Market Synopsis
According to the MRFR analysis, the global Intelligent Traffic Management System market was valued at around USD 8.5 Billion in 2022 and is expected to reach around USD 9.4 Billion in 2023 to USD 22.0 Billion by 2032 at a CAGR of 11.20%. An Intelligent Traffic Management System is an advanced application that aims to provide innovative services related to traffic management and different modes of transport. It enables users to be better informed, efficient, more coordinated, and make smarter use of transport networks. It improves the mobility of goods and people, reduces traffic congestion, and increases safety.
It also meets the transport policy objectives, such as public transport priority measures. In this system, communication and information technologies are functional in the fields of road infrastructure, users, road transport, vehicles, and traffic management. This system plays an important role in delivering an efficient and effective means of mass evacuation of people in situations such as fires, natural disasters, terrorist attacks, and riots.
Competitive Landscape
The global Intelligent Traffic Management System market is consolidated with the presence of numerous global, regional, and local players, with prominent players holding a major market share.
Some of the prominent players include
l Siemens AG (Germany)
l Quarterhill Inc. (Canada)
l Thales Group (France)
l Q-Free ASA (Norway)
l Baumer Holding AG (Switzerland)
l IBM Corporation (U.S.)
l Dahua Technology Co. Ltd. (U.S.)
l Beijing E-Hualu Information Technology Co. Ltd (China)
l Econolite Control Products, Inc. (U.S.)
l Iteris Inc. (U.S.)
The demand for Intelligent Traffic Management System is increasing mainly due to favorable government initiatives for effective traffic management, increased need to reduce traffic congestion, rapid development of smart cities globally. Governments across the globe are likely to focus on developing infrastructure that accompanies transportation networks for smart cities and the hard-earned money of commuters globally.
Several governments are adopting Intelligent Traffic Management Systems to enhance road safety and operational performance of the transport system and reduce the impact of transportation on the environment. Municipalities are mainly looking for new ways to minimize on-road traffic congestion by implementing an Intelligent Traffic Management System. To implement an Intelligent Traffic Management System, significant funds are required.
Countries such as Japan, Dubai, and the United States are heavily investing in different projects involving ITMS. For instance, in 2020, the UK government invested 1.9 million USD (£1.5 million) in three projects to trial innovative technologies and new ways to improve driving conditions, cut traffic congestion, and reduce time spent in traffic jams. These systems minimize air pollution, congestion, and delays.
Segmentation
By Solution
· By solution, the market is segmented into Traffic Monitoring System, Traffic Signal Control System, Integrated Corridor Management, Traffic Enforcement Camera Intelligent Driver Information System, and Others.
· A traffic monitoring system is an essential part of Intelligent Transportation Systems (ITS). It is one of the most important transportation infrastructures, and transportation agencies invest a significant amount of money collecting and analyzing traffic data in order to better utilize roadway networks, improve transportation safety, and develop future transportation plans.
· A traffic signal control system is an electronic device located at intersections that controls the sequence of the lights. It includes sensors, communications, and advanced timing algorithms and is a dynamic, constantly evolving form of transportation management.
· A traffic enforcement camera is a type of camera that is mounted over or beside a road or installed in an enforcement vehicle to spot motoring offences or violate certain traffic laws, which include vehicles going through a red traffic light, a toll booth without paying, unauthorized use of a bus lane, or recording vehicles inside a congestion charge area.
· Integrated Corridor Management is defined as a collection of operational strategies and advanced technologies that permit transportation subsystems, managed by one or more transportation agencies, to operate in a coordinated and integrated manner. Integrated Corridor Management (ICM) is a promising device in the congestion management toolbox that seeks to enhance the use of existing infrastructure assets and control unused capacity.
· The Intelligent Driver Information System (IDIS) helps to assist the driver by processing information in the car. The system has the potential to improve driving safety and efficiency by providing instructions to drivers with the aim of improving their driving style.
· Apart from the above global Intelligent Traffic Management System has been segment into Passenger Information Management and Automotive Telematics.
By Offering
· By offering, the market is segmented into hardware, software, and services.
· The hardware segment includes sensors, cameras, Intelligent Traffic Management Systems, and advanced traveler information systems. This segment has reported the fastest growth throughout the forecast period due to the implementation of numerous heterogeneous devices.
· The software segment is rapidly growing and gaining traction with autonomous and connected vehicles. In an Intelligent Traffic Management System, the software is used to implement road situations based on historic data. This segment accounts for the second largest share of the market and is expected to grow at an average rate throughout the forecast period.
· Intelligent Traffic Management Systems can focus on many areas or target specific features of metropolitan commuting. It provides insights on incident control, vehicle maintenance, on-demand traffic, infrastructure support, and road safety.
By Region
· North America: North America accounted for the second-largest share in the global market due to advancements in communication technologies that enhancing the revolution of the transportation network.
· Europe: Europe recorded a significant growth in the global Intelligent Traffic Management System as the use of automobiles in Europe has been growing steadily due to the rising per capita disposable income among individuals.
· Asia-Pacific: Asia-Pacific accounted for the largest market share and is projected to witness the fastest growth in the market. This is mainly attributed to the rapid growth of population in developing nations have increased the deployment of Intelligent Traffic Management System.
· Latin America: The Latin American market is projected to witness notable demand for Intelligent Traffic Management System owing to presence of automotive OEMs and increasing adoption of advanced technology.
· Middle East & Africa: The demand for Intelligent Traffic Management System is rising due to the owing to the investor-friendly policy framework for automobile and component manufacturing in countries including Saudi Arabia, Qatar, and Egypt.
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