Global Intelligent Traffic Management System Market - 2024-2031

Global Intelligent Traffic Management System Market - 2024-2031

Global Intelligent Traffic Management System Market reached US$ 10.3 billion in 2023 and is expected to reach US$ 27.9 billion by 2030, growing with a CAGR of 13.5% during the forecast period 2023-2030.

The increasing urbanization and fast growth of cities globally have triggered rising traffic congestion and safety issues, prompting the authorities to invest in superior advanced intelligent traffic management system (ITMS) solutions These systems use technology that includes artificial intelligence, machine learning, and IoT sensors to display traffic flow, control intersections, and optimize signal timings, thereby enhancing traffic performance and safety.

Governments are also contributing to market growth with the aid of enforcing smart city initiatives and urban development projects that prioritize the deployment of advanced traffic management technologies. For instance, in April 2022, as a part of the InTranSE- II program, the Ministry of Electronics and Technology (MeitY) added several packages under the Intelligent Transportation Systems (ITS) to beautify the traffic situation in India.

North America's substantial investments in smart transport infrastructure have made it dominate intelligent traffic management systems. In November 2023The Canadian city of Montreal, in collaboration with Kapsch TrafficCom, initiated a linked car and traffic management initiative to enhance traffic safety. To provide real-time insights on traffic patterns and potential roadside hazards, the project entails integrating Kapsch TrafficCom's Orchestrated Connected Corridor (OCC) services package. This is done by using connected car traffic data and video cameras.

Dynamics

Growing Traffic Congestion

As urban populations continue to swell and economies grow, road networks face escalating pressure, resulting in elevated congestion in many city areas worldwide. In 2022, an average U.S. driver lost 51 hours due to traffic, or roughly one hour every week. That's 15 more hours lost to traffic than in 2021. According to the 2022 Global Traffic Scorecard published by the mobility analytics company Inrix, the average American driver lost $869 in time as a result of traffic congestion.

In response to this challenging situation, governments and transportation authorities are employing intelligent traffic control technology more frequently to improve traffic flow and lessen congestion. These technologies use adaptive control algorithms, predictive modeling, and real-time data analytics to effectively manage traffic flow, redirect vehicles, and dynamically optimize traffic signals.

Government Initiatives

With the escalating challenges posed by using urbanization, governments worldwide are increasingly investing in smart metropolis projects geared toward modernizing transportation structures and addressing traffic congestion. These initiatives offer a range of techniques and regulations geared toward leveraging technology to enhance traffic management, improve road safety, and optimize transportation infrastructure.

To build an Intelligent Traffic Management System (ITMS) along the Mumbai-Nagpur Samruddhi Motorway, the South Korean government and the Maharashtra State Road Development Corporation (MSRDC) announced plans to call a tender in November 2023. Using a focus on the use of AI-based technology, South Korea will finance the project, which is expected to cost around Rs 1,250 crore.

Complexity of Integration with Existing Traffic Infrastructure

Intelligent traffic management systems often consist of various additives, such as traffic sensors, cameras, control systems, and communication networks, sourced from multiple vendors. Ensuring seamless interoperability and compatibility among those components can be tough, mainly integrating with existing infrastructure and legacy structures. Compatibility issues may also arise, mainly due to delays, increased prices, and overall performance boundaries.

Integrating intelligent traffic management systems needs information in various technologies, including networking, facts control, software program improvement, and device integration. Complexities which include distinctive protocols, data formats, and communication standards can avert integration efforts and require specialized skills and resources. Technical hurdles may additionally boost implementation prices making it tough for organizations to adopt these systems.

Segment Analysis

The global intelligent traffic management system market is segmented based on offering, product, solution, application, component, end-use and region.

Traffic Monitoring System Dominates the Intelligent Traffic Management Market With its Superior Efficiency and Accuracy

Traffic Monitoring Systems (TMS) have emerged as a dominant force in the intelligent traffic management system market, capturing the highest share due to their multifaceted solutions. Firstly, TMS excels in real-time data collection and analysis, providing authorities with precise insights into traffic patterns, congestion points, and vehicle flow dynamics. This comprehensive understanding allows for swift and informed decision-making to optimize traffic flow and reduce bottlenecks.

Furthermore, TMS uses modern technologies like machine learning algorithms and artificial intelligence to forecast traffic patterns, allowing for proactive modifications to traffic management plans. Businesses are making significant R&D investments to expand TMS's capabilities and integrate cutting-edge technologies. Yunex Traffic declared in December 2023 that Yutraffic Studio, a new cloud-based advanced traffic management system (ATMS), would be available in the United States. Its goal is to manage traffic issues in a timely, dependable, safe, and effective manner by utilizing advanced planning, monitoring, and optimization technology.

