The intelligent traffic management system market will reach a valuation of USD 18.94 billion in 2022. Moreover, from 2022 to 2032, growth is expected to reach US$36.22 billion, accelerating at a whopping 6.7% CAGR over the entire 2032 valuation period. Increasing demand for presenting real-time traffic information to drivers and passengers is one of the key factors driving the demand for the intelligent traffic management system market. Improved transportation efficiency will enable transportation authorities to respond more quickly to emergencies.
These advanced systems are expected to maximize the effectiveness of traffic management and also help reduce travel times. Widespread public transport helps reduce carbon dioxide emissions and air pollutants. In addition, it is estimated that the use of ITMS will reduce greenhouse gas emissions and fuel consumption. The growing urban population and rapid industrialization have increased the number of vehicles on and off the roads, causing severe traffic congestion. Due to this, high he CO2 emissions and safety concerns of city planners are assumed to impact the growth of the market.
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For example, according to the European Joint Research Center (JRC), road congestion in Europe accounts for about 1% of the region's GDP. Mitigating this problem has become a top priority for most urban infrastructure development and management agencies in the region. ITMS also needs smart mobility solutions that can address all these issues and solutions and play a key role in driving market growth.
Key takeaways from market research
- According to Fact.MR, the intelligent traffic management system market recorded a CAGR of 3.3% from 2017 to 2021.
- In 2021, the Intelligent Traffic Management Systems Market Reaches a USD 17.75 Billion Valuation
- Market Likely to Record 6.0% YoY Growth in 2022
- By product type, the integrated urban traffic control system segment is expected to dominate the market, registering a CAGR of 6.6%.
- According to Fact.MR forecast, China's intelligent traffic management system market could grow at a CAGR of 6.6%.
- The US intelligent traffic management system market is expected to grow at a CAGR of 6.5%.
“The surge in big data and Internet of Things (IoT ), coupled with investments and initiatives by various governments and companies, are the key factors expected to boost the growth of the ITM systems market during the forecast period,” said the analysts. I am commenting . Fact. Mr.
Advancements in VR and AI Driving Market Growth Prospects
The development of virtual reality and artificial intelligence has the potential to improve transportation systems around the world. These technologies include the development of visualization and heads-up displays for electric transportation. Both drivers and other users of the transportation system benefit. AI has the ability to change the way systems are modeled.
AI is being adopted by vendors of traffic management technology. For example, Lilin, the manufacturer of his IP video-based systems in Taiwan, launched the Aida ALPR series of AI-based traffic control systems in March 2020, along with various surveillance cameras and other cutting-edge municipal tools. Did. Detection is provided by this complete system for plate recognition, parking detection, vehicle speed detection, truck, motorcycle, and pedestrian violations.
competitive environment
Prominent players in the intelligent traffic management system industry are taking advantage of the rapidly growing demand for intelligent traffic management systems in various applications. To drive outreach, players rely on collaborations, partnerships, and acquisitions with existing small, medium, and large players. Some prominent market trends are:
- In July 2022, Indra, a leading global technology engineering company serving the aerospace, defense and mobility sectors, signed a deal with Trans Urban of the United States to develop automated scanning and high occupancy vehicle detection (HOV) in northern Virginia. Fast lanes on I-95, I-495 and I-395.
- In April 2022, as part of the InTranSE-II programme, India's Ministry of Electronics and Information Technology (MeitY) will launch a number of apps under Intelligent Transport Systems (ITS) to improve traffic conditions in India. I was. The Center for Development of Advanced Computing (CDAC) and the Indian Institute of Technology Madras have collaborated to develop a proprietary Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, Common SMART IoT Connectiv (CoSMiC) Software (IIT-M) ) is created. The industrial partners in the project were Mahindra and Mahindra, according to a government statement .
A prominent intelligent traffic management system service player
- Quarter Hill Co., Ltd.
- Q-free ASA
- IBM Corporation
- Siemens AG
- Dahua Technology Co., Ltd.
- Beijing E-Hualu Information Technology Co., Ltd.
- Econolite Control Products, Inc.
- Baumer Holding AG
- Iteris Co., Ltd.
- Kyosan Electric Works
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Key segments covered in the Intelligent Traffic Management Systems industry study
- By product type:Integrated urban traffic control system
Variable/dynamic message sign
emergency response system
border control system
electronic toll collection system
Parking management system
Violations and measurement systems
tunnel management system
highway management system
Other systems - By expenditure type:Infrastructure companies and PPPs
federal and state government
industrial and commercial enterprises - By component:traffic controllers and traffic lights
Surveillance camera
video wall
server
3D simulator
GUI workstation
detectors and sensors
Other components - By Region :North America
latin america
Europe
Japan
bring the action
middle east africa
Check out other related studies published by Fact.MR Research: https://www.globenewswire.com/news-release/2023/04/05/2642111/0/en/Global-Train-Control- and-Management-Systems- Market-Is-Estimated-To-Reach-A-Valuation-Of-US-5-78-Billion-By-The-End-Of-2031-Fact-MR-Study.html
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