Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "North America AI-Driven Traffic Management Market Size, Share & Trends Analysis Report By Deployment Mode, By Technology, By Component (Software, Hardware, and Services), By Application, By End User, By Country and Growth Forecast, 2024 - 2031" report has been added to ResearchAndMarkets.com's offering.
The North America AI-Driven Traffic Management Market is expected to witness market growth of 29.0% CAGR during the forecast period (2024-2031).
The US market dominated the North America AI-Driven Traffic Management Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $36.99 billion by 2031. The Canadian market is experiencing a CAGR of 31.8% during 2024-2031. Additionally, the Mexican market is projected to exhibit a CAGR of 30.7% during 2024-2031.
Rising traffic fatalities and injuries in Canada are propelling the growth of this market. In 2021, the Canadian government reported 1,768 motor vehicle fatalities, marking a 1.3% increase from 2020's figure of 1,746. Serious injuries from motor vehicle accidents also rose by 4%, totaling 8,185, while overall injuries increased by 3.6%, reaching 108,018. This alarming trend highlights the urgent need for innovative solutions to enhance road safety and manage traffic more effectively.
In conclusion, the rise in traffic fatalities and injuries in the USA & Canada creates a compelling case for adopting AI-driven traffic management solutions.
List of Key Companies Profiled in the North America AI-Driven Traffic Management Market
- Siemens AG (Siemens Mobility)
- Iteris, Inc.
- Econolite Group, Inc.
- Thales Group SA
- Huawei Technologies Co. Ltd. (Huawei Investment & Holding Co. Ltd.)
- Ericsson AB
- SWARCO AG
- IBM Corporation
- Indra Sistemas, SA
- ST Engineering Limited (Temasek Holdings Limited)
Market Report Segmentation
By Deployment Mode
- Cloud
- On-Premises
By Technology
- Machine Learning (ML)
- Computer Vision
- Internet of Things (IoT)
- Natural Language Processing (NLP)
- Other Technology
By Component
- Software
- Hardware
- Services
By Application
- Traffic Signal Control Systems
- Incident Detection & Management
- Route Optimization
- Public Transport Management
- Predictive Analytics
By End User
- Government Authorities
- Highway Operators
- Logistics & Transportation Providers
By Country
- US
- Canada
- Mexico
- Rest of North America
For more information about this report visit https://www.researchandmarkets.com/r/u97i0p
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