The global Intelligent Traffic Management System market gathered revenue around USD 9.10 Billion in 2020 and market is set to grow USD 22.10 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 12.7% during the prediction period 2021 to 2027.
An aging infrastructure, the rising traffic congestion, and the lack of mobility solutions and transportation infrastructure are expected to further lead to traffic congestion, thereby adding to the transportation costs and affecting the everyday life of people. These factors and supportive government initiatives to implement smart cities are anticipated to drive the growth of the market.
One of the key issues caused by road congestion is air pollution. The implementation of intelligent systems makes traffic monitoring easy, thereby reducing harmful emissions, which is expected to positively impact the growth of the market. An intelligent traffic management system is one of the integral parts of a smart city. The rapid urbanization and the increasing population in developing countries are expected to influence the demand for intelligent traffic solutions. Additionally, the rapid adoption of the fourth industrial revolution is anticipated to boost the growth of smart cities, subsequently fueling the demand for intelligent traffic management systems.
Road accidents and the fatalities stemming from them are increasing. To mitigate such incidents, the United Nations Economic Commission for Europe (UNECE) is helping in managing road safety legal instruments. Various aspects such as road infrastructure, traffic management, road signs, and signals are negotiated with the member countries and made legally binding. An intelligent traffic management system (ITMS) can potentially help in reducing road accidents and enhancing safety. Several countries, including the U.S. and China, are investing aggressively in ITMS solutions, which is expected to bode well for the growth of the market over the forecast period. For instance, the U.S. DOT has been investing aggressively in the research and development, adoption, and deployment of ITMS across the country.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Intelligent Traffic Management System market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Intelligent Traffic Management System market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 22.10 Billion by 2027|
|Growth Rate||CAGR of 12.7% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Solution and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Cubic Corporation; SNC-Lavalin Group (Atkins); Thales Group; International Business Machines Corporation; General Electric Company; Siemens AG; Kapsch TrafficCom; TomTom International BV; Q-Free ASA; TransCore|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Intelligent Traffic Management System market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
By Solution analysis:
The traffic monitoring system segment accounted for a market share exceeding 20% in 2020. Inadequate signal controls contribute considerably to road congestion and increase the overall travel time to a large extent. The major drivers for the growing adoption of traffic monitoring systems include the emergence of smart city projects, favorable government initiatives to develop traffic infrastructures, and the growth of adaptive traffic controls and analytics. Additionally, increasing traffic congestion and pollution from vehicles have accelerated the need for adopting Mobility as a Service (MaaS), which further increases the demand for traffic monitoring systems globally.
The traffic signal control system segment is anticipated to expand at a considerable CAGR over the forecast period owing to the availability of highly reliable and low-cost sensors, data storage facilities, and computing and networking infrastructure. Governments and businesses around the globe are likely to focus on developing infrastructure that complements transportation networks for the smart city. Municipalities are primarily seeking novel ways to minimize on-road traffic congestion by implementing an intelligent traffic management system and designing traffic signal control systems. Moreover, the intelligent traffic management system supports a wide variety of smart city applications such as eco-driving, prioritizing public transport at traffic signals, Smart Traffic Signal Control (STSC), broadcasting messages, and ensuring a safe passage of emergency vehicles by Emergency Vehicle Signal Preemption (EVSP) in traffic signals.
North America dominated the global market with a share of over 35.1% in 2020. The United States Department of Transportation (DOT) has been heavily investing in research and development, implementation, and adoption of intelligent traffic management systems across the country. Advancements in communication technologies are enhancing the revolution of the transportation network across the region. Mobile and radio devices featuring short-range dedicated technology are enabling drivers, freight operators, transit passengers, and transport authorities to undertake V2V communication. The usage of this technology is anticipated to increase with the number of vehicles across the region, driving the demand for ITMS solutions.
The Asia Pacific regional market is expected to witness significant growth over the forecast period. According to UN 2017 world population prospects, Asia's population is likely to reach 5.27 billion by 2050, and around 64.1% of the region's population is expected to become urban. To reduce the burden of the region’s decreasing land carrying capacity, governments in the region are focusing on improving the overall physical infrastructure. Transportation being a crucial aspect of the physical infrastructure, the demand for ITMS is expected to increase significantly in the region in the near future. Countries such as China, Japan, South Korea, and India are anticipated to lead the ITMS market. Initiatives undertaken by government bodies in the region are expected to fuel the growth of the market.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Intelligent Traffic Management System Market include:
Cubic Corporation; SNC-Lavalin Group (Atkins); Thales Group; International Business Machines Corporation; General Electric Company; Siemens AG; Kapsch TrafficCom; TomTom International BV; Q-Free ASA; TransCore
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Middle East & Africa (MEA)
Highlights of the Report:
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Intelligent Traffic Management System market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Intelligent Traffic Management System market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Intelligent Traffic Management System markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Intelligent Traffic Management System Market Study: