New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Intelligent Traffic Management System Market size was estimated at USD 10.0 billion in 2022 and expected to reach around USD 24.9 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 9.8% during the forecast period 2022 to 2032.
The Intelligent Traffic Management System (ITMS) represents a highly advanced solution to enhance urban transportation. By seamlessly integrating cutting-edge technologies such as sensor networks, data analysis tools, and instant communication, ITMS aims to significantly improve traffic efficiency, safety, and environmental sustainability.
Get a glance at the market contribution of the segments, Request a PDF Sample
This system collects real-time information about traffic patterns, vehicle movements, and road conditions through the use of sensors and cameras. In-depth data analysis is then performed on this information, allowing for proactive insights into traffic behavior and areas prone to congestion. ITMS strives to optimize traffic flow, minimize disruptions, and increase commuter awareness through dynamic adjustments to traffic signals, effective incident management, and integration with public transportation networks.
Key Takeaway:
- By Component Type 2022, the Surveillance Cameras segment holds the major share of 35% in 2022.
- By Solution, the Traffic Monitoring System segment has dominated the market with a 22.3% share over the forecast period.
- By Spender Type, Industries & Commercial Enterprise segment held the largest revenue share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 36.4%.
- Asia-Pacific will grow at a significant growth rate of 17.5% from 2023 to 2032.
Factors affecting the growth of the Intelligent Traffic Management System Market:
- Urbanization and Population Growth: Global urbanization trends drive rising traffic congestion in cities, spurring demand for efficient Intelligent Transportation Management Systems (ITMS). ITMS employs technology and data to manage traffic, reduce congestion, enhance safety, and improve urban living, fueling market growth as cities tackle complex mobility challenges.
- Traffic Congestion: Intelligent Traffic Management Systems (ITMS) are essential tools for city planners combating traffic congestion. They optimize traffic signals, manage flow, and offer real-time data to drivers, improving urban traffic management and overall quality of life.
- Technological Advancements: Recent advancements in sensor tech, communication networks, and data analytics have greatly improved Intelligent Traffic Management Systems (ITMS). Cutting-edge sensors collect real-time traffic data, while advanced analytics enable dynamic, data-driven decisions. Enhanced connectivity through 5G further strengthens ITMS, optimizing traffic flow and road safety in complex urban environments.
Top Trends in the Global Intelligent Traffic Management System Market:
Advanced traffic management systems (ATMS) are increasingly integrating with connected and self-driving vehicles, enabling real-time communication and valuable safety information exchange. This convergence broadens the horizon of traffic management, enhancing the security and efficiency of autonomous driving. ATMS offers up-to-date traffic updates, recommends optimal routes, and provides essential safety insights, thereby paving the way for improved traffic control.
Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Regional Analysis:
In 2022, North America held the largest market share of 36.4%. This dominant position was primarily attributed to proactive investments by the United States Department of Transportation. Due to robust government initiatives, the region has witnessed remarkable progress in its transportation infrastructure. These efforts, coupled with advancements in communication technologies and targeted strategies for managing congestion, are set to bring about a transformative shift in North America's transportation network.
Meanwhile, in the Asia-Pacific region, a noteworthy growth rate of 17.5% is expected in the coming years. This projection is underpinned by the United Nations' forecast of a significant increase (64%) in the region's urban population by 2050. Governments in Asia-Pacific are directing their attention towards enhancing physical infrastructure to accommodate this urban migration, with transportation playing a pivotal role in their development plans. This surge in urbanization is driving the demand for ITMS solutions, particularly with the increasing use of short-range dedicated technologies in mobile and radio devices.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Thales Group
- Siemens AG
- IBM Corporation
- Cubic Corporation
- SNC-Lavalin Group Inc.
- TransCore
- Kapsch TrafficCom
- TomTom International BV
- Fujitsu
- Swarco Holding
- Dahua Technology Co., Ltd.
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 10 Billion |
| Forecast Revenue 2032 | US$ 24.9 Billion |
| CAGR (2023 to 2032) | 9.8% |
| North America Revenue Share | 36.4% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers:
The rise in urban population has resulted in a prominent issue of traffic congestion in various cities. This challenge is particularly conspicuous in densely populated urban regions. These systems present practical and effective approaches for managing and optimizing traffic flow within these urban hubs. By incorporating solutions for intelligent traffic management, cities can more effectively address the congestion problem and enhance the overall efficiency of transportation, thus elevating the quality of urban life.
