Intelligent Traffic Management System Market Share, Size, Trends, Industry Analysis Report, By Components (Traffic Controllers and Signals, Surveillance Cameras, Video Walls, Server, 3D Simulators, GUI Workstation, Detectors & Sensors, Others); By Product; By Region; Segment Forecast, 2022 - 2030
The global intelligent traffic management system market size is expected t-reach USD 19.83 billion by 2030 according t-a new study by Polaris Market Research. The report “Intelligent Traffic Management System Market Share, Size, Trends, Industry Analysis Report, By Components (Traffic Controllers and Signals, Surveillance Cameras, Vide-Walls, Server, 3D Simulators, GUI Workstation, Detectors & Sensors, Others); By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight int-current market dynamics and provides analysis on future market growth.
With rapid urbanization, traffic congestion and management have become the core challenges for people living in urban areas. A rise in the number of vehicles across the globe is one of the leading causes for increased congestion which has further led t-the higher demand for intelligent transportation systems in place of the traditional method of managing the transportation system.
On the other hand, infrastructure development can improve transportation efficiency, but it comes at a high cost in terms of time, effort, and money. Efficient control and intelligent management make it possible t-contain the effects of rising expenses associated with the congestion in metropolitan areas. As a result, the advancement of novel technologies and more efficient communication systems have a significant impact on the usage of intelligent transportation control systems.
Based on components, the vide-walls market segment is expected t-grow at a significant rate owing t-the increased use of vide-walls in team-based command and control center environments that serve as a critical data hub as well as public authorities and utilities operating at city, regional, state, and federal levels, which in turn, is projected t-drive the demand for intelligent transportation systems.
Rapid improvements in areas such as data transmission, mobility, cloud, and sensors, which integrate the IoT architecture, are expected t-exacerbate the intelligent transportation market’s growth. However, a lack of standardization and uniformity in the solutions may result in compatibility concerns, limiting the market’s growth.
Major participants such as Kapsch TrafficCom AG, Cisco, Cubic Corporation, SWARCO, FLIR, General Electric Company, Huawei, IBM, TomTom International BV, PTV Group, Q-Free ASA, Siemens AG, Thales Group, Chevron, and Transcore are some of the key players operating in the global market.
Polaris Market Research has segmented the intelligent traffic management system market report on the basis of product, components, and region:
Intelligent Traffic Management System, Product Outlook (Revenue – USD Billion, 2018 – 2030)
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