The Intelligent Traffic Management Market revenues were estimated at US$ 9.6 Bn in 2021 and is anticipated to grow at a CAGR of 7.7% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 21.8 Bn. Intelligent traffic management revenue through Traffic Monitoring System grew at a CAGR of 8.4% during 2015 – 2032.
A large number of individuals in the United States utilize private automobiles for two reasons. The foremost is that most Americans live in low-density regions with little access to public transportation. Second, privately owned automobiles are more convenient. Owing to this traffic congestion has increased abruptly in the country.
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About 87.9% of people in the U.S. utilize private transportation, which raises the risk of road congestion. As household incomes grow across the world, an increasing number of individuals are shifting from slower, less costly forms of transportation to privately owned vehicles and trucks.
Developed countries have been implementing a variety of efforts to increase the usage of public transit. Thus, expenditures in the traffic management industry is projected to be driven in the forthcoming years by the need to upgrade current transportation infrastructures and enhance ICT systems.
Additionally, growing pollution and congestion issues, as well as other environmental problems, are driving demand for the Intelligent Traffic Management system market throughout the forecast period. Moreover, the enhanced deployment of the 5G network in numerous countries across the world is likely to spur market expansion due to the growing importance of wireless broadband communications in the intelligent transportation system.
Key Takeaways from the Market Study
● Global Intelligent Traffic Management Market is expected to reach a market size of US$ 10.4 Bn by 2022.
● In terms of Product Type, the Traffic Monitoring System segment is expected to have the highest CAGR rate of 7.6% during the forecast period.
● In terms of Application, the Highway segment is expected to have the highest CAGR rate of 7.4% during the forecast period.
● United States to remain the most dominant market with absolute dollar growth opportunity of US$ 4 Bn during 2022 – 2032.
● The market in U.S. is set to experience the highest CAGR of 7.5% during the 2022-2032 forecast period.
“The surge in urban mobility is expected to expand the Intelligent Traffic Management market. Besides, through the new constructions of highways, the governments across the world, are expected to adopt intelligence transportation management market.” comments a Future Market Insights analyst.
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Competitive Landscape
Some of the key Intelligent Traffic Management companies include
- Kapsch TrafficCom AG,
- Siemens AG,
- Transcore,
- Delcan,
- SICE,
- Huawei Technologies Co.,
- Alstom,
- Q-Free A.S.A.,
- Cisco Systems, Inc., and
- IBM Corporation.
Some of the recent developments in Intelligent Traffic Management Market include:
· In May 2021, Q-Free, a provider of smart city infrastructure mobility solutions, announced the introduction of Kinetic CV, its advanced connected and autonomous vehicle (CAV) information solutions.
· In January 2021, Huawei, in collaboration with its partners created intelligent and connected cars for China. The government intends to make transportation easier and safer for individuals. The X-Bus vehicle is connected to a transport-control network. It would be capable of watching and controlling everything that occurs on the test route.
Market Segments Covered in Intelligent Traffic Management Market Analysis
By Product Type:
- Traffic Monitoring System
- Traffic Signal Control System
- Traffic Enforcement Camera
- Intelligent Driver Information System
- Integrated Corridor Management
- Others
By Application:
- Highway
- Managed Lanes
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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