Latin America Intelligent Roadways Transportation Management Systems Market 2023-2030
MARKET OUTLOOK
The intelligent roadways transport management systems market in Latin America is predicted to grow with a CAGR of 8.77% in the forecast period from 2023 to 2030, as per a report by Triton Market Research.
Mexico, Brazil, and Rest of Latin America are included in the market in this region.
The Mexican federal government intends to heavily invest in infrastructure. In November 2019, President Andres Manuel Lopez Obrador announced the government’s plans to launch 1,600 infrastructure development projects, strategic for the nation’s economic development. On the whole, the government allocated $400 billion, for a period of 5 years.
Also, entrepreneur Carlos Slim, the country’s richest man, has promised to invest $5 billion for infrastructure development. These development plans include structurally applying intelligent roadways transport management systems (IRTMS) to ease traffic congestion and for the movement of cargo shipments on roads.
With the growing urbanization, governments across Rest of Latin America have been focusing on the development of their transport infrastructure. This includes constructing roads exclusively for vehicles with more than one passenger, offering transport cost subsidies & bicycle usage incentives, implementing rapid transit systems, and extending & improving the street, avenue, road, highway, railway, & underground networks.
These measures have been crucial for the implementation of transportation management systems. For instance, in August 2019, Indra, a Spain-based transportation technology developer and consultancy, deployed intelligent transport management systems at new Túnel de Oriente in Colombia, which is the longest road tunnel in Central and South America.
COMPETITIVE OUTLOOK
The distinguished players engaged in the intelligent roadways transport management systems market include Tata Consultancy Services (TCS) Ltd, Manhattan Associates Inc, Blue Yonder, and 3T Logistics and Technology Group.
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