New York, USA, July 22, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Intelligent Traffic Management System Market was estimated at USD 9,084.97 million in 2023. The market valuation is expected to be USD 23,000.13 million by 2032, registering a staggering CAGR of 10.87% during the forecast period of 2024-2032.
What is Intelligent Traffic Management System?
One of the mainstays in smart city outline is possessing a desegregated smart transportation solution. Intelligent traffic management system provides an assembled amalgamated approach to reduce overcrowding and enhance security on city streets through interlinked technology. IoT sensors offer the cornerstone of data that intelligent traffic management systems scrutinize to escalate practical perspectives. It utilizes amalgamated sensors such as radio frequency identification tags, automatic identification and data collection tags, temperature sensors, and air quality sensors. With the quantity of data that ITS produces, the system must combine cloud computing and edge processing.
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Key Market Stats:
- Intelligent traffic management system market size was valued at USD 9,084.97 million in 2023.
- The market is anticipated to grow from USD 9084.97 million in 2023 to USD 23000.13 million in 2032.
- The market is expected to exhibit a CAGR of 10.87% during the forecast period.
Major Findings from the Report:
- The market for intelligent traffic management systems is expected to increase significantly due to advancements in embedded systems and data analysis integration. These technological advancements permit makers to enhance their product benefits and offer customers a broad range of commodities and services.
- The intelligent traffic management system market segmentation is mainly based on product, components, and region.
- Asia Pacific registered as the largest market share.
Intelligent Traffic Management System Market Drivers and Trends:
- Speedy urbanization: The global demand for intelligent traffic management system is rising due to speedy urbanization which is generating an acute requirement for systematic traffic management. It provides solutions to diminish traffic overcrowding, maximize traffic flow, and improve holistic conveyance productivity in urban areas.
- Growing traffic congestion: Growing traffic overcrowding remains a tenacious problem in several urban regions, causing prolonged travel times, escalated fuel intake, and environmental contamination. Intelligent traffic management systems showcase practical solutions to those provocations by using real-time data, progressive algorithms, and predictive analytics.
- Rising government initiatives: Government capabilities and smart city advancements play an important part in driving the growth of the intelligent traffic management system market. Governments and conveyance jurisdictions worldwide are diligently funding intelligent transportation systems as a component of their smart city approach.
- The increase in connected and autonomous vehicles: The growing acquisition of connected and autonomous vehicles is anticipated to push the demand for intelligent traffic management systems. These systems can interact with CAVs to maximize traffic flow, decrease mishaps, and improve productivity.
Industry’s Prominent Players:
- Chevron,
- Cisco,
- Cubic Corporation,
- FLIR,
- General Electric Company,
- Huawei,
- IBM,
- Kapsch
- TrafficCom AG,
- PTV Group
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Geographical Landscape:
The Asia Pacific region accounted for the largest market share of intelligent traffic management system market. This is due to the growing car ownership, which causes parking problems, and the escalating demand for productive conveyance solutions globally.
Moreover, due to the digitization of conveyance in general and ITMS specifically, the Europe region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Product Outlook:
- Integrated Urban Traffic Control
- Variable / Dynamic Message Signs
- Emergency Response
- Border Control System
- Electronic Toll Collection
- Parking Management
- Violation and Measurement
- Tunnel Management
- Freeway Management
By Components Outlook:
- Traffic Controllers and Signals
- Surveillance Cameras
- Video Walls
- Server
- 3D Simulators
- GUI Workstation
- Detectors & Sensors
- Other Components
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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