Global Intelligent Traffic Management Systems Market Expected to Reach $27.92 Billion in Revenue by 2030
DUBLIN, March 07, 2022–(BUSINESS WIRE)–The report “Analysis of Intelligent Traffic Management Systems Market Size, Share, and Trends by Solution (Integrated Corridor Management, Traffic Light Control System), by Region and Segment Forecast, 2022-2030” has been added for from ResearchAndMarkets.com offer.
The global intelligent traffic management systems market size is projected to reach USD 27.92 billion by 2030 and grow at a significant CAGR of 13.1% from 2022 to 2030.
Improving the efficiency of mobility and road transport, the need to reshape transport networks due to the increase in urban population and rapid industrialization are some of the factors that are expected to drive the growth of the market. These systems reduce congestion, eliminate delays and send accurate information to commuters and traffic planners. Additionally, government initiatives to implement smart cities with improved road networks are expected to have a positive impact on growth.
Road congestion is one of the main causes of air pollution. The implementation of intelligent traffic systems facilitates traffic monitoring, thereby reducing harmful emissions, which is expected to have a positive impact on the growth of the market. With the growing development of smart cities, rapid urbanization and increasing population in developing countries, the demand for smart traffic solutions is expected to grow exponentially. Moreover, the rapid adoption of the fourth industrial revolution is expected to drive the growth of smart cities, subsequently fueling the demand for intelligent traffic management systems.
However, the lack of standards and technological uniformity and security issues associated with traffic management systems are expected to negatively impact the growth of the market. To mitigate these incidents, the United Nations Economic Commission for Europe (UNECE) contributes to the management of road safety legal instruments.
Various aspects such as road infrastructure, traffic management, road signs and signals are negotiated with member countries and made legally binding.
A market for intelligent traffic management systems (ITMS) has the potential to help reduce road accidents and improve safety. Several countries including the United States and China are investing heavily in ITMS solutions, which is expected to bode well for the growth of the market over the forecast period.
Intelligent Traffic Management System Market Report Highlights
The integrated corridor management segment is expected to witness a considerable CAGR of 13.9% during the forecast period. The market is gradually adopting advanced technologies that integrate and coordinate traffic flows. Additionally, through institutional collaboration and the proactive and aggressive integration of existing infrastructure along the main corridors, several people are expected to help manage the integrated corridors and improve traffic management.
The traffic light control system segment is expected to register a considerable CAGR during the forecast period. Availability of highly reliable and inexpensive sensors, data storage facilities, and computing and networking infrastructure are some of the factors expected to fuel the growth of the segment in the coming years.
Asia-Pacific is expected to grow at a CAGR of 16.9% from 2022 to 2030, driven by rapid urbanization, growing awareness of smart systems, and population growth. Rising disposable income in countries like China, Japan, and India is expected to increase the purchase of four-wheelers. This is expected to drive demand for traffic management solutions to address traffic congestion issues
Main topics covered:
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Scope of research and assumptions
1.3 Analysis of information
1.4 Market Formulation and Data Visualization
1.5 Data validation and publication
1.6 List of abbreviations
Chapter 2 Executive Summary
2.1 Intelligent Traffic Management System Market – Industry Overview and Key Buying Criteria, 2017-2030
2.2 Global Intelligent Traffic Management System Market, 2017 – 2030
Chapter 3 Intelligent Traffic Management System Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Intelligent Traffic Management System Market – Value Chain Analysis
3.4 Intelligent Traffic Management System Market Dynamics
3.4 Intelligent Traffic Management System Market – COVID-19 Impact Analysis
3.5 Mapping penetration and growth prospects
3.6 Market analysis tools
Chapter 4 Solution Outlook of Intelligent Traffic Management System
4.1 Intelligent Traffic Management System Market: By Solution Segment, Outlook and Market Share 2020 & 2030
4.2 Traffic monitoring system
4.3 Traffic light control system
4.4 Traffic Control Camera
4.5 Integrated Corridor Management
4.6 Intelligent driver information system
Chapter 5 Regional Outlook of Intelligent Traffic Management System
5.1 Intelligent Traffic Management System Market Share by Region, 2021
5.2 North America
5.5 Central and South America
Chapter 6 Competitive Analysis
6.1 Global Key Players, Recent Developments and Their Impact on the Industry
6.2 Company categorization
6.3 Vendor landscape
Chapter 7 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/9ucagd
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220307005463/en/
Laura Wood, Senior Press Officer
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900