USD 11 billion
Intelligent Traffic Management System Market Size, Share, Growth Analysis, By Solution(Traffic Monitoring System, Traffic Enforcement Cameras, Intelligent Driver Information System, Traffic Signal Control System), By Components(Surveillance Cameras, Video Walls, Traffic Controllers & Walls, others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2097 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
65
|Figures:
75
Intelligent Traffic Management System Market Insights
Global Intelligent Traffic Management Market size was valued at USD 10.10 Billion in 2022 and is poised to grow from USD 11.42 Billion in 2023 to USD 30.58 Billion by 2031, by rising at a CAGR of 13.10% during the forecast period (2024-2031).
The increasing urban population and rapid industrialization have increased the number of vehicles plying on the roads which have resulted in heavy traffic congestion. Thereby, growing safety concerns and heavy green house emissions in urban area, are likely to boost the global intelligent traffic management system market during the forecast period. For instance, according to the European Joint Research Center (JRC), in Europe, around 1% of the region’s GDP are being used in road congestion.
The adoption of telematics services in vehicles can significantly improve safety and security. Enhancing driver safety, reduce fuel consumption, enable cost reduction and improve driver behavior are some major services and factors expected to have positive impact on the global intelligent traffic management system market in the coming years. According to our findings, about 62% of new cars sold worldwide, were functioned with an OEM embedded telematics system, which was up from around 51%.
The rising demand for presenting real-time traffic information to the passengers and drivers is one of the key factors likely to drive the market growth throughout the forecast period. In addition, advanced and improved traffic efficiency enables transportation authorities to respond and take-action to emergencies more quickly. For instance, TomTom introduced a new product named TomTom RoadCheck, a pioneering device for automated vehicles. This device enables car manufacturers to make better choices for safe spots for devices to activate the automated driving function.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Surveillance Cameras
Fastest Growth
Surveillance Cameras
Growth Rate
13.8% CAGR
Global Intelligent Traffic Management System Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Intelligent Traffic Management System Market Segmental Analysis
The global intelligent traffic management system market is segmented based on solution, component, and region. Based on solution, the market is segmented into Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Cameras, Integrated Corridor Management, Intelligent Driver Information System, and others. Based on component, the market is categorized into surveillance cameras, video walls, traffic controllers & signals, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and MEA.
Analysis by Solution
The traffic monitoring system segment accounted for a market share of 21.7% in 2023. Inadequate signal controls can lead to road congestion and increase the overall travel time to a large extent. The favorable government initiatives to develop traffic infrastructures, the emergence of smart city projects, and the growth of adaptive intelligent traffic controls & analytics are key factors in deploying traffic monitoring systems. Furthermore, rising traffic congestion and vehicle pollution have accelerated the need for Mobility as a Service (MaaS), which is anticipated to drive market growth over the forecast period.
The traffic signal control system segment is expected to grow at considerable CAGR of 14.0% over the forecast period owing to the data storage facilities, availability of highly reliable and low-cost sensors, and computing and networking infrastructure. Governments and businesses around the globe are exhibiting an optimistic transition toward smart transportation that complements transportation networks for the smart city.
Analysis by Component
By components, the market is categorized into surveillance cameras, video walls, traffic controllers & signals, and others. The surveillance cameras accounted for the largest market share with a contribution of 35% in 2021, and is expected to maintain its dominance throughout the forecast period. Due to their wide acceptance across the globe to improve traffic management, real-time insights, improving traffic flow the market is expected to have a significant rise over the forecast period. In addition, rise in the number of vehicles and increasing road congestion are expected to fuel the demand of the market. According to our findings, more than 155,000 smart artificial intelligence-based cameras will be in use by 2025 for effective traffic management, up from 33,000 in 2020.
Global Intelligent Traffic Management System Market By Component 2021 (%)
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Intelligent Traffic Management System Market Regional Insights
North America dominated the global intelligent traffic management system market with more than 34% of revenue share in 2021 and is anticipated to maintain its dominance throughout the forecast period owing to heavily investing in R&D, adoption of intelligent traffic management system, and implementation. Advancements in technology and tackling vehicular congestion for improving efficiency through real time insights are anticipating the revolution in traffic management system in the region.
Asia Pacific region is transforming quickly with the increasing demand for advanced technology and expansion in the transportation networks and is expected to grow at a significant CAGR over the forecast period. According to the UN 2017 world population prospects, the population of Asia’s is expected to reach 5.26 billion by 2050, and around 64% of this is projected to be from urban areas. Due to this, the demand for intelligent traffic management systems is expected to increase at a high rate in the countries, such as China, India, South Korea. Furthermore, the initiatives undertaken by government bodies of these regions are likely to fuel the growth and demand of the market.
