Intelligent Traffic Management System Market: Global Industry Analysis And Forecast (2022-2029)

Intelligent Traffic Management System Market size was valued at USD 9.5 Bn. in 2021 and the total Collaboration Display revenue is expected to grow at CAGR 13% from 2022 to 2029, reaching nearly USD 25.25 Bn.
Intelligent Traffic Management System Market Overview:
Intelligent traffic management utilizes a variety of technologies and data sources to govern or support traffic control based on real-time traffic congestion levels and other variables. As, Intelligent traffic management improves safety, reduces congestion, promotes roadway efficiency, and improves emergency response and transit system operations, all while interacting directionally with cars on the road, the demand for the Intelligent Traffic Management System (ITMS) is increasing tremendously. Some intelligent traffic management systems incorporate transit data, such as timetable and on-time performance data for scheduled bus and rail lines attracts consumers. Additionally, intelligent traffic management contributes to the creation of a large database of mobility data, which can be used to enhance future traffic and mobility driving the growth of the market. As it benefits both drivers and passengers while also benefiting the city.

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Report Scope:
The report aims to provide industry stakeholders with a thorough study of the global Intelligent Traffic Management System Market. The research examines complicated data in simple language and presents the historical and current industry trends, as well as forecasted market size and prospects. The report examines all areas of the industry, including a detailed examination of leading companies such as market leaders, followers, and new entrants. The research includes a PORTER and PESTEL analysis, as well as the possible influence of market microeconomic aspects. External and internal aspects that are expected to affect the industry positively or adversely have been studied, providing decision-makers with a clear future vision of the industry. The studies also aid in understanding the dynamic and structure of the Digital Marketing Courses Market by studying market segments and forecasting the Intelligent Traffic Management System Market size. The report serves as an investor's guide by providing a clear depiction of competition analysis of key competitors in the Intelligent Traffic Management System Market by segment type and regional presence.
Research Methodology:
The Global Intelligent Traffic Management System Market report assesses the market for the forecast period. The market outlook segment of the study focuses on the basic characteristics of the market, such as the industry's drivers, constraints, opportunities, and challenges. The study includes several divisions as well as an analysis of the trends and aspects that are important in the industry. The data provides a thorough examination of the current fast advances in all business categories. Facts and numbers, graphics, and presentations are used to give key data analysis for the historical period from 2017 through 2021. This MMR report includes investor suggestions based on a thorough examination of the Intelligent Traffic Management System market's current competitive environment.

Primary research is conducted after the secondary research to validate the data collected in the secondary research. Secondary research is carried out to determine segment characteristics, qualitative and quantitative data, and the factors driving the market growth. Press releases, organization annual reports, government websites, and market research papers were used as secondary sources for the research. Primary research is done through Interviews, surveys, key opinions from stakeholders, experienced professionals, etc. Current developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the influence of domestic and major & localized market players, changes in market regulations, and strategic market growth analysis are also included in the research.
Intelligent Traffic Management System Market Dynamics:
Artificial intelligence is being utilized to address the traffic problem and is a major driver for the market.

Artificial intelligence (AI) is the technique of emulating human intellect using computers. These processes include "data acquisition" and "information manipulation," as well as "reasoning," which is the use of rules to arrive at a set of findings and self-improvement. This technology is being utilized in a variety of sectors, including traffic management systems. According to the BBC, artificial intelligence can eradicate traffic congestion. Artificial intelligence should not be employed only because it is trendy; rather, it should be used to help the creation of a better and more intelligent society. Almost every industrialized country is currently using or attempting to deploy artificial intelligence in its traffic control systems to avoid accidents.

Inadequate Infrastructure and an Increase in the Number of Vehicles driving the market growth.

As the population of an urban region grows, so does traffic congestion. The way modern civilization works has resulted in this gridlock. The vast majority of individuals in the United States, for example, utilize private automobiles for two reasons. One is that the majority of Americans live in low-density areas with inadequate public transportation options. Second, privately owned vehicles are convenient and comfortable. About 87.9% of people in the United States use private transportation, which contributes to traffic congestion. As household incomes climb around the world, more individuals are opting for privately owned vehicles and trucks over slower, less expensive modes of transportation. Developed countries such as the United States, the United Kingdom, and Germany are implementing a variety of efforts to encourage the use of public transit. Thus, in the coming years, investments in the traffic management market are projected to be driven by the need to upgrade current transportation infrastructures and the growth of ICT systems.

