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 Attributes | Details |
| Market Size in 2022 | US$ 11.14 Billion |
| Market Size by 2030 | US$ 28.80 Billion |
| CAGR | CAGR of 12.6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market 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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