Intelligent Traffic Management Market analysis report by Future Market Insights reveals that global sales of Intelligent Traffic Management Market in 2021 was held at USD 9.6 Billion. With the projected growth of 7.7% during 2022 to 2032, the market is expected to reach a valuation of USD 21.8 Billion by 2032. Traffic Monitoring System is expected to be the highest revenue generating segment, projected to grow at a CAGR of around 7.6% during 2022 to 2032.
| Attributes | Details |
|---|---|
| Global Intelligent Traffic Management Market Size (2022) | USD 10.4 Billion |
| Global Intelligent Traffic Management Market Size (2032) | USD 21.8 Billion |
| Global Intelligent Traffic Management Market CAGR (2022 to 2032) | 7.7% |
| USA Intelligent Traffic Management Market Size (2032) | USD 7.8 Billion |
| Key Companies Covered | Kapsch TrafficCom AG; Siemens AG; Transcore; Delcan; SICE; Huawei Technologies Co.; Alstom; Q-Free A.S.A; Cisco Systems, Inc.; IBM Corporation |
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As per the Intelligent Traffic Management Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2015 to 2021, market value of the Intelligent Traffic Management Market increased at around 8.6% CAGR.
Increasing demand for operational efficiency, as well as new regulatory directives, contribute to the Intelligent Traffic Management market's rapid expansion.
Small and start-up enterprises are also making an effect in this market by selling their services abroad. The traffic management business is progressively embracing new technologies that integrate and coordinate the movement of traffic in diverse locations for the convenience of commuters including vehicles and pedestrians, decreased environmental impact, and improvement in safety.
One of the key factors driving the market forward is the increasing demand for real-time traffic data displays to drivers and passengers. Increased traffic efficiency allows transportation officials to respond and take action to emergencies faster. Intelligent Traffic Management is expected to improve traffic control efficacy while also reducing travel time. Increased use of public transit can help lower airborne pollutants and CO2 emissions. Furthermore, the usage of smart transportation management is expected to reduce carbon emissions and fuel consumption.
Various countries have been working to improve their traffic management system to alleviate traffic congestion. The use of telematics solutions in automobiles can increase security and safety dramatically. These services increase the safety of the driver, reduce fuel usage, improve driver behavior, and allow for cost savings. Telematics monitoring systems are commonly used in automobiles and involve remote access and activation of vehicles via radio frequency identification. High usage of such technology is further driving the Intelligent Traffic Management market.
The growing urban population and rapid industrialization have exceeded the number of cars on the road, causing considerable traffic congestion. As a result, vast quantities of CO2 emissions and safety issues for urban planners have created the necessity to automate the traffic management ecosystem. As per European Joint Research Centre, traffic congestion costs in Europe account for roughly 1% of the region's GDP. Several urban infrastructure management and development authorities in the region have made it their top goal. The market also necessitates smart mobility technologies that may play an important role in resolving these concerns and solutions while also promoting market growth.
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During the projected period, North America held the largest share in the global Intelligent Traffic Management Market with a projected market size of over USD 8 Billion in 2032.
Over the projected period, North America will experience considerable expansion in the global Intelligent Traffic Management system industry. The increasing significance of expressways for enhancing interstate transport services, the presence of many ITS systems for managing increasing traffic and public transportation systems, the high market growth for dedicated shorter-range communication technologies that halt traffic congestion, effective sales of commercial drones, rising acceptance in the US for the nation enacting stringent government regulations for drone operators and registration, and the rising need for Intelligent Traffic Management systems.
US Intelligent Traffic Management Market is expected to account for the highest market valuation of USD 7.8 Billion by the end of 2032 with an expected CAGR of 7.5% during 2022 to 2032.
A large number of individuals in the United States utilize private automobiles for two reasons. The foremost is that most Americans live in low-density regions with little access to public transportation. Second, privately owned automobiles are more convenient. Owing to this traffic congestion has increased abruptly in the country.
About 87.9% of people in the U.S. utilize private transportation, which raises the risk of road congestion. As household incomes grow across the world, an increasing number of individuals are shifting from slower, less costly forms of transportation to privately owned vehicles and trucks. Developed countries have been implementing a variety of efforts to increase the usage of public transit. Thus, expenditures in the traffic management industry is projected to be driven in the forthcoming years by the need to upgrade current transportation infrastructures and enhance ICT systems.
