Intelligent Traffic Management System Market to Cross USD 28.80 Billion by 2030 Driven by Rising Government Initiatives to Improve Transportation Infrastructure | Report By SNS Insider

According to SNS Insider analysis, with increasing traffic congestion, people are looking for more efficient transportation options. ITMS can help improve transportation efficiency by reducing travel time and increasing mobility.

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Pune, May 22, 2023 (GLOBE NEWSWIRE) -- "The Intelligent Traffic Management System Market had a value of USD 11.14 billion in 2022 and is anticipated to achieve USD 28.80 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 12.6% during the projection period of 2023-2030", as stated by SNS Insider.

Market Report Scope

An Intelligent Traffic Management System (ITMS) is a technological solution that utilizes advanced algorithms, artificial intelligence, and real-time data to improve the safety, efficiency, and overall performance of transportation networks. ITMS is used to manage traffic flow, reduce congestion, enhance safety, and improve the overall travel experience for commuters.

Market Analysis

Advancements in technology have been a major factor in the growth of the intelligent traffic management system market. With the development of new and innovative technologies such as the Internet of Things (IoT), Big Data analytics, and Artificial Intelligence (AI), traffic management systems have become more efficient and effective in managing traffic flows. These technologies allow for real-time data collection, analysis, and response, enabling traffic management systems to respond quickly to changing traffic conditions and improve overall traffic flow. Urbanization is another factor driving the growth of the ITMS market. As more people move into cities and towns, the demand for efficient transportation systems increases.

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Intelligent Traffic Management System Market Report Scope:

Report AttributesDetails
Market Size in 2022US$ 11.14  Billion
Market Size by 2030US$ 28.80 Billion
CAGRCAGR of 12.6% From 2023 to 2030
Base Year2022
Forecast Period2023-2030
Historical Data2019-2021
Report Scope & CoverageMarket Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Drivers•Favorable government initiatives aimed at improving traffic management.
•Globally, there is a greater need to alleviate traffic congestion, as well as the rapid growth of smart cities.

Impact of Recession

The recession caused a significant impact on the intelligent traffic management system market, leading to a decline in growth in the short term. However, the market is expected to recover and grow in the long term, driven by the increasing adoption of smart transportation technologies and the growing need for efficient traffic management solutions. The pandemic has also highlighted the importance of resilient and adaptable ITMS solutions, leading to an increased focus on cloud-based and data-driven solutions.

Key Regional Development

According to recent market research report, North America is expected to dominate the intelligent traffic management system market in the coming years. The ITMS market is growing rapidly due to the increasing adoption of smart transportation solutions, rising demand for efficient traffic management systems, and the need to reduce traffic congestion and air pollution. The U.S. government has launched several initiatives and programs to promote the development and implementation of smart transportation solutions.

Key Takeaway from Intelligent Traffic Management System Market Study

  • The traffic monitoring system segment is poised to continue its growth in the market. With increasing demand for smart city solutions and the ongoing development of new technologies, these systems will play a critical role in helping to optimize traffic flow and improve safety on our roads. 
  • The infrastructure enterprises and PPPs segment is set to take a lead in the market. With the increasing demand for efficient and safe transportation, infrastructure enterprises are investing heavily in ITMS, which is expected to drive the growth of this segment during the forecast period.

Recent Developments Related to Intelligent Traffic Management System Market

  • Intelligent Traffic Control (ITC), a leading provider of smart traffic management solutions, announced today that it has raised $5 million USD in Series A funding. The funding round was led by XYZ Ventures, a prominent venture capital firm specializing in technology startups.
  • L&T Technology Services (LTTS), a leading global engineering services company, has announced its plans to acquire L&T’s Smart World & Communication business. The acquisition will strengthen LTTS’ capabilities in the smart infrastructure space and expand its offerings in the Internet of Things (IoT), Artificial Intelligence (AI), and 5G domains.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Global Intelligent Traffic Management System Market Segmentation, by Solution

8.1 Traffic Monitoring System

8.2 Traffic Enforcement Camera

8.3 Traffic Signal Control System

8.4 Intelligent Driver Information System

8.5 Integrated Corridor Management

8.6 Others

9. Global Intelligent Traffic Management System Market Segmentation, by Spender Type

9.1 Infrastructure Enterprises & PPPs

9.2 Federal and Provincial Government

9.3 Industries & Commercial Enterprise

10. Global Intelligent Traffic Management System Market Segmentation, by Offering

10.1 Hardware

10.2 Software

10.3 Services

11. Regional Analysis

11.2 North America

11.3 Europe

11.4 Asia-Pacific

11.5 The Middle East & Africa

11.6 Latin America

12. Company Profiles

12.1 Siemens AG (Germany),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 TomTom International BV

12.3 IBM Corporation (U.S.)

12.4 Thales Group (France)

12.5 SNC-Lavalin Group (Atkins)

12.6 Q-Free ASA (Norway)

12.7 Quarterhill Inc. (Canada)

12.8 Baumer Holding AG (Switzerland)

12.9 Cubic Corporation

12.10 Dahua Technology Co. Ltd. (U.S.)

12.11 General Electric Company

12.12 Econolite Control Products, Inc. (U.S.)

12.13 Kapsch TrafficCom

12.14 Beijing E-Hualu Information Technology Co. Ltd (China)

12.15 Iteris Inc. (U.S.)

12.16 International Business Machines Corporation

13. Competitive Landscape

14. Conclusion

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