Global Intelligent Traffic Management System Market Size, Share & Trends Analysis Report, By Solution, By Region Segment Forecasts, 2024 – 2032

Global Intelligent Traffic Management System Market Size, Share & Trends Analysis Report, By Solution, By Region Segment Forecasts, 2024 – 2032

Global Intelligent Traffic Management System Market was valued at US $ 9.4 Billion in 2023 and is expected to reach US $ 22.0 Billion by 2032 growing at a CAGR of 11.20 % during the forecast period 2024 – 2032.

The market's growth can be attributed to the expanding fleet of vehicles on your regular roadways as well as the growing need for up-to-date traffic information among passengers and drivers. In addition, government initiatives to facilitate traffic flow and inadequate infrastructure continue to be significant growth drivers. The growing realisation of how important it is to reduce traffic congestion is also driving CAGR even faster. The amount of traffic congestion in all the many cities where urbanisation is occurring worldwide would surely increase. Increased urbanisation has led to a significant movement from rural to urban areas, especially in India's growing economies. As a result, suburban population density has increased more quickly than urbanization-related infrastructure. According to estimates, there will be significant changes to embalmed transportation in the future that will pose serious challenges for future generations due to exponential expansion in population and urban areas, chaotic agglomerations, and increasing ownership of private vehicles.

As road infrastructure ages, traffic congestion gets worse and puts a tremendous amount of strain on current mobility and transit options. In addition to making life more difficult for people, this will increase traffic and bottlenecks and raise transportation expenses, all of which will lower people's quality of life. Congestion relief and the real-time collection of traffic data can both be greatly aided by an ITS. Within the anticipated timeframe, technological advancements in information and communication, RFID tools, microchips, and beacon-sensing technologies could assist push IT Management Systems (ITSD) and enhance technological capabilities. Additionally, there are numerous initiatives underway to support advanced traffic management systems and road safety initiatives. It is anticipated that these initiatives will increase demand for V2V and V2I communications. All cars must include both driver assistance and electronic stability control (SC) systems in developed economies like Europe and North America. Future demand for ITS solutions should increase as a result of these kinds of laws.

“Traffic Monitoring System segment, by solution, to be dominating market from 2023 to 2030.”

As of 2023, the market share of the traffic monitoring systems sector was 21.7%. Inadequate traffic lights can cause congestion and prolong travel times by several minutes. This involves the construction of traffic infrastructure by the government, the burgeoning smart city initiatives, and the increased use of adaptive intelligent traffic controls and analytics. Mobility as a Service (MaaS) is becoming more and more necessary due to increasing car pollution and traffic congestion, which is anticipated to drive market growth throughout the forecast period.

During the projected period, the traffic signal control system segment is anticipated to grow at an amazing 14.0% CAGR due to the availability of low-cost, highly dependable sensors and affordable computer and networking infrastructure. The trend of governments and businesses worldwide implementing intelligent transport technology to enhance smart city transport networks is especially positive news.

“North America to be largest region in Intelligent Traffic Management System market.”

North America has a 38.0% market share in the world for intelligent traffic management systems in 2023. The Department of Transportation (DOT) for the United States has made significant financial investments in the development and deployment of intelligent traffic management systems around the country. Improving the transport infrastructure in this area is a major focus of various government programmes. Incorporating an intelligent traffic management system has been significantly impacted by transportation planning and operations.

The regional transport infrastructure is anticipated to alter as a result of advancements in communication technology, which will lessen traffic and enhance the availability and effectiveness of modal capacity through real-time exchange. Furthermore, during the projected time frame, drivers in this region will be able to use ITMSs as the prevalence of mobile and radio devices with specialised short-range technology rises.

Over the forecast period, the Asia Pacific area is anticipated to have a significant CAGR of 17.5%. The United Nations (UN) just released its World Population Prospects 2018 report, which projects that in 2050,.64 percent of Asia's population would live in urban areas—a rise from the current percentage! The regional governments are putting a lot of emphasis on enhancing the physical infrastructure overall in response to the decreased land-carrying capacity in this region. Transportation is a key component of the physical structure.

Intelligent Traffic Management System Competitive Landscape

The competitive landscape of the Intelligent Traffic Management System market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Intelligent Traffic Management System technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Intelligent Traffic Management System market is highly competitive, with numerous companies vying for market share. Prominent companies in the Intelligent Traffic Management System Market include:

Cubic Corporation, Thales Group, SNC-Lavalin Group (Atkins), General Electric Company, International Business Machines Corporation, Kapsch TrafficCom, Siemens AG, Q-Free ASA, TomTom International BV, TransCore and others.

Recent Developments:

In September 2023, in order to improve travel safety, sustainability, and efficiency, Peachtree Corners, announced a partnership with ITC Intelligent Traffic Control Ltd (ITC). ITC offers an agnostic software solution that can be applied to existing traffic infrastructure to measure traffic and predict and mitigate congestion before it occurs. In order to provide this technology to the American market for the first time, ITC and Curiosity Lab aim to work together to install it in a few Peachtree Corners traffic junctions for testing and demonstration purposes.

In February 2023, India's first drone traffic management system was introduced by Gurugram-based Skye Air, a provider of drone solutions. The programme would enable drone operators to map out routes, create flight plans, and evaluate risks prior to launching drone-based operations within the nation. For India, the solution, known as Skye UTM, is unique.