Newark, Aug. 28, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global intelligent traffic management system market is expected to grow from USD 11 billion in 2023 to USD 27.27 billion by 2033, at a CAGR of 9.5% during the forecast period 2024-2033. Asia Pacific region emerged as the largest market for the global Intelligent Traffic Management System market with a 37.21% share of the market revenue in 2023. Due to several significant players in this region, Asia-Pacific is the greatest contributor in terms of market revenue. The APAC market is also driven by rapid urbanization, increased awareness of intelligent machines, and expanding population. The rise in discretionary income in Japan, China, and India is predicted to stimulate the purchasing of four-wheelers. This is likely to increase traffic management technologies to alleviate road congestion.
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Intelligent traffic control systems, which rely on radio frequency identification (RFID) for vehicle monitoring, are revolutionizing traffic management by enabling real-time engagement, improving traffic flow and safety, and automating processes that traditionally required continuous human intervention. The full potential of these systems will be realized when every intersection in a city is managed by such technology, leading to more efficient urban mobility.
As cities expand rapidly due to economic growth and evolving lifestyles, the need for sustainable urban development becomes critical. Achieving these sustainability goals heavily depends on communication and information technology. Emerging innovations and smart devices connected to networks are providing reliable solutions for building smart cities and enhancing the efficiency of municipal services.
The intelligent traffic management system market is poised for significant growth, driven by increasing concerns over rising accidents and air pollution caused by vehicles, which adversely affect road visibility and overall transportation safety. The construction of expressways to improve interstate connectivity is also expected to bolster the global market for these systems. Additionally, government-led infrastructure development initiatives, particularly those focused on expanding road networks, are likely to positively influence the growth of the global intelligent traffic management system market.
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Leading companies in the industry include Cubic Corporation, Thales Group, SNC-Lavalin Group (Atkins), General Electric Company, International Business Machines Corporation, Kapsch TrafficCom, Siemens AG, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The solution segment is divided into traffic monitoring system, traffic enforcement cameras, traffic signal control system, intelligent driver information system, integrated corridor management. In 2023, intelligent driver information system dominated the market with the largest market share of around 21.78%. Driver Information Systems (DIS) offers the ability to increase driving safety and efficiency by giving drivers suggestions designed to improve their driving style. There is currently a substantial amount of material available dedicated to the development of efficient energy velocity profiles for developing driver interface or sustainable and environment systems. While the majority of them may be used to any car, their efficiency will be increased if their formulation takes into account the characteristics of the specific vehicle powertrain arrangement. Because fuel economy varies significantly for different driving styles, creating a method of optimizing driver behavior to maximize fuel efficiency is another technique to minimize fuel usage in existing vehicles. The spender type segment is divided into infrastructure enterprises & PPPS, industries & commercial enterprise, federal & provincial government. In 2023, industries & commercial enterprise accounted for the largest share of the market with 36%. The demand for this segment is driven by factors such as how it enhances traffic circulation on roads controlled by traffic lights, reducing congestion and saving vehicles time and gas. The components segment is divided into traffic controllers & signals, video walls, surveillance cameras The surveillance cameras accounted for the largest market share with 34.43% for intelligent traffic management system in 2023. Installing surveillance cameras at regular traffic congestion spots on roads, highways, interstate highways, and critical routes can give essential information on the reasons and intensity of the inadequate flow of traffic. When using a surveillance camera for road congestion tracking, users may benefit from full autonomy provided by video analytics.
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One of the primary elements driving ITMS demand is the increasing demand for displaying real-time traffic updates to passengers and drivers. Increased traffic efficiency allows mobility officials to respond to crises faster. These innovative solutions are expected to improve traffic control effectiveness while also reducing travel time. Increased use of public transportation can aid in the reduction of greenhouse gas emissions and air pollutants. Furthermore, the usage of ITMS is expected to reduce carbon emissions and energy consumption. A traffic management system that is intelligent provides safety on the road, vehicle traffic, and accessibility. It also delivers real-time data for fast analysis and reaction to situations. Various nations are working to improve their traffic management network in order to alleviate road congestion. Deployment of telematics services in automobiles can significantly enhance a safe and secure environment. These services increase the safety of the driver, decrease fuel usage, improve driver behavior, and allow for cost savings. Telematics monitoring systems are commonly used in automobiles and involve remote access and activation of vehicles via radiofrequency.
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