Global Intelligent Traffic Management System Market By Geography, 2021-2028
- Largest
- Fastest
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Intelligent Traffic Management System Market Dynamics
Drivers
- Increasing propitious government initiatives by several government bodies across the globe to enhance road safety and boost operational performance of intelligent traffic management system. With the continuously increasing focus on smart cities, government are framing several strategies to achieve their mission through the deployment of smart systems. Nations such as U.S., Japan, and Dubai are heavily investing in various projects of intelligent traffic management as the implementation of these projects requires larger funds.
Public-Private Partnerships are the major driver behind the significant growth of intelligent traffic management. Because, intelligent traffic management system requires cooperation among various domains such as public sector companies, service providers, manufacturers, user groups, and telecom operators and that cannot be deployed by any individual stakeholder.
Restraints
- Sluggish growth in the infrastructural development is likely to be a factor restraining the market growth during the forecast period. The intelligent traffic management system requires a fast data speed for real time processing. Due to this, the infrastructure required to develop new technologies but it is not developing at the same rate as it need.
High cost of items and its deployment is another major factor expected to hinder the market growth in the coming years. Due to the high cost of equipment, a heavy investment required in the development projects of intelligent traffic management system, which is anticipated to have negative impact on the global market.
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Intelligent Traffic Management System Market Competitive Landscape
Global intelligent traffic management system marketis highly fragmented with the presence of several big players across the globe such as Cubic Corporation, Thales Group, General Electric Company. Product innovations, mergers, acquisitions, partnerships, and adoption are some of the major key strategies opting by several key players. For instance, in June 2021, Cubic Transportation systems, a subsidiary of Cubic Corporation, came into a partnership with CVEDIA, an artificial intelligence service provider.
Top Players in the Global Traffic Management Market
- Cubic Corporation (US)
- SNC-Lavalin Group (Atkins) (Canada)
- Thales Group (France)
- International Business Machines Corporation (IBM) (US)
- General Electric Company (US)
- Siemens AG (Germany)
- Kapsch TrafficCom (Austria)
- TomTom International BV (Netherlands)
- Q-Free ASA (Norway)
- TransCore (US)
- Dahua Technology Co. Ltd. (US)
- Quarterhill Inc. (Canada)
- Econolite Control Products Inc. (US)
- Baumer Holding AG (Switzerland)
- Cubic Corporation (US)
- Fujitsu Limited (Japan)
- Honeywell International Inc. (US)
- Cisco Systems, Inc. (US)
- Atos SE (France)
- ZTE Corporation (China)
- Moxa Inc. (Taiwan)
- Parkopedia (UK)
- Iteris, Inc. (US)
- Hitachi Ltd. (Japan)
Intelligent Traffic Management System Market Recent Developments
- In November 2020, Siemens partnered with ASFiNAG, the operating unit of the Australian highway network. Under this partnership, Siemens would offer an intelligent traffic management system technology to ensure more better and secure transmission of safety information between roads and vehicles.
- In January 2021, Dahua Technology, a leading video-centric smart IoT solution and service provider launched: WizSense/WizMind series which aims on the AI value transmission; HDCVI 6.0 Plus that offers continued advancement in over-coax technology, and Full-color 2.0 which provides excellent performance under extreme low light conditions.
Intelligent Traffic Management System Key Market Trends
- The intelligent traffic management system ensures traffic flow, road safety, and mobility. Further, these solutions also provide real time data for the immediate response on emergencies and analysis of the information of passengers and drivers at higher accuracy. Several countries across the world are putting their efforts to develop intelligent traffic management infrastructure in order to reduce road congestion and ensures more safety. All these factors are likely to boost the growth of the global intelligent traffic management system over the forecast period.
- Increase in adoption of intelligent traffic management system in the emerging countries such as India, Brazil, and South Africa would be a key driving factor for the market in the coming years. Due to continuously rising demand of advanced technologies in this sector emerging nations are rapidly increasing investments through several projects.
Intelligent Traffic Management System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global intelligent traffic management system market is witnessing a strong growth during the forecast period owing to increase in technology, adoption of advanced equipment, growing investments. In addition, favourable government initiatives by governments bodies of various developing nations is likely to fuel the demand of the market in the coming years. According to a report, there are more than 250 smart city projects currently running across the world, which is likely to have a significant contribution in the growth of global intelligent traffic management system market. However, high cost of equipment and heavy investment requirement in the developing projects are expecting to hinder the market growth during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.10 Billion |
| Market size value in 2031 | USD 30.58 Billion |
| Growth Rate | 13.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Intelligent Traffic Management System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Intelligent Traffic Management System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Intelligent Traffic Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Intelligent Traffic Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Intelligent Traffic Management System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Intelligent Traffic Management System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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