic management system market is valued at US$ 21.55 billion in 2024 and is expected to reach a valuation of US$ 41.22 billion, with a growing CAGR of 6.7% by the end of 2034, as revealed in a recently updated report by Fact.MR, a market research and competitive intelligence provider.
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Heightened road safety measures are driving the demand for intelligent traffic management systems for effective and real-time information about traffic. Urbanization is taking place at a rapid pace across regions. Therefore, with rising population density, an increase in traffic congestion is also being experienced, which is leading to several transportation difficulties. This is having a positive impact on the demand for intelligent traffic management systems for offering real-time data about traffic mobility.
Key Takeaway from Market Study
Worldwide demand for intelligent traffic management systems is anticipated to increase at a CAGR of 6.7% from 2024 to 2034.
Federal & provincial governments are projected to account for 39.4% share of the global market by 2034.
Global sales of integrated urban traffic control systems are forecasted to rise at a CAGR of 7% and reach US$ 10.26 billion by 2034-end.
East Asia is approximated to account for 33.7% of the global market revenue share by the end of 2034.
Demand for intelligent traffic management systems in South Korea is evaluated to increase at 9.9% CAGR from 2024 to 2034.
"Increasing requirements for real-time traffic information from drivers and passengers along with growing number of vehicles is generating high demand for intelligent traffic management systems for controlling traffic congestion," says a Fact.MR analyst.
High Usage of Intelligent Traffic Management Systems in the United States for Effective Transport Infrastructure
Demand for intelligent traffic management systems in the United States is forecasted to increase at a CAGR of 7.6% and reach a value of US$ 7.89 billion by 2034-end. Growing requirements for intelligent traffic management systems are attributed to their use in tracking vehicular congestion for ensuring improved efficiency in transport infrastructure. In addition, these systems ensure the availability of real-time information to consumers about traffic conditions.
Key Market Players
- Beijing E-Hualu Information Technology Co. Ltd.
- Quarterhill Inc.
- Kyosan Electric Manufacturing Co. Ltd.
- Q-Free ASA
- Dahua Technology Co. Ltd.
- IBM Corporation
- Baumer Holding AG
- Siemens AG
- Iteris Inc.
- Econolite Control Products, Inc.
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Competitive Landscape
Leading market competitors are capitalising on the increased demand for intelligent traffic management systems across a wide range of applications. They rely on partnerships, collaborations, and acquisitions from major, medium, and small vendors. Other steps performed by market players to gain a competitive advantage include new product creation, providing high-quality products, and managing supply chain systems.
For instance:
- Indra is one of the prominent global technology engineering organizations, which is catering to the requirements of the defense, mobility, and aerospace sectors. In October 2023, it planned to centralize the management of roads of Transurban in Queensland with the assistance of advanced traffic control systems, which are equipped with artificial intelligence.
Country-wise Insights
In a newly updated analysis, Fact.MR, a market research and competitive intelligence service, claims that East Asia will account for 33.7% of the worldwide market by 2034. The growing population in some regional countries, such as China, is expected to lead to traffic congestion as the number of vehicles on the road increases. As a result, intelligent traffic management technologies are used to address this issue.
The United States is expected to account for 72.5% of the North American market by 2034. In recent years, the country's ICT sector has seen a number of breakthrough innovations. The country is experiencing an increase in demand for intelligent traffic management systems for tracking vehicular congestion in order to improve the effectiveness of transportation systems by providing real-time information on traffic infrastructure and conditions.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the intelligent traffic management system market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (integrated urban traffic control systems, variable/dynamic message signs, emergency response systems, border control systems, electronic toll collection systems, parking management systems, violation & measurement systems, tunnel management systems, freeway management systems), spender type (infrastructure enterprises & PPSs, federal & provincial governments, industries & commercial enterprises), and component (traffic controllers & signals, surveillance cameras, video walls, servers, 3D simulators, GUI workstations, detectors & sensors), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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