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

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). 

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. '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) '

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.  

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.

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.