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).

Intelligent Traffic Management System Market Size

Intelligent Traffic Management System Market Insights

Intelligent Traffic Management System Market size was valued at USD 12.8 billion in 2023 and is poised to grow from USD 14.63 billion in 2024 to USD 42.62 billion by 2032, growing at a CAGR of 14.3% during the forecast period (2025-2032).

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, were functioned with an OEM embedded telematics system, which was up from around 51%.

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, 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.

FAQs

Intelligent Traffic Management System Market size was valued at USD 26.7 Billion in 2023 and is poised to grow from USD 30.2 Billion in 2024 to USD 80.8 Billion by 2032, growing at a CAGR of 0.131 during the forecast period (2025-2032).

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. 'Cubic Corporation (US) ', 'SNC-Lavalin Group (Atkins) (Canada) ', 'Thales Group (France) ', 'International Business Machines Corporation (IBM) (US) ', 'General Electric Company (US) ', 'Siemens AG (Germany) ', 'Kapsch TrafficCom (Austria) ', 'TomTom International BV (Netherlands) ', 'Q-Free ASA (Norway) ', 'TransCore (US) ', 'Dahua Technology Co. Ltd. (US) ', 'Quarterhill Inc. (Canada) ', 'Econolite Control Products Inc. (US) ', 'Baumer Holding AG (Switzerland) ', 'Cubic Corporation (US) ', 'Fujitsu Limited (Japan) ', 'Honeywell International Inc. (US) ', 'Cisco Systems, Inc. (US) ', 'Atos SE (France) ', 'ZTE Corporation (China) ', 'Moxa Inc. (Taiwan) ', 'Parkopedia (UK) ', 'Iteris, Inc. (US) ', 'Hitachi Ltd. (Japan) '

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.

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.