San Francisco, 09 May 2024: The Report Intelligent Traffic Management System Market Size, Share, & Trends Analysis Report By Solution (Traffic Monitoring System, Traffic Signal Control System), By Region, And Segment Forecasts, 2023 - 2030

The global intelligent traffic management system market size is expected to reach USD 27.92 billion by 2030, The market is anticipated to expand at a CAGR of 13.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rising urban population, increasing mobility and road transport efficiency, and the need to transform transport networks due to rapid industrialization are expected to drive the market over the forecast period.

ITMS solutions eliminate delays, ease traffic congestion, and send accurate information to commuters and transportation planners. Rising government initiatives across the globe to implement smart cities with developed road networks and transportation systems, which is expected to have a positive impact on the growth of the intelligent traffic management system market.

Intelligent traffic management systems require vast, scalable, and advanced data infrastructure for real-time data processing. However, the infrastructure required to introduce the new technology has not expanded rapidly and replacing the existing equipment remains costly. Governments of various regions continue to invest in road infrastructure, to upgrade their transportation systems in an attempt to reduce traffic congestion.

For instance, In April 2021, SNC-Lavalin Group, an engineering, procurement, and construction service provider, was awarded a 3-year contract worth USD 15 million by the California department of transportation (Caltrans) to provide a Transportation Asset Management System (TAMS). Under this contract, the company’s Data Transfer Solutions (DTS) business unit would provide services such as software licensing and maintenance, implementation of the TAMS solution, and optional post-implementation support. These developments would further boost the demand for ITMS solutions during the forecast period.

However, the lack of standards, and the technology homogeneity and safety issues related to traffic management systems may adversely affect the growth of the intelligent traffic management system market. To curb accidents, the United Nations Economic Commission for Europe (UNECE) assists in the administration of legal instruments on road safety. Various aspects such as road infrastructure, traffic management, traffic signs and signals are negotiated and legally binding for member states. ITMS can help reduce traffic accidents and improve safety. Countries such U.S. and China are actively investing in ITMS solutions, which should bode well for the market during the forecast period.

The growth of the market can have attributed to the growing demand for real-time traffic information to passengers, and drivers, along with an increased number of vehicles on the road. Furthermore, insufficient infrastructure and rising government initiatives for effective traffic management also remain key drivers of growth.

Request sample report of Intelligent Traffic Management System Market@ https://www.grandviewresearch.com/industry-analysis/intelligent-traffic-management-system-market/request/rs1

The outbreak of the COVID-19 pandemic has severely affected the intelligent traffic management system industry in terms of new sales, and installations and several major manufacturers have suspended their operations temporarily due to disruptions in the supply of components. Simultaneously, the existing ITMS installation across the globe are being used effectively to keep demand afloat. The pandemic had a significant economic impact on various companies, buyers, suppliers, and the market is anticipated to continue to face challenges in the initial phase of 2023.

Intelligent Traffic Management System Market Report Highlights

• The Integrated Corridor Management (ICM) segment is expected to grow at a CAGR of 14.6% over the forecast period. The market is gradually embracing advanced technologies that integrate and coordinate traffic flow
• Traffic enforcement camera segment is expected to grow at 10.8% CAGR during the forecast period. The growing demand for traffic management solutions promises robust growth of the segment
• The Asia Pacific regional market is anticipated to grow at a significant CAGR of 17.5% from 2023 to 2030. The growth of the market in APAC is driven by the region’s rapid urbanization, rising awareness regarding intelligent systems, and growing population

The market is expected to gain immense traction during the rest of 2022, the growth is expected to be irregular irrespective of the pandemic outbreak. While the demand is not likely to decrease outright, project delays and shifts in different product segments are expected to be inevitable. With improved traffic effectiveness, the intelligent traffic management system market grows over the forecast period. Hence, the post-pandemic era is anticipated to offer lucrative growth opportunities for the incumbents of the ITMS market.

An intelligent traffic management system ensures traffic flow, road safety, and mobility. One of the key factors driving demand for intelligent traffic management systems is the growing development of smart cities. Improved traffic efficiency allows transportation authorities to respond to emergencies faster. Further, the increased use of public transportation can aid in the reduction of carbon dioxide emissions and airborne pollutants for developing smart cities. Moreover, these traffic management solutions also provide real-time data for the analysis and response to emergencies on an immediate basis. These benefits offered by ITMS would further supplement the growth of the market during the forecast period.

Countries across the globe are putting effort into modifying their traffic management infrastructure to reduce traffic congestion. Moreover, the adoption of telematics services in vehicles has a significant impact on security and safety. These services enhance driver safety, reduce fuel consumption, improve driver behavior, and enable cost reduction. Telematics tracking systems are widely deployed in cars, which include accessing and activating vehicles remotely using Radio Frequency Identification (RFID). These factors are estimated to fuel growth opportunities in the intelligent traffic management system market.

Intelligent Traffic Management System Market Report Scope

The growing urban population and rapid industrialization have increased the number of vehicles on the road, causing heavy traffic congestion. As a result, safety concerns for urban planners and high levels of CO2 emissions are expected to have a significant impact on the growth of the intelligent traffic management system market. According to the European Joint Research Centre (JRC), road congestion in Europe costs around 1% of the region's Gross Domestic Product (GDP). Most urban infrastructure development and management bodies in the region have made mitigation their top priority. Further, the intelligent traffic management system also facilitates smart mobility solutions, which can play an important role in addressing all of these issues and solutions while also promoting the growth of the ITMS market.

List of Key Players in Intelligent Traffic Management System Market

• Cubic Corporation
• SNC-Lavalin Group (Atkins)
• Thales Group
• International Business Machines Corporation
• General Electric Company
• Siemens AG
• Kapsch TrafficCom
• TomTom International BV
• Q-Free ASA
• TransCore