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
- Published Date:Mar-2022
- Pages: 101
- Format: PDF
- Report ID: PM2340
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global intelligent traffic management system market was valued at USD 7.8 billion in 2021 and is expected to grow at a CAGR of 11.1% during the forecast period. The increased advancements in Information and Communication Technology (ICT), the emergence of industry 4.0, machine automation, embedded structure, and the integration of data analytics in ITMS across the globe are expected to accelerate the demand for the intelligent traffic management system.
Know more about this report: Request for sample pages
As digital technologies proliferate, manufacturers will have attractive chances to diversify their product portfolios and provide clients with a wide choice of goods and services. Additionally, the development of intelligent transportation management systems is projected to be fueled by the growing demand to improve safety and reduce environmental and congestion issues worldwide throughout the forecast period.
Intelligent transportation control is essential for enhancing security, resolving difficulties with rising emissions, and reducing congestion. Transportation might be improved to be safer, more environmentally friendly, and more effective by integrating different information and communication technologies into all passenger and freight transportation modes.
The emergence of the Covid-19 pandemic has severely impacted the intelligent traffic management system market. The deadly disease outbreak disrupted the supply of parts and components that the structure manufacturers extensively use. Owing to the worldwide lockdown and stringent rules and regulations by several economies, the manufacturers were compelled to shut down their production facilities in order to curb the spread of the disease.
Furthermore, the schedule of several product launches by the major market players was delayed or postponed amid the covid-19 pandemic. Reduced transportation congestion on the road significantly contributed to the reduction in gas emissions, which lessened the demand for intelligent transportation management. The installation of systems and implementation of several projects was affected due to the limited labor and raw materials availability
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The global market for intelligent transport systems is expected to expand more quickly due to the fast rise in population and more significant investment in transportation infrastructure. One of the fundamental causes for the city's population to rise so quickly is urbanization. Finding solutions to provide intelligent transportation management in cities will probably open up profitable prospects for market participants as growing urbanization continues to impact the world economy.
Over the projection period, there will be an increase in demand for intelligent transport management systems due to the rising pollution and congestion issues as well as other environmental concerns. Due to the growing relevance of wireless connection communication in the intelligent transport system, it is also anticipated that the expanded rollout of the 5G network in several nations worldwide would spur market expansion.
Report Segmentation
The market is primarily segmented on the basis of product, components, and region.
|
By Product |
By Components |
By Region |
|
|
|
Know more about this report: Request for sample pages
Insight by Product
Based on product, the integrated urban traffic control system segment is expected to grow at the fastest pace over the forecast period. Many management and control applications use a single data communication standard and protocols under the urban traffic control system to share data. The demand for an integrated urban traffic control system is projected to rise as more computer applications are linked together to boost the efficiency of urban transportation.
The increasing need for pedestrians, cyclists, and the elderly to use the roads for walking necessitates proper management of the available road space through lane assessment, parking controls, turning bans, one-way street structures, and tidal flow schemes. This, in turn, is anticipated to increase demand for the integrated urban traffic control system.
Insight by Components
The detectors & sensors segment is projected to grow considerably in the global intelligent traffic management system market. Advancement in Information and Communication Technologies (ICT) in the areas such as hardware, software, and communications has led to the increased demand for detectors & sensors. These sensors are used to collect traffic information for signal control, and the data collected is transferred to the Vehicle Information and Communication System Center (VICS Center).
Additionally, roadside infrastructures such as cameras and sensors are being installed by government agencies to collect data on environmental and transportation conditions. The sensing and communication capabilities of cars and sensing devices may be utilized to develop smart and intelligent transportation by seamlessly integrating them.
A security camera is also expected to expand at a considerable CAGR throughout the predicted period. The drivers driving the market for security cameras are among the need to provide real-time data, optimize vehicle traffic flow, monitor junctions, and improve pedestrian safety. Intelligent transportation management and the commuter experience in urban planning are made possible based on communication and information technologies.
Geographic Overview
Asia Pacific is estimated to rise at the highest CAGR in the global intelligent traffic management system market. It is anticipated that factors like the increase in car ownership, which creates more parking issues, and the rising need for efficient transportation throughout the world would hasten the expansion of the intelligent transportation business.
The development of the market for intelligent transportation will also be accelerated by quick advancements in fields like data transmission, mobility, cloud computing, and sensors, which together make up the IoT architecture. However, a lack of uniformity and standardization in the solutions may give rise to compatibility issues, restricting the market's expansion.
Moreover, Europe is anticipated to grow at a considerable CAGR during the forecast period. In the near future, market growth is projected to be accelerated by the digitization of transportation in general and ITMS in particular. In order to enhance the management of the transportation network for passengers and companies, the European Commission intends to use more ITMS as part of its digital single market agenda. It is anticipated that the ITMS will be utilized to enhance operations and travels on specialized and combination modes of transportation.
Competitive Insight
Some of the major players operating in the global market include Chevron, Cisco, Cubic Corporation, FLIR, General Electric Company, Huawei, IBM, Kapsch TrafficCom AG, PTV Group, Q-Free ASA, Siemens AG, SWARCO, Thales Group, TomTom International BV, and Transcore.
Intelligent Traffic Management System Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 7.8 Billion |
|
Revenue forecast in 2030 |
USD 19.8 Billion |
|
CAGR |
11.1% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD Million/Billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Product, By Components, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Chevron, Cisco, Cubic Corporation, FLIR, General Electric Company, Huawei, IBM, Kapsch TrafficCom AG, PTV Group, Q-Free ASA, Siemens AG, SWARCO, Thales Group, TomTom International BV, and Transcore. |
License and Pricing
Purchase Report Sections
- Regional analysis
- Segmentation analysis
- Industry outlook
- Competitive landscape
Connect with experts
Suggested Report
- Irrigation Automation Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Aerosol Caps Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Automotive Traction Motor Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Gluten-free Products Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
- Agriculture Drones Market Share, Size, Trends, Industry Analysis Report, 2022 - 2030
© 2022 Polaris Market Research and Consulting. All rights reserved