Slow development in the infrastructure sector restraining the market growth.

For real-time data processing, the traffic management system requires a lot of data speed. As a result of this necessity, the infrastructure required to implement new technology is not developing at the same rate as the technology itself. The high expense of replacing existing equipment necessitates significant capital expenditures. Various governments have set limits on their ability to invest in road infrastructure. The availability of existing infrastructure allows traffic management businesses to approach the governments of various countries for traffic system upgrades and traffic congestion reduction in their respective countries. The traffic management system also necessitates system and infrastructure upgrades regularly. More investments in traffic management systems would have an impact on the country's liquidity, and hence on traffic management.

The presence of multiple sensors and touch points exacerbates data acquisition and is a major challenge for market growth.

To synthesize the data generated by numerous touch points and sensors, data fusion is used. It aids in the reduction of measuring system blind spots and difficulties. Many sensors, including loop detectors, ultrasonic wave detectors, pedestrian sensors, and cameras, are used in traffic management systems. All of these things generate massive volumes of data. Synthesizing and combining all of the raw data generated by various touch points to obtain useful traffic information such as speed, trip durations, and congestion is a tough process that frequently leads to system failure. As a result, implementing a multi-sensor data fusion solution that combines all recorded signals to produce a more educated traffic control environment is a huge difficulty.
Intelligent Traffic Management System Market Segment Analysis:
By Spender Type, the Industries & Commercial Enterprise segment held the largest market share of about xx% in 2021 and is expected to continue its dominance at the end of the forecast period. The factors that boost the segment growth attributed to better mobility on traffic-controlled roads, resulting in reduced overcrowding and saving passengers time and gas, are driving the market for this segment. The rapid growth in the world population has resulted in a tremendous demand for smart city initiatives. Commercial enterprises (CEs) play a vital role in the growth and development of the Intelligent Traffic Management System market. CEs have gained a lot of attention globally in recent years because of their enormous contributions to both developed and developing nations. Commercial enterprise is a complex commercial system with characteristics such as openness, self-organization, and order, which generates added value through the sale of goods through staff members and effective management of commercial enterprise and is in a constant state of dynamic development.

By Components, the Surveillance Cameras segment is expected to grow rapidly during the forecast period. Smart traffic systems rely on communication and information technology to improve traffic management and commuting experiences in urban planning. Cameras embedded in smart traffic systems give real-time traffic insights and help to improve traffic flow. The transportation industry is critical to achieving a smart city. The present rise in vehicle numbers, however, is not being matched by an increase in road capacity. Congestion may increase the number of accidents, hamper economic growth, and increase greenhouse gas emissions. At the moment, traffic congestion is regarded as a danger to urban life. Suffering as a result of excessive automobile traffic, inadequate infrastructure, and ineffective traffic management has reached the breaking point. Because route judgments are often decided in a short period, the data display must be very imaginable. Furthermore, the data supplied by the transportation system is difficult to analyze and, at times, ineffective in particular industries. To address these problems, a novel computer vision-based traffic management system is suggested that integrates a wireless sensor network (WSN) with a visual analytics framework.
Intelligent Traffic Management System Market Regional Insights:
North America held a major revenue share of about 30% in 2021 for Intelligent Traffic Management System and is expected to dominate the market at the end of the forecast period. The United States Department of Transportation (DOT) has made significant investments in ITMS R&D, implementation, and adoption. Regional governments' considerable emphasis on developing transportation infrastructure drives adoption during the forecast period. Advances in communication technology and addressing vehicular congestion for increased efficacy of transport capacity through real-time interchange are forecasting a revolution in the region's transportation network. The rapid use of mobile and radio devices with short-range dedicated technology enables drivers throughout the region, creating the need for ITMS solutions.

