The worldwide demand for intelligent traffic management system market reached a valuation of US$ 17.75 Billion by 2021Y, and is likely to register a Y-o-Y growth rate of 6.0% in 2022, closing at US$ 18.94 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.7% CAGR, reaching US$ 36.22 Billion.
The 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.
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Prominent Key Players Of The Intelligent Traffic Management System Market Survey Report:
- 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.
Intelligent Traffic Management System Market- 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 vendors. 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 U.S. 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.
- In May 2021, L&T, a leading technology services company, collaborated with Intel to develop an AI-based smart parking guidance solution. This solution can be installed in outdoor public areas such as stadiums, airports, office campuses, and shopping malls and also provides real-time occupancy tracking without the use of sensors through AI-enabled surveillance for operators through augmented video analytics.
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The report covers following Intelligent Traffic Management System Market insights and assessment that are helpful for all participants involved in the Intelligent Traffic Management System market:
- Data on recently introduced regulations and their impact on key industries and on demand in Intelligent Traffic Management System
- Latest industry Analysis on Intelligent Traffic Management System Market, with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Intelligent Traffic Management System Market and changing consumer preferences in major industries.
- Changing Intelligent Traffic Management System demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Intelligent Traffic Management System major players
- Intelligent Traffic Management System Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Intelligent Traffic Management System demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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
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Questionnaire answered in the Intelligent Traffic Management System Market report include:
- How the market for Intelligent Traffic Management System has grown?
- What is the present and future outlook of the global Intelligent Traffic Management System on the basis of region?
- What are the challenges and opportunities for the Intelligent Traffic Management System?
- Why the consumption of Intelligent Traffic Management System highest in region?
- In which year segment is expected to overtake segment?
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