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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).

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 intelligent traffic management system over the forecast period.

North America dominated the 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.

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Global Intelligent Traffic Management System Market

Product ID: SQMIG45F2097