Intelligent Traffic Management System Market Share Drives to 18.7 billion, at a CAGR of 11.2% by the end of 2028
Research Reports
Jun 07, 2022
The Intelligent Traffic Management System market is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
Intelligent Traffic Management System Market Overview
According to the MRFR analysis, the global Intelligent Traffic Management System market size was valued at around USD 8.1 billion in 2020 and is expected to reach around USD 18.7 billion by the end of 2028 at a CAGR of 11.2%.
An intelligent traffic management system is an advanced application that aims to provide innovative services related to traffic management and different modes of transport. It enables users to be better informed, efficient, more coordinated, and make smarter use of transport networks. It improves the mobility of goods and people, reduces traffic congestion, and increases safety. It also meets the transport policy objectives, such as public transport priority measures. In this system, communication and information technologies are functional in the fields of road infrastructure, users, road transport, vehicles, and traffic management. This system plays an important role in delivering an efficient and effective means of mass evacuation of people in situations such as fires, natural disasters, terrorist attacks, and riots.
Intelligent Traffic Management System market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Intelligent Traffic Management System Market are,
- Siemens AG (Germany)
- Quarterhill Inc. (Canada)
- Thales Group (France)
- Q-Free ASA (Norway)
- Baumer Holding AG (Switzerland)
- IBM Corporation (U.S.)
- Dahua Technology Co. Ltd. (U.S.)
- Beijing E-Hualu Information Technology Co. Ltd (China)
- Econolite Control Products
- Inc. (U.S.)
- Iteris Inc. (U.S.)
Most important Segments of Intelligent Traffic Management System market covered in this report are,
By Solution
- By solution, the market is segmented into Traffic Monitoring System, Traffic Signal Control System, Integrated Corridor Management, Traffic Enforcement Camera Intelligent Driver Information System, and Others.
By Offering
- By offering, the market is segmented into hardware, software, and services.
Intelligent Traffic Management System Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Intelligent Traffic Management System Market.
- Intelligent Traffic Management System Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Intelligent Traffic Management System Market market-leading players.
- Conclusive study about the growth plot of Intelligent Traffic Management System Market for forthcoming years.
- In-depth understanding of Intelligent Traffic Management System Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Intelligent Traffic Management System Market.
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The global Intelligent Traffic Management System market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Regional Analysis
North America: North America accounted for the second-largest share in the global market due to advancements in communication technologies that enhancing the revolution of the transportation network.
Europe: Europe recorded a significant growth in the global Intelligent Traffic Management System as the use of automobiles in Europe has been growing steadily due to the rising per capita disposable income among individuals.
Asia-Pacific: Asia-Pacific accounted for the largest market share and is projected to witness the fastest growth in the market. This is mainly attributed to the rapid growth of population in developing nations have increased the deployment of Intelligent Traffic Management System.
Latin America: The Latin American market is projected to witness notable demand for Intelligent Traffic Management System owing to presence of automotive OEMs and increasing adoption of advanced technology.
Middle East & Africa: The demand for Intelligent Traffic Management System is rising due to the owing to the investor-friendly policy framework for automobile and component manufacturing in countries including Saudi Arabia, Qatar, and Egypt.
LIST OF TABLES
Table 1: Global Intelligent Traffic Management System Market, By Region, 2019–2028
Table 2: North America: Intelligent Traffic Management System Market, By Country, 2019–2028
Table 3: Europe: Intelligent Traffic Management System Market, By Country, 2019–2028
Table 4: Asia-Pacific: Intelligent Traffic Management System Market, By Country, 2019–2028
Table 5: Middle East & Africa: Intelligent Traffic Management System Market, By Country, 2019–2028
Table 6: Latin America: Intelligent Traffic Management System Market, By Country, 2019–2028
Table 7: Global Intelligent Traffic Management System Product Market, By Region, 2019–2028
Table 8: North America: Intelligent Traffic Management System Product Market, By Country, 2019–2028
Table 9: Europe: Intelligent Traffic Management System Product Market, By Country, 2019–2028
Table 10: Asia-Pacific: Intelligent Traffic Management System Product Market, By Country, 2019–2028
Table 11: Middle East & Africa: Intelligent Traffic Management System Product Market, By Country, 2019–2028
Table 12: Latin America: Intelligent Traffic Management System Product Market, By Country, 2019–2028
…Continue.
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