Directing Growth: Intelligent Traffic Management System Market on...

Directing Growth: Intelligent Traffic Management System Market on Track for US$ 41.22 Billion

Posted 2024-05-06 18:17:32

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The Intelligent Traffic Management System Market was valued at US$ 18.94 billion In 2022. Moreover, growth is anticipated to pick up speed at an astounding 6.7% CAGR during the assessment period of 2022–2032 and reach US$ 36.22 billion. The market for intelligent traffic management systems is being driven, in part, by the growing need to provide drivers and passengers with real-time traffic information. Transportation authorities can react to crises faster when there is increased traffic efficiency.

It is anticipated that these cutting-edge technologies would help shorten travel times while optimizing the efficiency of traffic control. Airborne pollutants and carbon dioxide emissions can be decreased with the increasing use of public transportation. In addition, there is an estimated reduction in greenhouse gas emissions and fuel consumption with the use of ITMS. The increasing urban population and speedy industrialization have increased the number of vehicles plying on the roads which have triggered heavy traffic congestion. Thereby, large volumes of CO2 emissions, and safety concerns for urban planners, are assumed to impact the market growth.

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For instance, according to the European Joint Research Centre (JRC), road congestion in Europe costs around 1% of the region's GDP. Mitigating the issue has become the foremost priority of most urban infrastructure development and management bodies in the region. The ITMS also requires smart mobility solutions that can play a vital role in addressing all these issues and solutions and fostering the market growth.

Key Takeaways from the Market Study

According to Fact.MR, a CAGR of 3.3% was recorded for the Intelligent Traffic Management System market from 2017-2021
In FY 2021, the Intelligent Traffic Management System market reached a valuation of US$ 17.75 Billion
The market is likely to register a Y-o-Y growth rate of 6.0% in 2022
By Product Type, the Integrated Urban Traffic Control Systems Segment is expected to dominate the market, documenting an 6.6% value CAGR
As per Fact.MR’s projections, the market for Intelligent Traffic Management System in China will likely expand at an 6.6% CAGR
The Intelligent Traffic Management System market in the US is expected to expand at an 6.5% CAGR

“High proliferation of big data and internet of things (IoT), coupled with investments and initiatives by various governments and companies are the major factors that are expected to boost the growth of the ITM System Market over the forecast period”, comments an analyst at Fact.MR.

Advancements in VR and AI to Foster Market Growth Prospects

The development of virtual reality and artificial intelligence has the potential to improve transportation systems all over the world. These technologies involve the development of visualisation and a head-up display for motorised transportation. Both drivers and other users of the transportation system benefit from them. AI has the capacity to alter how the system is modelled.

AI is being embraced by vendors of traffic management technologies. For instance, Lilin, a Taiwanese maker of IP video-based systems, presented the Aida ALPR series, an AI-based traffic control system, together with a variety of surveillance cameras and other cutting-edge municipal tools, in March 2020. Accurate object detection is offered by this full system for plate recognition, parking place detection, vehicle speed detection, truck, motorcycle, and pedestrian offences.

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Key Segments Covered in the Intelligent Traffic Management System Industry Survey

By Product Type :

Integrated Urban Traffic Control System
Variable / Dynamic Message Signs
Emergency Response Systems
Border Control System
Electronic Toll Collection System
Parking Management System
Violation and Measurement Systems
Tunnel Management System
Freeway Management System
Other Systems

By Spender Type :

Infrastructure Enterprises & PPPs
Federal and Provincial Government
Industries & Commercial Enterprise

By Components :

Traffic Controllers and Signals
Surveillance Cameras
Video Walls
Server
3D Simulators
GUI Workstation
Detectors & Sensors
Other Components

By Region :

North America
Latin America
Europe
Japan
APEJ
Middle East Africa

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Competitive Landscape:

Prominent players in the Intelligent Traffic Management System Industry are taking advantage of the rapidly increasing demand for the Intelligent Traffic Management System in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:

In July 2022, Indra, a leading global technology engineering company catering to the aerospace, defense and mobility sectors, has been awarded a contract with Trans Urban in the US to implement its pioneering solution for the automatic scanning and detection of high occupancy vehicles (HOV) in the I-95, I-495, and I-395 express lanes in northern Virginia.
In April 2022, as part of the InTranSE- II programme, the Indian Ministry of Electronics and Information Technology (MeitY) launched a number of apps under the Intelligent Transportation System (ITS) to enhance the traffic situation in India. The Centre for Development of Advanced Computing (CDAC) and Indian Institute of Technology Madras collaborated to create an indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMART iot Connectiv (CoSMiC) software (IIT-M). The project's industrial partner, according to a statement from the government, was Mahindra and Mahindra.

Prominent Intelligent Traffic Management System Service Players

Quarterhill Inc.
Q-Free ASA
IBM Corporation
Siemens AG
Dahua Technology Co. Ltd.
Beijing E-Hualu Information Technology Co. Ltd
Econolite Control Products, Inc.
Baumer Holding AG
Iteris Inc.
Kyosan Electric Manufacturing Co. Ltd.