What is the global market size of Intelligent Traffic Management System Market?

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).

Global Intelligent Traffic Management System Market Size, Share, Growth Analysis, By Solution(Traffic Monitoring System, Traffic Enforcement Cameras), By Components(Surveillance Cameras, Video Walls) - Industry Forecast 2024-2031

Report ID: SQMIG45F2097 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

Global Intelligent Traffic Management System Market Regional Insights

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.

Global Intelligent Traffic Management System Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Intelligent Traffic Management System Market size was valued at USD 11 billion in 2019 and is poised to grow from USD 13.21 billion in 2023 to USD 27.92 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

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. 'Siemens AG', 'Thales Group', 'Kapsch TrafficCom AG', 'Cubic Corporation', 'SWARCO AG', 'FLIR Systems, Inc.', 'Iteris, Inc.', 'TransCore LP', 'Q-Free ASA', 'EFKON GmbH', 'Cisco Systems, Inc.', 'Huawei Technologies Co., Ltd.', 'Indra Sistemas, S.A.', 'TomTom International B.V.', 'Garmin Ltd.', 'IBM Corporation', 'Intel Corporation', 'Xerox Corporation', 'Accenture plc', 'PTV Group GmbH'

Increasing propitious government initiatives by several government bodies across the globe to enhance road safety and boost operational performance of intelligent traffic management system. With the continuously increasing focus on smart cities, government are framing several strategies to achieve their mission through the deployment of smart systems. Nations such as U.S., Japan, and Dubai are heavily investing in various projects of intelligent traffic management as the implementation of these projects requires larger funds.

The intelligent traffic management system ensures traffic flow, road safety, and mobility. Further, these solutions also provide real time data for the immediate response on emergencies and analysis of the information of passengers and drivers at higher accuracy. Several countries across the world are putting their efforts to develop intelligent traffic management infrastructure in order to reduce road congestion and ensures more safety. All these factors are likely to boost the growth of the global intelligent traffic management system over the forecast period.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Intelligent Traffic Management System Market Size, Share, Growth Analysis, By Solution(Traffic Monitoring System, Traffic Enforcement Cameras), By Components(Surveillance Cameras, Video Walls) - Industry Forecast 2024-2031

Global Intelligent Traffic Management System Market Regional Insights

Global Intelligent Traffic Management System Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Intelligent Traffic Management System Market?

Who are the key vendors in the Global Intelligent Traffic Management System Market?

What is the key driver of Global Intelligent Traffic Management System Market?

What is the key market trend for Global Intelligent Traffic Management System Market?

Which region accounted for the largest share in Global Intelligent Traffic Management System Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300