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

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.