Market Restraints:
The gradual development is impeding the market's growth within the infrastructure sector. The needed infrastructure for efficient real-time traffic management isn't keeping up with technological advancements, causing challenges in processing data effectively. The costs associated with upgrading the existing infrastructure are substantial, and governmental restrictions on funding for road infrastructure further exacerbate this situation. This limitation curtails the market's potential for growth, hampering the effectiveness of ITMS and ability to deliver more efficient traffic management solutions.
Market Opportunities:
The growing attention on the development of intelligent urban centers offers a notable chance for the market. With metropolitan areas focusing on enhancing the quality of city life, ITMS is well-placed to make a significant contribution. By improving traffic flow, alleviating congestion, and advocating sustainable transportation alternatives, ITMS can effectively address pressing urban challenges. Its potential role harmonizes seamlessly with the objectives of initiatives aimed at creating more intelligent cities, establishing it as a crucial solution for enhancing the urban living experience.
Learn about additional key drivers, trends, and challenges available with Market.us. Read PDF Report Now
Report Segmentation of the Intelligent Traffic Management System Market
Component Insight:
In 2021, surveillance cameras accounted for a major share (35%) of the intelligent traffic management system market. These cameras have specialized software that transforms them into advanced sensing devices. This software analyzes encrypted video feeds from high-speed highway cameras, enabling real-time event identification and data collection, significantly improving traffic management systems.
Solution Insight:
In 2022, the traffic monitoring system sector secured a notable market share of 22.3%. Inadequate signal controls worsen traffic congestion and lead to longer travel times. The adoption of traffic monitoring systems is driven by government initiatives, smart city projects, and adaptive intelligent traffic controls. The demand for Mobility as a Service (MaaS) is also rising due to escalating traffic congestion and pollution, contributing to market growth.
The traffic signal control system is poised for substantial growth with a projected 13.0% Compound Annual Growth Rate (CAGR). This growth is attributed to advancements in data storage, reliable sensors, and robust computing and networking infrastructure. Governments and businesses worldwide are increasingly embracing smart transportation solutions in alignment with the development of smart city transport networks.
Spender Type Insight:
The segment related to Industries and commercial Enterprises had a significant market share in 2022 and is projected to maintain its leading position in the upcoming period. This growth is primarily driven by its capability to improve traffic flow, alleviate congestion, and conserve time and fuel. The rising global population has spurred the demand for smart city initiatives, where Commercial Enterprises (CEs) have emerged as influential players. CEs are renowned for their characteristics such as openness, self-organization, and ability to generate value through sales of goods and efficient management. They have garnered global prominence due to their substantial contributions to both advanced and developing nations, highlighting their crucial role in this sector.
Market Segmentation
Based on Component
- Traffic Controllers & Signals
- Video Walls
- Surveillance Cameras
Baesd on Solution
- Traffic Monitoring System
- Traffic Signal Control System
- Traffic Enforcement Camera
- Integrated Corridor Management
- Intelligent Driver Information System
- Other Solutions
Based on Spender Type
- Infrastructure Enterprises & PPPs
- Industries & Commercial Enterprise
- Federal & Provincial Government
By Geography
North America
- The US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Recent Development of the Intelligent Traffic Management System Market
- In July 2021, Siemens rebranded its Intelligent Traffic Systems (ITS) unit as Yunex Traffic to align with the growing emphasis on machine learning, 5G, and cloud computing in smart cities. This change grants more independence to Yunex Traffic. The company offers adaptive traffic control, highway and tunnel automation, and innovative V2X and toll solutions. With annual revenue exceeding USD 700.28 million and a solid 8% annual growth rate, Yunex Traffic is a key player in the industry.
Browse More Related Reports
- 360 Degree Camera Market size is expected to be worth around USD 8 Billion by 2032 from USD 1.1 Billion in 2022, growing at a CAGR of 22.50% during the forecast period from 2023 to 2032.
- Surveillance Market Is Projected To Be Us$ 32,800.0 Mn In 2018 To Reach Us$ 95,328.5 Mn By 2028 At A CAGR Of 10.7%
- Motorcycle Helmet Cameras Market size is expected to be worth around USD 2.5 Billion by 2032 from USD 1.1 Billion in 2022, growing at a CAGR of 8.90% during the forecast period from 2023 to 2032.
- Underwater Fishing Cameras Market is projected to reach USD 18.10 Billion by 2032, with a 13.90% CAGR from 2023 to 2032.
About Us
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
More Category-Wise Reports
- Information and Communications Technology Market Research Reports
- Semiconductor and Electronics Market Research Reports
