Rockville, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The intelligent traffic management system market reached a valuation of US$ 18.94 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.7% CAGR, reaching US$ 36.22 Billion. Increasing demand for presenting real-time traffic information to drivers and passengers is one of the key factors driving the demand for intelligent traffic management system market. Improved traffic efficiency enables transportation authorities to respond to emergencies more quickly.
These advanced systems are predicted to maximize the effectiveness of traffic management and also help reduce traveling duration. The rising adoption of public transportation can help reduce carbon dioxide emissions and airborne pollutants. 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.
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