Pune, April 11, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global intelligent traffic management system market is expected to grow from USD 10.1 billion in 2021 to USD 31.07 billion by 2030, at a CAGR of 13.3% during the forecast period 2022-2030.
One of the primary elements driving ITMS demand is the increasing demand for displaying real-time traffic updates to passengers and drivers. Increased traffic efficiency allows mobility officials to respond to crises faster. These innovative solutions are expected to improve traffic control effectiveness while reducing travel time. Increased use of public transportation can aid in the reduction of greenhouse gas emissions and air pollutants. Furthermore, the usage of ITMS is expected to reduce carbon emissions and energy consumption.
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A traffic management system that is intelligent provides safety on the road, vehicle traffic, and accessibility. It also delivers real-time data for fast analysis and reaction to situations. Various nations are working to improve their traffic management network in order to alleviate road congestion. Deployment of telematics services in automobiles can significantly enhance a safe and secure environment. These services increase the safety of the driver, decrease fuel usage, improve driver behavior, and allow for cost savings. Telematics monitoring systems are commonly used in automobiles and involve remote access and activation of vehicles via radiofrequency.
Intelligent traffic control systems are based on the basic premise of radio frequency identification vehicle monitoring, can engage in real-time, improve traffic flow and safety, and are entirely automated, saving expensive continual human intervention. The most significant benefit of this system will be realized once every intersection in a city is managed by this traffic management system. Cities have recently been increasing at an exponential rate as a consequence of different world economies and modern lifestyles. The sustainability goals of cities, as well as urban growth, rely significantly on communication and information technology.
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Emerging innovations and smart devices connected to a network offer current and dependable solutions with the objective of constructing smart cities and enhancing the efficiency of municipal activities and services for residents. The industry is likely to acquire an enormous pace, fueled by increased worries about escalating accidents and air pollution produced by automobiles that reduce the visibility of highways and other transportation networks. A rise in expressway building to improve interstate connectivity is expected to benefit the worldwide development of the intelligent traffic management system market. Furthermore, government infrastructure development activities linked with growing road networks are expected to positively impact the growth of the worldwide intelligent traffic management system market.
Key players operating in the global intelligent traffic management system market are :
• Cubic Corporation
• Thales Group
• SNC-Lavalin Group (Atkins)
• General Electric Company
• International Business Machines Corporation
• Kapsch TrafficCom
• Siemens AG
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To enhance their market position in the global intelligent traffic management system market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• On March 20, 2021, Q-Free inked a contract with the West Virginia Division of Highways, a component of the West Virginia Department of Transportation. The groups hoped to deliver customized advanced traffic control technologies across the state through this arrangement.
• In 2020-Dec, TomTom formed a cooperation with Elektrobit, a global provider of automotive software applications. The firms hoped to demonstrate an electronic horizon concept for driving features and driverless cars through this collaboration by merging TomTom's auto stream with Elektrobotic's EB robinos Predictor.
• In November 2020, Siemens joined with ASFiNAG, the Austrian highway network's operational unit. Siemens will provide an intelligent traffic management system technology as part of this collaboration to enable improved communication of risk assessments among roads and cars.
In 2021, intelligent driver information system dominated the market with the largest market share of around 22.1% and market revenue of 2.23 billion.
The solution segment is divided into traffic monitoring system, traffic enforcement cameras, traffic signal control system, intelligent driver information system, integrated corridor management. In 2021, intelligent driver information system dominated the market with the largest market share of around 22.1% and market revenue of 2.23 billion. Driver Information Systems (DIS) offers the ability to increase driving safety and efficiency by giving drivers suggestions designed to improve their driving style. There is currently a substantial amount of material available dedicated to the development of efficient energy velocity profiles for developing driver interface or sustainable and environment systems. While the majority of them may be used to any car, their efficiency will be increased if their formulation takes into account the characteristics of the specific vehicle powertrain arrangement. Because fuel economy varies significantly for different driving styles, creating a method of optimizing driver behavior to maximize fuel efficiency is another technique to minimize fuel usage in existing vehicles.
In 2021, industries & commercial enterprise accounted for the largest share of the market with 36.12% and market revenue of 3.6 billion.
The spender type segment is divided into infrastructure enterprises & PPPs, industries & commercial enterprise, federal & provincial government. In 2021, industries & commercial enterprise accounted for the largest share of the market with 36.12% and market revenue of 3.6 billion. The demand for this segment is driven by factors such as how it enhances traffic circulation on roads controlled by traffic lights, reducing congestion and saving vehicles time and gas.
The surveillance cameras accounted for the largest market share with 35% for intelligent traffic management system in 2021 and market revenue of 3.53 billion.
The components segment is divided into traffic controllers & signals, video walls, surveillance cameras. The surveillance cameras accounted for the largest market share with 35% for intelligent traffic management system in 2021 and market revenue of 3.53 billion. Installing surveillance cameras at regular traffic congestion spots on roads, highways, interstate highways, and critical routes can give essential information on the reasons and intensity of the inadequate flow of traffic. When using a surveillance camera for road congestion tracking, users may benefit from full autonomy provided by video analytics.
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Regional Segment Analysis of the Intelligent Traffic Management System Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global intelligent traffic management system market, with a market share of around 37.4% and 3.77 billion of the market revenue in 2021. Due to several significant players in this region, Asia-Pacific is the greatest contributor in terms of market revenue. The APAC market is also being driven by rapid urbanization, increased awareness of intelligent machines, and expanding population. The rise in discretionary income in Japan, China, and India is predicted to stimulate the purchasing of four-wheelers. This is likely to increase traffic management technologies to alleviate road congestion.
About the report:
The global intelligent traffic management system market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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