The intelligent traffic management market generated an estimated $9.6 billion in revenue in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2032. By 2032, the market is expected to reach a value of USD 21.8 billion. Notably, revenue from traffic monitoring systems within this market has been growing at a CAGR of 8.4% between 2015 and 2032.
In the United States, a significant number of people rely on private automobiles for two main reasons. Firstly, the majority of Americans live in low-density areas with limited access to public transportation. Secondly, private cars offer greater convenience. Consequently, traffic congestion has surged across the country.
Approximately 87.9% of Americans use private transportation, which significantly increases the risk of road congestion. As household incomes rise globally, more people are transitioning from slower, cheaper modes of transportation to privately owned vehicles and trucks.
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Developed countries have been implementing a variety of efforts to increase the usage of public transit. Thus, expenditures in the traffic management industry are projected to be driven in the forthcoming years by the need to upgrade current transportation infrastructures and enhance ICT systems.
Additionally, growing pollution and congestion issues, as well as other environmental problems, are driving demand for the Intelligent Traffic Management system market throughout the forecast period. Moreover, the enhanced deployment of the 5G network in numerous countries across the world is likely to spur market expansion due to the growing importance of wireless broadband communications in the intelligent transportation system.
Key Takeaways from the Intelligent Traffic Management Market Report:
- Global Intelligent Traffic Management Market is expected to reach a market size of US$ 10.4 Billion 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 will remain the most dominant market with an absolute dollar growth opportunity of US$ 4 Billion from 2022 – 2032.
- The market in the U.S. is set to experience the highest CAGR of 7.5% during the 2022-2032 forecast period.
Leading Key Players:
- Kapsch TrafficCom AG
- Siemens AG
- Transcore
- Delcan
- SICE
- Huawei Technologies Co.
- Alstom
- Q-Free A.S.A.
- Cisco Systems, Inc.
- IBM Corporation.
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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.
Intelligent Traffic Management Market Segmentation:
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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