Various countries, including the USA, China, India, France, Russia, Germany, and others, are constantly proceeding towards AI and Industry 4.0 implementations across the respective regions owing to increasing digitization and automation across various industry verticals, including transportation and consumer services and others. In addition, digital trade is considered a broad concept, capturing data flows across global value chains, services that enable smart manufacturing, and other platforms and applications. As nations create policies to benefit their domestic industries, international disputes over digital trade are estimated to be more frequent and consequential. Provisions governing digital trade can be seen in new trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPATPP), a free trade agreement between 11 countries in the Asia-Pacific region that is considered o augment the political relations of the countries on the grounds of digital trade, IoT, and others.

The Asia-Pacific region is becoming more and more urbanized and hence experiencing rapid development in the regions. The obvious result is that traffic congestion becomes more complex and exacerbates the already high negative economic impacts. Information and communication technology can mitigate these effects. ITS improves traffic efficiency and safety and has positive consequences for sustainable development. Initially promoted primarily by developed countries (US, Japan, and some European countries), but in developing countries facing the urgent need to improve traffic in fast-growing cities and hence, it is being used more and more. ITS is also often tailored to the specific needs of developing countries, and with the recent developments in information and communication technologies such as open data and big data analytics capabilities, ITS has become the specific needs of developing countries. DSRC is a wireless communication protocol, a short- and medium-range standard, widely used worldwide as a communication module for Electronic Toll Collection Services21 (ETCS), and operates over a wide frequency bandwidth. Examples of DSRC use in Electronic Train Control systems (ETCS) in developing countries include the "FASTag" system implemented in India and South Korea, DSRC is mainly implemented in the Daejeon area and has been successfully used in the world's first traffic information service. Countries in Japan and Western Europe have made similar efforts, but have shown great interest in using wireless standards for the development of many ITS services, such as traffic data collection and bus information services (BIS).
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Intelligent Traffic Management System Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 9.5 Bn.


Forecast Period 2022 to 2029 CAGR:
13%
Market Size in 2029:
US $ 25.25 Bn.


 Segments Covered:
by Product Type
• Integrated Urban Traffic Control System
• Variable / Dynamic Message Signs
• Emergency Response Systems
• Border Control System
• Electronic Toll Collection System
• Parking Management System
• Violation And Measurement Systems
• Tunnel Management System
• Freeway Management System


by Components
• Traffic Controllers And Signals
• Surveillance Cameras
• Video Walls
• Server
• 3D Simulators
• GUI Workstation
• Detectors & Sensors
• Other Components


by Spender Type
• Infrastructure Enterprises & Ppps
• Federal And Provincial Government
• Industries & Commercial Enterprise



Intelligent Traffic Management System Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Intelligent Traffic Management System Market Key Players
• Cubic Corporation
• SNC-Lavalin Group (Atkins)
• Thales Group
• International Business Machines Corporation
• General Electric Company
• Siemens AG
• Kapsch TrafficCom
• TomTom International BV
• Q-Free ASA
• TransCore
• IBM Corporation
• Dahua Technology Co., Ltd.
• Beijing E-Hualu Information Technology Co., Ltd.
• Econolite Control Products, Inc.
• Baumer Holding AG.
• Iteris Inc. (U.S.)
• Quarterhill Inc. (Canada)
• Fujitsu
• Imtech
• SWARCO

FAQs:

1. Which is the potential market for the Collaboration Display in terms of the region?
Ans. North America is the potential market for the Collaboration Display in terms of the region.

2. What is the Challenge for new market entrants?
Ans. The presence of multiple sensors and touch points exacerbates data acquisition and is a major challenge for market growth.

3. What is expected to drive the growth of the Intelligent Traffic Management System Market in the forecast period?
Ans. Artificial intelligence is being utilized to address the traffic problem and is a major driver for the market.

4. What is the projected market size & growth rate of the Intelligent Traffic Management System Market?
Ans. Intelligent Traffic Management System Market size was valued at USD 9.5 Bn. in 2021 and the total Collaboration Display revenue is expected to grow at 13% from 2022 to 2029, reaching nearly USD 25.25 Bn.

5. What segments are covered in the Intelligent Traffic Management System Market report?
Ans. The segments covered are Product Type, Components, Spender Type, and, Region.