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Intelligent Traffic Management System Market

Intelligent Traffic Management System Market by Product Type (Integrated Urban Traffic Control System, Border Control System, Emergency Response Systems, Other), by Spender Type (Infrastructure Enterprises & PPPs, Others), by Components - Global Market Insights 2022-2032

Analysis of Intelligent Traffic Management System market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Intelligent Traffic Management System Market Outlook

The intelligent traffic management system market reached a valuation of US$ 17.75 Billion by 2021Y, and is likely to register a Y-o-Y growth rate of 6.0% in 2022, closing at US$ 18.94 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.7% CAGR, reaching US$ 36.22 Billion.

The increasing demand for presenting real-time traffic information to drivers and passengers is one of the key factors driving the demand for Intelligent Traffic Management System market. Improved traffic efficiency enables transportation authorities to respond to emergencies more quickly.

These advanced systems are predicted to maximize the effectiveness of traffic management and also help reduce traveling duration. The rising adoption of public transportation can help reduce carbon dioxide emissions and airborne pollutants. In addition, there is an estimated reduction in greenhouse gas emissions and fuel consumption with the use of ITMS.

The increasing urban population and speedy industrialization have increased the number of vehicles plying on the roads which have triggered heavy traffic congestion. Thereby, large volumes of CO2 emissions, and safety concerns for urban planners, are assumed to impact the market growth.

For instance, according to the European Joint Research Centre (JRC), road congestion in Europe costs around 1% of the region's GDP. Mitigating the issue has become the foremost priority of most urban infrastructure development and management bodies in the region. The ITMS also requires smart mobility solutions that can play a vital role in addressing all these issues and solutions and fostering the market growth.

Report Attribute

Details

Anticipated Base Year Value (2021)

US$ 17.75 Billion

Expected Market Value (2022)

US$ 18.94 Billion

Projected Forecast Value (2032)

US$ 36.22 Billion

Global Growth Rate (2022-2032)

6.7% CAGR

Expected Growth Rate of Chinese Market (2022-2032)

6.6% CAGR

Anticipated Growth Rate of the US Market (2022-2032)

6.5% CAGR

Prominent Intelligent Traffic Management System Service Players

  • 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.

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2017-2021 Revenue Analysis of Intelligent Traffic Management System Market vs. Growth Outlook 2022-2032

According to Fact.MR- a market research and competitive intelligence provider - sales of Intelligent Traffic Management System products experienced an incline at around 3.3% value CAGR from 2017-2021.

Over the past halfa-decade, roadway infrastructure has witnessed huge transformation with the innovation in automotive sector and incorporation of new technologies. 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 Billion throughout the forecast period 2022-2032, expanding more nearly 2x.

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Key Market Drivers Influencing Intelligent Traffic Management System Industry Expansion

Advancements in VR and AI to Foster Market Growth Prospects

The increasing advancements in artificial intelligence and virtual reality show promise to enhance transportation networks across the globe. These technologies include a head-up display for motor transit and creation of visualization. They help drivers and they aid other transportation system users. AI has the potential to create changes in the modeling of the system.

Traffic management solutions providers are adopting AI. For instance, in March 2020, Lilin - a Taiwanese manufacturer of IP video-based systems - unveiled an AI-based traffic management system named Aida ALPR series along with a range of surveillance cameras and other innovative city equipment. This complete system provides accurate object detection for plate recognition, vehicle speed detection, parking spot detection, truck, motorbike, and pedestrian violations.

High Incidence of Accidents to Accelerate the Market Growth

With the number of accident-related deaths reaching alarming levels, governments in various countries have imposed legislation and issued fines to improve road safety. However, this has done little to reduce the number of people killed in car accidents. As a result, countries are moving towards the adoption of traffic management systems to prevent road accidents.

According to Ministry of Road Transport & Highway Transport Research Wing of New Delhi, India, in 2019 there were total 449,002 accidents reported by States and Union Territories (UTs) and out of that, nearly 33% (1,51,113) persons were killed, and more than 4,51,361 people were injured. Such situations are creating pressure on authorities to adopt advanced traffic management system, hence driving the market.

Know thy Competitors

Competitive landscape highlights only certain players
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Key Challenges encountered by Intelligent Traffic Management System Industry

Slow Development in Infrastructure Sector to Hinder the Market Prospects

For real-time data processing, the traffic management system requires a lot of data speed. As a result of this necessity, the infrastructure required to implement new technology is not developing at the same rate as the technology itself. The high expense of replacing existing equipment necessitates significant capital expenditures.

