Intelligent Traffic Management System Global Market Report 2024

The intelligent traffic management system market size has grown rapidly in recent years. It will grow from $8.62 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed during the historical period can be attributed to several factors, including urbanization and population growth, increasing environmental concerns, stringent safety regulations, economic development initiatives, and a rising demand for mobility services.

The intelligent traffic management system market size is expected to see rapid growth in the next few years. It will grow to $15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The projected growth during the forecast period is driven by rising enhanced connectivity, the transition towards electric and autonomous vehicles, heightened emphasis on sustainability, integration with smart infrastructure, and the demand for data-driven insights. Key trends expected in the forecast period encompass technological progressions, governmental initiatives and investments, incorporation of AI and machine learning, advancement of sophisticated traffic control systems, and a focus on enhancing user experience and mobility services.

The escalating number of vehicles is expected to drive the growth of the intelligent traffic management system market. This increase is attributed to urbanization, economic growth, affordability, the demand for fuel-efficient vehicles, and the automotive industry's focus on sustainability. Intelligent traffic management systems ensure smooth traffic flow, reduce congestion, enhance safety, and optimize transportation systems. According to reports from the Department of Transport (Gov.UK), road traffic in the UK reached 323.8 billion vehicle miles in 2022, up from 297.6 billion previously, highlighting the surge in vehicle numbers driving the market growth.

Major companies in the intelligent traffic management system market are prioritizing technological advancements, particularly in intelligent transportation system solutions. These solutions integrate advanced technologies to address transportation challenges comprehensively. For instance, in April 2022, the Ministry of Electronics and Information Technology in India launched an intelligent transportation system solution offering enhanced traffic efficiency, real-time information provision, efficient traffic management through Traffic Management Centers (TMCs), traveler information systems, safety enhancements, and environmental benefits.

In September 2022, Cubic Transportation Systems partnered with New England Traffic Solutions (NETS) to provide comprehensive traffic management solutions. The partnership focuses on ensuring the safe and efficient movement of passengers and vehicular traffic. NETS, based in the UK, specializes in traffic management systems and solutions, offering various products and services such as traffic controllers, cabinets, video detection, traffic signals, and advanced traffic management systems.

Major companies operating in the intelligent traffic management system market are Huawei Technologies Co. Ltd., Siemens, Raytheon Technologies Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Thales Group, Advantech Co. Ltd., FLIR Systems Inc., TransCore LP, Cubic Corporation, SWARCO AG, TomTom N.V., VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH, Beijing E-Hualu Information Technology Co. Ltd., Iteris Inc., Global Traffic Technologies LLC (GTT), Q-Free ASA, Econolite Group Inc., Cohda Wireless Pty. Ltd., Sensys Networks Inc., Clearview Intelligence Limited, PTV Group, EFKON AG, Peek Traffic Corporation.

Asia-Pacific was the largest region in the intelligent traffic management system market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent traffic management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the intelligent traffic management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An intelligent traffic management system (ITMS) refers to a comprehensive framework of technologies, devices, and algorithms aimed at optimizing traffic flow on roads and highways. The primary objective of ITMS is to create a more intelligent and safer transportation network by utilizing digital tools to manage traffic conditions, detect incidents, and improve overall traffic control.

The main offerings in an intelligent traffic management system encompass hardware, software, and services. Hardware refers to the physical components of a computer or any device, distinct from the software that provides instructions for these components to function. In ITMS, hardware components such as sensors, cameras, IoT devices, and edge processing capabilities play a vital role in data collection, surveillance, and real-time monitoring. These systems include various product types, such as integrated urban traffic control, variable or dynamic message signs, emergency response systems, border control systems, electronic toll collection systems, parking management systems, violation and measurement systems, tunnel management systems, and freeway management systems. ITMS solutions cater to various end-users, including infrastructure companies and public-private partnerships (PPPs), industries and commercial enterprises, as well as federal and provincial governments.

The intelligent traffic management system market research report is one of a series of new reports that provides intelligent traffic management system market statistics, including intelligent traffic management system industry global market size, regional shares, competitors with a intelligent traffic management system market share, detailed intelligent traffic management system market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent traffic management system industry. This intelligent traffic management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The intelligent traffic management system market consists of revenues earned by entities by providing services such as traffic data analytics, connected vehicle integration, and GIS for traffic planning. The market value includes the value of related goods sold by the service provider or included within the service offering. The intelligent traffic management system market also includes real-time monitoring, dynamic route guidance systems, and others. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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