Geographical Penetration

North America’s Developed Infrastructure and Extensive Road Networks

North America holds the highest share in the global intelligent traffic management system market

due to its developed infrastructure and extensive road networks necessitate advanced traffic management solutions to handle high volumes of vehicles efficiently. Additionally, North America is home to numerous key players and innovators in the field of traffic management technology, contributing to the region's dominance in this market segment

To improve traveler safety, sustainability, and efficiency, Peachtree Corners and ITC Intelligent Traffic Control Ltd. (ITC) announced a partnership in September 2023. ITC offers an agnostic software solution that can be applied to the current traffic infrastructure to measure traffic and predict and mitigate congestion before it occurs. ITC and Curiosity Lab will collaborate to introduce this solution to the US market for the first time. The system will be installed for testing and demonstration at a few traffic crossings in Peachtree Corners.

COVID-19 Impact Analysis

Initially causing widespread lockdowns and travel restrictions, the COVID-19 pandemic had a major effect on the market for intelligent traffic management systems. Following these measures, traffic volumes dropped dramatically in several locations, which lowered the need for traffic control technologies. These conditions led to a slump in the market, making it difficult for businesses to continue operating at their prior levels.

But when limitations relaxed and economies started to recover, there was an increasing focus on using technology to control traffic, enforce social distance protocols, and improve public safety. As a result, more money was spent on intelligent traffic management systems, which included solutions for adaptive signal control, smart intersection management, and real-time traffic monitoring.

Russia-Ukraine War Impact Analysis

Numerous ITMS components are produced worldwide, including in Russia and Ukraine, including sensors, cameras, and communication devices. Production delays and shortages resulted from the disruption of these components' supply networks caused by the conflict. The war had an impact on investments and commercial activities by raising geopolitical tensions and instability in the area. Businesses may be reluctant to grow or make investments in markets where there is political unrest or war.

Intelligent transport system-related infrastructure development projects experienced delays or disruptions in the conflict-affected regions. Money set aside for these kinds of projects can wind up going towards defense spending or other more pressing issues like reconstruction.

By Offering

● Hardware

● Software

● Services

By Product

● Integrated Urban Traffic Control System

● Freeway Management System

● Electronic Toll Collection (ETC)

● Advanced Public Transportation System

● Others

By Solution

● Traffic Monitoring System

● Traffic Signal Control System

● Traffic Enforcement Camera

● Integrated Corridor Management

● Intelligent Driver Information System

● Others

By Application

● Highway

● Managed Lanes

● Others

By Component

● Traffic Monitoring System

● Traffic Signal Control System

● Traffic Enforcement Camera

● Integrated Corridor Management

● Intelligent Driver Information System

● Others

By End-Use

● Urban Traffic

● Inter-Urban

● Parking Management

● Info-mobility

● Public Transport

● Freeway

● Others

By Region

● North America
U.S.
Canada
Mexico

● Europe
Germany
UK
France
Italy
Spain
Rest of Europe

● South America
Brazil
Argentina
Rest of South America

● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific

● Middle East and Africa

Key Developments

● In January 2024, to enhance the city's infrastructure and aesthetics, the Uttar Pradesh government initiated the Intelligent Traffic Management System (ITMS) project in Ayodhya. The Intelligent Traffic Management System (ITMS) uses cameras, signals, public address systems, and emergency call boxes to monitor and control traffic at 22 intersections throughout the city.

● In February 2023, South Korean imaging radar company Bitsensing introduced The Traffic Insight Monitoring Sensor (TIMOS), a cutting-edge monitoring sensor system that is transforming smart traffic infrastructure. The first Intelligent Transport System radar with edge AI processing, bitsensing's 24GHz TIMOS, powered by the NVIDIA Jetson platform, surpasses current traffic systems and provides never-before-seen insights for traffic management.

● In March 2023, the Government of Goa, India unveiled the Artificial Intelligence-driven security, Integrated Traffic Management, and eChallan System at Merces junction. Autonomously clearing the road, the AI could identify emergency vehicles like fire trucks and ambulances.

Competitive Landscape

The major global players in the market include Cubic Corporation, Thales, Siemens, Kapsch TrafficCom AG, TomTom International BV, Q-Free, TransCore, Hitachi, Ltd., SWARCO, Delcan Technologies

Why Purchase the Report?

● To visualize the global intelligent traffic management system market segmentation based on offering, product, solution, application, component, end-use and region, as well as understand key commercial assets and players.

● Identify commercial opportunities by analyzing trends and co-development.

● Excel data sheet with numerous data points of intelligent traffic management system market-level with all segments.

● PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

● Product mapping available as excel consisting of key products of all the major players.

The global intelligent traffic management system market report would provide approximately 86 tables, 94 figures and 300 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies