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Intelligent Traffic Management System Market

Intelligent Traffic Management System Market

Intelligent Traffic Management System Market By Spender Type (Infrastructure Enterprises & PPPs, Federal and Provincial Government, Industries & Commercial Enterprise), By Product Type, By Components - Global Review 2021-2031

Intelligent Traffic Management System Market
FACT319MR
  • Nov-2021
  • List of Tables : 156
  • List of Figures : 114
  • 170 Pages
  • Automotive

Intelligent Traffic Management System Market Outlook

Intelligent traffic management systems have greatly revolutionized the way road traffic is managed. Fact.MR has recently published a report on the market, forecasting a valuation of US$ 17.75 Bn by 2021-end. By the end of the 2021-2031 assessment period, the market is expected to reach US$ 34 Bn, registering a CAGR of 6.7%. Demand for integrated urban traffic control will surge the highest, at a CAGR of 7%.

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Key Points Covered in Intelligent Traffic Management System Industry Analysis

  • Market Estimates and Forecasts 2016-2031
  • Key drivers and restraints shaping market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Intelligent Traffic Management Systems and How to Navigate
  • Recommendation on a Key Winning Strategy

Sales Analysis of Intelligent Traffic Management Systems 2016-2020 Vs Future Outlook 2021-2031

Over the past half decade, roadway infrastructure has witnessed huge transformation with the innovation in automotive sector and incorporation of new technologies. Owing to this, the market worth for intelligent traffic management system registered a CAGR worth 10%.

Prospects declined significantly in H1-2020, attributed to the recessionary impact induced by the COVID-19 pandemic. A decline in global automotive production due to closure of factory operations significantly impacted market demand for intelligent traffic management systems. Simultaneously, unwavering efforts by key automotive companies to develop more advanced forms of transport kept demand afloat.

With the emergence of the Internet of Things and its applicability in Smart Cities, creates a perfect platform for addressing traffic-related issues, thus leading to the establishment of Intelligent Traffic Management Systems (ITMS). The global demand is likely to upsurge in the next decade to reach nearly US$ 34 Bn throughout the forecast period 2021-2031, expanding more nearly 2x.

An Adaptive Approach to Modern-day Research Needs

Growing Need to Respond to Traffic Emergencies Augmenting Growth Prospects?

As urbanization rates expand, demand for public and private transport infrastructure is rising. Consequently, the volume of traffic on the roads is also rising. Unfortunately, while commuting has become easy, incidence of accidents and associated fatalities have also risen, that too exponentially. Annually, 1.35 million people succumb to road accidents across the world.

Road traffic injuries are the leading killers of people aged 5-29 years, with a disproportionately large burden borne by pedestrians, cyclists and motorcyclists, particularly in developing countries. To alleviate this burden, various technology and automotive manufacturers are deploying intelligent traffic management systems.

In August 2021, for instance, researchers at the Indian Institute of Technology (IIT) Mandi have developed a Smart Road Monitoring System to help manual intervention in traffic management and prevent accidents caused at sharp or blind turns. As per this team, the system can be used for speed detection, vehicle counts, enhanced traffic control and road usage through MEMS and IoT technologies.

Increasing Vehicle Ownership to Encourage Adoption of ITM Systems?

The population of on-road vehicles is relentlessly rising, especially passenger vehicles, which is likely to touch the 2 billion milestone by the end of 2040. Booming government initiatives for infrastructural development lined with improving road networks will not only save time but also the hard-earned money of commuters globally.

Several countries are converging on efficient monitoring of traffic movements with the implementation of advanced technologies that provide quick reactive measures and reduce the effects of unavoidable disaster. This is one the latest trends prevailing in the intelligent traffic management systems market.

Emergence of connected vehicles which require seamless communication platforms may influence the adoption of intelligent traffic management systems for proper functioning and subsequently guide the future expansion of the market.

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Country-wise Analysis

Why is China Witnessing Upward Growth in Intelligent Traffic Management Systems?

China is one of the most prominent countries adopting intelligent traffic management systems, accounting for a revenue share worth 45%. China's smart transportation development started late but caught up at a high speed. The recently held Fifth Plenary Session of the 19th CPC Central Committee, China's premier political decision body, proposed to promote infrastructure construction in a coordinated manner, build national strength in transportation and accelerate digital development with more than 30 experimentation units.

The Chinese ancient-walled city of Xi’an has deployed an intelligent traffic management system to help improve traffic flow and reduce journey times. While economic growth has enabled the city to develop, its border of tall and ancient walls places great restriction on the city’s daily movement – especially to its burgeoning traffic.

In August 2020, the Ministry of Transport issued the Guideline on Promoting the Construction of New Infrastructure in the Transport Sector issued by the Ministry of Transport, listing a number of new infrastructure application scenarios in the transport sector, such as 5G, autonomous driving, and BeiDou navigation applications.

What’s Fuelling Sales of Intelligent Traffic Management Systems in the U.S?

With revolutionary innovations in the ICT sector, North America is likely to remain the most attractive market for intelligent traffic management systems, while the United States accounts for relatively high revenue share in the region.

The U.S continues to be at the forefront of intelligent traffic management systems market, crossing an estimated value of US$ 4.5 Bn in 2021. Tackling vehicular congestion for improved efficacy of transport capacity through the exchange of real-time information on traffic conditions and infrastructure is anticipated to stimulate the market for ITMS.

The Advanced Transportation and Congestion Management Technologies Deployment Initiative by the U.S. Department of Transportation has proven to be a milestone in assisting public transportation system operators. Soaring adoption of cloud computing and data analytics for smart parking solutions and avoid collision in country has added a new chapter for the market expansion of intelligent traffic management systems in the U.S.

Intelligent traffic management system market forecast analysis by Fact.MR

Category-wise Analysis

Why Emergency Response Systems are Gaining Huge Popularity Worldwide?

Recently, emergency response systems (ERS) have become commonplace and consumer friendly due to their extensive benefits and unique features. Although originally designed for senior citizens with health issues who lived alone, the appeal has now expanded to include anyone who wants to enjoy independence without sacrificing personal security. A CAGR of 5% is projected for this segment.

In the current scenario, communities are exposed to augmented hazards allied with industry, crime, and proximity to natural risks such as wildfires, earthquakes, flooding, and severe weather conditions.  Increased exposure means emergency response requests are more frequent, complex, and dangerous. For instance, Rolta’s unique GeoCADS (Computer Aided Dispatch System) has been developed based on the concept of ‘Universal Emergency Number’ – Dial 100, for addressing the complex and dynamic needs of the society.

Why Integrated Urban Traffic Control Systems Bags the Largest Revenue Share?

In terms of product type, integrated urban traffic control systems are prospective to earn greater traction, expanding at a CAGR of 7% over the forecast period. Holding 16.9% value share, the segment contributes highest revenue to the intelligent traffic management systems market, and the trend is expected to continue during 2021-2031.

Intelligent algorithms that use information about current traffic conditions to predict future traffic loads and support decisions on optimal traffic and network control measures – variously to minimise delays, improve traffic throughput, reduce the amount of stopping and starting, vehicle emissions and fuel consumption.

Computerised traffic signal control, also known as Urban Traffic Control (UTC), has become the norm for large towns and cities. In dense urban networks there are clear benefits from using computers to harmonise traffic control to balance demands and flow.

Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground.

  • In January 2021 Dahua Technology, a world leading video-centric smart IoT solution and service provider launched: WizSense/WizMind series which focus 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, driving innovation to an AIoT future.
  • In the same time period, Q-Free ASA launched Kinetic Signals to manage traffic signals centrally. Kinetic Signals features a comprehensive intersection editor, interactive reporting, built-in ATSPMs, and a detail-rich database management system to efficiently control and monitor traffic signals in real-time across cities, states, and regions.

Report Scope

Attribute Details
Market Size Value in 2021 USD 17.75 Billion
Market Size Value in 2031 USD 34 Billion
Growth Rate CAGR of 6.7% from 2021 to 2031
Forecast Period 2021-2031
Historical Data Available for 2016-2020
Market Analysis US$ Mn for Value & Units for Volume
Key Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa
Key Countries Covered
  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Brazil
  • Mexico
  • Argentina
  • GCC   
  • South Africa
Key Companies Profiled
  • Quarterhill Inc.
  • Q-Free ASA
  • IBM Corporation
  • Siemens AG
  • Dahua Technology Co. Ltd.
  • Beijing E-Hualu Information Technology Co. Ltd
  • Econolite Control Products, Inc.
  • Baumer Holding AG
  • Iteris Inc.
  • Kyosan Electric Manufacturing Co. Ltd.

Key Segments Covered

  • Product Type

    • Integrated Urban Traffic Control System
    • Variable / Dynamic Message Signs
    • Emergency Response Systems
    • Border Control System
    • Electronic Toll Collection System
    • Parking Management System
    • Violation and Measurement Systems
    • Tunnel Management System
    • Freeway Management System
    • Other Systems
  • Spender Type

    • Infrastructure Enterprises & PPPs
    • Federal and Provincial Government
    • Industries & Commercial Enterprise
  • Components

    • Traffic Controllers and Signals
    • Surveillance Cameras
    • Video Walls
    • Server
    • 3D Simulators
    • GUI Workstation
    • Detectors & Sensors
    • Other Components

- FAQs -

As of 2021, sales of intelligent traffic management systems are estimated to reach US$ 17.75 Bn

From 2016 to 2020, sales of intelligent traffic management systems expanded at 10% CAGR

According to fact.MR, the market is projected to grow at a CAGR of 6.7% to reach US$ 34 Bn by 2031

The population of on-road vehicles is relentlessly rising, especially passenger vehicles, which is likely to touch the 2 Bn milestone by the end of 2040. Booming government initiatives for infrastructural development lined with improving road networks

Rapid penetration of smart cities in emerging countries like India that implement IT solutions for smart parking, video surveillance, and prioritization of public transport may largely influence the adoption of intelligent traffic management

According to Fact.MR, the U.S is likely to generate US$ 4.5 Bn in revenue in 2021 for intelligent traffic management systems

China is expected to yield a market share worth 45% from 2021-2031

Q-Free ASA, IBM Corporation, Siemens AG, Dahua Technology Co. Ltd., Beijing E-Hualu Information Technology Co.,Ltd. Econolite Control Products, Inc., Baumer Holding AG., Iteris, Inc., and Kyosan Electric Manufacturing Co., Ltd., are some prominent prov

The Integrated urban traffic control system remains the fastest growing segment, clocking a CAGR worth 7%

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

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