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Traffic Monitoring System segment is forecasted to grow at the highest CAGR of around 7.6% during 2022-2032.
The introduction of smart traffic systems simplifies traffic monitoring, minimizing hazardous emissions, thereby favorably impacting market growth. With the growth in the number of smart cities, rising urbanization, and an increasing population in emerging nations, the need for smart traffic solutions is predicted to rise dramatically.
Furthermore, the increasing adoption of industrial revolution 4.0 is expected to accelerate the construction of smart cities, boosting demand for Intelligent Traffic Management systems. Inadequate signal management contribute significantly to traffic congestion and significantly increase overall travel time. The rise of smart city projects, favorable government initiatives to build traffic infrastructure, and the expansion of adaptive traffic management and analytics are key drivers towards the deployment of traffic monitoring systems. Furthermore, rising traffic congestion and automobile pollution have hastened the need for Mobility as a Service (MaaS) which is expected to fuel market expansion throughout the projection period.
Intelligent Traffic Management revenue through Highway is forecasted to grow at the highest CAGR of around 7.4% during 2022-2032. Highways play a significant role in private transportation and logistics. Every day, millions of people go to work, and millions of tonnes of commodities are delivered over roadways. Owing to this, every day, millions of people are stranded in traffic, incurring enormous economic harm. Officials and traffic managers are yet to find a solution to such issues. Smart Traffic Surveillance, which combines IoT surveillance cameras as well as AI Video Analytics, assists authorities, traffic planners, and highway operators in systematically monitoring and understanding road user behavior, as well as gaining useful insights from captured video data to optimize traffic flow and reduce accident risks, instantly and in real-time.
Some of the key Intelligent Traffic Management companies include Kapsch TrafficCom AG, Siemens AG, Transcore, Delcan, SICE, Huawei Technologies Co., Alstom, Q-Free A.S.A., Cisco Systems, Inc., and IBM Corporation.
Some of the recent market developments include:
In November 2021, Kapsch TrafficCom introduced Climate-Friendly Traffic Control 2.0 in Vienna. The implementation of this approach sets the path for specifying air quality improvements. This solution will assist to reduce traffic congestion and convert streetcars to green, as well as to an advanced gps module that predicts severe traffic scenarios in real-time and helps to proactively avoid traffic jams and safeguard sensitive places such as schools.
In January 2021, Huawei, in collaboration with its partners created intelligent and connected cars for China. The government intends to make transportation easier and safer for individuals. The X-Bus vehicle is connected to a transport-control network. It would be capable of watching and controlling everything that occurs on the test route.
In January 2021, Alstom took over Bombardier Transportation, a rail transportation and rolling stock producer. Through this purchase, the business would expand its position in the developing sustainable mobility sector by combining its clear Alstom in Motion vision, healthy financial trajectory, and operational foundations with Bombardier Transportation's strengths.
Similarly, recent developments related to Intelligent Traffic Management companies have been tracked by the team at Future Market Insights, which are available in the full report.
The global Intelligent Traffic Management Market is worth more than USD 9.6 Billion at present.
The value of Intelligent Traffic Management Market is projected to increase at a CAGR of around 7.7% during 2022 to 2032.
The value of Intelligent Traffic Management Market increased at a CAGR of around 8.6% during 2015 to 2021.
The development of expressways to promote interstate mobility and the inclusion of Intelligent Traffic Management in them has been the key trend in the market.
The market for Intelligent Traffic Management Market in US is projected to expand at a CAGR of around 7.5% during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background and Foundation Data Points 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product Type 8.1. Traffic Monitoring System 8.2. Traffic Signal Control System 8.3. Traffic Enforcement Camera 8.4. Intelligent Driver Information System 8.5. Integrated Corridor Management 8.6. Others 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application 9.1. Highway 9.2. Managed Lanes 9.3. Others 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. Middle East and Africa (MEA) 11. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 12. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Market Structure Analysis 18. Competition Analysis 18.1. Kapsch 18.2. Siemens 18.3. Transcore 18.4. Delcan 18.5. SICE 18.6. ECONOLITE 18.7. Q Free ASA 18.8. SwRI 18.9. Dynniq 18.10. IBI Group 19. Assumptions and Acronyms Used 20. Research Methodology
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Intelligent Traffic Management Market
