Product ID: SQMIG45F2097
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 Insights
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).
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 2019, 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 Intelligent Traffic Management System Market Report Snapshots
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