USD 11 billion
Report ID: SQMIG45F2097 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 65 | Figures: 75
Intelligent Traffic Management System Market size was valued at USD 11 billion in 2021 and is poised to grow from USD 13.21 billion in 2022 to USD 27.92 billion by 2030, growing at a CAGR of 13.8% in the forecast period (2023-2030).
The increasing urban population and rapid industrialization have increased the number of vehicles plying on the roads which have resulted in heavy traffic congestion. Thereby, growing safety concerns and heavy green house emissions in urban area, are likely to boost the global intelligent traffic management system market during the forecast period. For instance, according to the European Joint Research Center (JRC), in Europe, around 1% of the region’s GDP are being used in road congestion.
The adoption of telematics services in vehicles can significantly improve safety and security. Enhancing driver safety, reduce fuel consumption, enable cost reduction and improve driver behavior are some major services and factors expected to have positive impact on the global intelligent traffic management system market in the coming years. According to our findings, about 62% of new cars sold worldwide in 2020, were functioned with an OEM embedded telematics system, which was up from around 51% in 2019.
The rising demand for presenting real-time traffic information to the passengers and drivers is one of the key factors likely to drive the market growth throughout the forecast period. In addition, advanced and improved traffic efficiency enables transportation authorities to respond and take-action to emergencies more quickly. For instance, in September 2020, TomTom introduced a new product named TomTom RoadCheck, a pioneering device for automated vehicles. This device enables car manufacturers to make better choices for safe spots for devices to activate the automated driving function.
US Intelligent Traffic Management System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11 billion
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The global intelligent traffic management system market is segmented on the basis of solution, component, and region. By solution, the Intelligent Traffic Management System Marke is segmented into traffic monitoring system, traffic enforcement cameras, intelligent driver information system, and others. By component, the Intelligent Traffic Management System Market is categorized into surveillance cameras, video walls, traffic controllers & signals, and others.
Intelligent Traffic Management System Market Analysis by Solution
By solution, the market is segmented into traffic monitoring system, traffic enforcement cameras, intelligent driver information system, and others. The traffic monitoring system segment is accounted for the largest revenue share of more than 20.4% in 2021. The emergence of smart city projects, adaptive traffic controls growth, and favourable government initiatives to develop traffic infrastructures are the major key factors in the growth of global intelligent traffic management system market. For instance, Government of India has announced to construct 599 highway projects across the country under the ambitious smart cities program over the period of 5 years.
Intelligent Traffic Management System Market Analysis by Component
By components, the market is categorized into surveillance cameras, video walls, traffic controllers & signals, and others. The surveillance cameras accounted for the largest market share with a contribution of 35% in 2021, and is expected to maintain its dominance throughout the forecast period. Due to their wide acceptance across the globe to improve traffic management, real-time insights, improving traffic flow the market is expected to have a significant rise over the forecast period. In addition, rise in the number of vehicles and increasing road congestion are expected to fuel the demand of the market. According to our findings, more than 155,000 smart artificial intelligence-based cameras will be in use by 2025 for effective traffic management, up from 33,000 in 2020.
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North America dominated the global intelligent traffic management system market with more than 34% of revenue share in 2021 and is anticipated to maintain its dominance throughout the forecast period owing to heavily investing in R&D, adoption of intelligent traffic management system, and implementation. Advancements in technology and tackling vehicular congestion for improving efficiency through real time insights are anticipating the revolution in traffic management system in the region.
Asia Pacific region is transforming quickly with the increasing demand for advanced technology and expansion in the transportation networks and is expected to grow at a significant CAGR over the forecast period. According to the UN 2017 world population prospects, the population of Asia’s is expected to reach 5.26 billion by 2050, and around 64% of this is projected to be from urban areas. Due to this, the demand for intelligent traffic management systems is expected to increase at a high rate in the countries, such as China, India, South Korea. Furthermore, the initiatives undertaken by government bodies of these regions are likely to fuel the growth and demand of the market.
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Intelligent Traffic Management System Market Drivers
Intelligent Traffic Management System Market Restraints
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Global intelligent traffic management system marketis highly fragmented with the presence of several big players across the globe such as Cubic Corporation, Thales Group, General Electric Company. Product innovations, mergers, acquisitions, partnerships, and adoption are some of the major key strategies opting by several key players. For instance, in June 2021, Cubic Transportation systems, a subsidiary of Cubic Corporation, came into a partnership with CVEDIA, an artificial intelligence service provider.
Top Players in the Global Traffic Management Market
Intelligent Traffic Management System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global intelligent traffic management system market is witnessing a strong growth during the forecast period owing to increase in technology, adoption of advanced equipment, growing investments. In addition, favourable government initiatives by governments bodies of various developing nations is likely to fuel the demand of the market in the coming years. According to a report, there are more than 250 smart city projects currently running across the world, which is likely to have a significant contribution in the growth of global intelligent traffic management system market. However, high cost of equipment and heavy investment requirement in the developing projects are expecting to hinder the market growth during the forecast period.
|Market size value in 2021||USD 11 billion|
|Market size value in 2030||USD 27.92 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Intelligent Traffic Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Intelligent Traffic Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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