Various governments have set limits on their ability to invest in road infrastructure. The availability of existing infrastructure allows traffic management businesses to approach the governments of various countries for traffic system upgrades and traffic congestion reduction in their respective countries.

The traffic management system also necessitates system and infrastructure upgrades regularly. More investments in traffic management systems would have an impact on the country's liquidity, and hence on traffic management.

Financial Crisis in Some Emerging Economies to Impede the Market Prospects

Ongoing financial crisis in some parts of the world may hamper the market growth to some extent. The implementation and deployment of such intelligent systems requires active investments from the government. The COVID-19 pandemic has caused a further surge in financial crisis in many countries, which may act as a roadblock to market growth.

Country-wise Analysis

How will the Growth of Intelligent Traffic Management System Market Escalate across China?

Smart Transportation Development to Enhance the Market Prospects

China is one of the most prominent countries adopting intelligent traffic management systems, accounting for a revenue share worth 45%, and is expected to account for a CAGR of 6.6%. 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.

How will the U.S Perform in the Global Intelligent Traffic Management System Industry Landscape?

Increasing Innovations in ICT Sector to Boost the Market Growth

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 Billion 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 US. According to Fact.MR, the region will likely accelerate at a CAGR of 6.5% through 2032.

Country-wise Forecast CAGRs for the Intelligent Traffic Management System Market

Country CAGR

China

6.6%

US

6.5%

Germany

6.4%

India

6.4%

UK

6.3%

Category-wise Insights

Which is the Most Sought-after Product Type Category?

Integrated Urban Traffic Control Systems Segment to Dominate the Intelligent Traffic Management System Market

In terms of product type, integrated urban traffic control systems are prospective to earn greater traction, expanding at a CAGR of 6.6% 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 2022-2032.

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 minimize delays, improve traffic throughput, reduce the amount of stopping and starting, vehicle emissions and fuel consumption.

Computerized 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.

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 6.5% 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.

Intelligent Traffic Management System Market- Competitive Landscape

Prominent players in the Intelligent Traffic Management System Industry are taking advantage of the rapidly increasing demand for the Intelligent Traffic Management System in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

  • In July 2022, Indra, a leading global technology engineering company catering to the aerospace, defense and mobility sectors, has been awarded a contract with Trans Urban in the U.S. to implement its pioneering solution for the automatic scanning and detection of high occupancy vehicles (HOV) in the I-95, I-495, and I-395 express lanes in northern Virginia.
  • In April 2022, as part of the InTranSE- II programme, the Indian Ministry of Electronics and Information Technology (MeitY) launched a number of apps under the Intelligent Transportation System (ITS) to enhance the traffic situation in India. The Centre for Development of Advanced Computing (CDAC) and Indian Institute of Technology Madras collaborated to create an indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMART iot Connectiv (CoSMiC) software (IIT-M). The project's industrial partner, according to a statement from the government, was Mahindra and Mahindra.
  • In May 2021, L&T, a leading technology services company, collaborated with Intel to develop an AI-based smart parking guidance solution. This solution can be installed in outdoor public areas such as stadiums, airports, office campuses, and shopping malls and also provides real-time occupancy tracking without the use of sensors through AI-enabled surveillance for operators through augmented video analytics.

Key Segments Covered in the Intelligent Traffic Management System Industry Survey

  • By 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
  • By Spender Type :

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

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

    • North America
    • Latin America
    • Europe
    • Japan
    • APEJ
    • Middle East Africa

- Premium Report Details -

Intelligent Traffic Management System Market
  • FACT319MR
  • Oct-2022
  • Automotive
  • 170 Pages
  • 156 Tables
  • 114 Figures

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As of 2022, Fact.MR expects the Intelligent Traffic Management System industry to be valued at US$ 18.94 Billion.

Integrated Urban Traffic Control Systems Segment is expected to grow the fastest, at a CAGR of 6.6%.

By 2032, the Intelligent Traffic Management System landscape is slated to reach a valuation of US$ 36.22 Billion.

From 2022 to 2032, the Intelligent Traffic Management System industry is poised to flourish at a 6.7% CAGR.

The US is poised to yield a CAGR of 6.5% with respect to Intelligent Traffic Management System in 2032.

As per Fact.MR’s projections, the market for Intelligent Traffic Management System in China will likely expand at a 6.6% CAGR.

According to Fact.MR, a CAGR of 3.3% was recorded for the Intelligent Traffic Management System market from 2017-2021.

As of 2021, the Intelligent Traffic Management System market was valued at US$ 17.75 Billion.

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