August 16, 2022

Intelligent Traffic Systems Market Growth is projected to reach USD 27.56 Billion by 2030, growing at a CAGR of 12.3%: Straits Research

The global intelligent traffic systems market size was valued at USD 9,705 million in 2021. It is estimated to expand at a CAGR of 12.3% by 2030 to reach USD 27,568 million during the forecast period (2022–2030). North America will dominate the market with a share worth USD 9,337 million at a CAGR of 10.7% during the forecast period

/EIN News/ — New York, United States , June 29, 2022 (GLOBE NEWSWIRE) — Traffic management is the process of organizing, arranging, directing, and controlling moving and stationary traffic, including pedestrians, cyclists, or motorized and non-motorized vehicles. Its objective is to ensure the safe, orderly, and efficient movement of both people and goods and protect and, whenever possible, enhance the quality of the surrounding environment in and adjacent to areas with traffic infrastructure.

Traffic management is an essential logistical subfield. It entails the planning, management, and acquisition of transport services required to physically transport vehicles from one location to another. If the traffic management plan is effective, motorists and pedestrians should be given clear and concise instructions before entering a construction zone. When drivers need to reduce their speed, when lanes are combined, and when the roadway becomes more congested, drivers must be notified. With the implementation of an efficient traffic control plan, drivers will have a greater chance of avoiding several-hour-long traffic jams.

To alleviate traffic congestion, nations worldwide are modifying their traffic management infrastructure. It is anticipated that security and safety-related regulatory initiatives will positively affect the adoption of telematics services in vehicles. These services improve driver conduct, reduce the amount of fuel required to travel from A to B, and increase driver safety overall. The Intelligent Traffic Management System (ITMS) has a value chain that includes the management and planning all activities associated with logistics, conversion, procurement, sourcing, installation, and maintenance of the traffic management products.

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Growing Awareness towards Reducing Traffic Congestion and Improving Road Safety to Drive the Market for ITMS

As various regions of the world continue to urbanize, the severity of traffic congestion will increase. Rapid urbanization has prompted migration from rural to urban areas, particularly in developing economies such as India. Therefore, infrastructure development cannot keep pace with urbanization as the population density in the suburbs continues to rise. Urban mobility is anticipated to face significant challenges in the 21st century due to the unending increase in population, the massive growth of cities, unplanned agglomerations, and the consequent rise in car ownership.

Aging infrastructure, increasing traffic congestion, and the resulting strain on available mobility solutions and transportation infrastructure would exacerbate traffic congestion and jams, thereby increasing transportation costs and affecting the daily lives of individuals. An ITMS can significantly contribute to collecting real-time traffic data and alleviating traffic congestion. Typically, advancements in Radio Frequency Identification (RFID) tools, microchips, beacon-sensing technologies, and information and communication technology will strengthen technological capabilities and drive the adoption of ITMS over the forecast period.

Several initiatives are being implemented to increase road safety awareness and implement advanced traffic management systems. These initiatives are anticipated to increase demand for V2V and V2I communication. In developed economies such as Europe and North America, passenger and commercial vehicles must have Electronic Stability Control (ESC) systems and driver assistance systems. Such regulations are anticipated to increase demand for ITMS solutions in the foreseeable future.

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Regional Insights

North America will dominate the market with a share worth USD 9,337 million at a CAGR of 10.7% during the forecast period. In North America, intelligent traffic management systems are the most prevalent. To decrease highway congestion, accidents, and fatalities, regional governments emphasize enhancing the region’s transportation infrastructure. Due to the widespread adoption of advanced technologies such as big data, machine learning, IoT, and cloud computing, the transportation industry in North America has been able to incubate and implement ITMSs more effectively.

Necessary transportation authorities in the region, such as the US Department of Transportation, Research and Innovative Technology Administration (RITA), and International Transportation Society (ITS) America, have recently focused their research and development efforts on intelligent transportation systems. The United States government is focusing on these initiatives in addition to launching intelligent transportation systems and solutions to combat heavy traffic congestion.

For instance, the San Francisco Municipal Transportation Agency (SFMTA) has implemented SFpark, a system designed to manage on-street parking issues, reduce congestion, and facilitate the efficient parking of vehicles in the city. In Canada, the expansion of smart cities and intelligent infrastructure fuels the development of intelligent transportation systems. Focus on the practical implementation of ITS Canada’s 2020–25 Strategic Plan, under which ITS Canada intends to supply and integrate it across the nation’s municipalities and agencies, is also anticipated to propel the market.

Europe is estimated to develop at a CAGR of 11% to reach a market value of USD 7,697 million by 2030. The transportation industry is an integral part of the European economy and a significant contributor to the region’s gross domestic product and overall job creation in many nations. Implementing sustainable and comprehensive ITSMs is now essential for managing the effective operation of the region’s complex transportation sector.

Together with its member states, industry stakeholders, and public authorities, the European Commission develops standard integration solutions for ITMS into the existing infrastructure. Being a part of its Digital Single Market Strategy, the European Commission intended to increase the use of ITMS to manage passenger and business transport networks. Through the implementation of Cooperative-ITMS, it also began working on the next generation of ITMS solutions, which could promote automation in the transportation industry. Countries in the region prioritize the integration of intelligent transportation systems into the transportation sector. ITS (UK) estimated that the various ITS projects in the country had a total value of approximately USD 2.2 billion. Intelligent Transportation Society (UK) is a non-profit public/private sector organization based in the United Kingdom that promotes intelligent transportation systems.

Asia-Pacific is anticipated to rise at the highest CAGR of 16.2% during the forecast period. According to the United Nations projections for global population growth, Asia’s population will likely reach 5.27 billion by 2050. This will accelerate the urbanization of the region. To alleviate the burden of the region’s diminishing land carrying capacity, the region’s government is continually focusing on improving the overall physical infrastructure, thereby driving the ITMS market forward.

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Key Highlights

  • The global Intelligent Traffic Systems Market was valued at USD 9,705 million in 2021. It is estimated to expand at a CAGR of 12.3% by 2030 to reach USD 27,568 million during the forecast period (2022–2030).
  • Based on the solution, the Traffic Monitoring System is expected to hold the largest share of USD 6,140 million at a CAGR of 12.2% during the forecast period.
  • Region-wise, the global Intelligent Traffic Systems Market is segmented into North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa. North America is expected to hold a share of USD 9,337 million at a CAGR of 10.7% by 2030.

Competitive Players in the Intelligent Traffic Systems Market are

  • Cubic Corporation
  • SNC-Lavalin Group
  • Thales Group
  • IBM Corporation
  • General Electric Company
  • Siemens AG
  • Kapsch TrafficCom
  • TomTom International BV

Global Intelligent Traffic Systems Market: Segmentation

By Solution

  • Traffic Monitoring System
  • Traffic Signal Control System
  • Traffic Enforcement Camera
  • Integrated Corridor Management
  • Intelligent Driver Information System
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • The Middle East and Africa

TABLE OF CONTENT

1          Introduction
1.1       Market Definition
1.2       Market Scope
2          Research Methodology
2.1       Primary Research
2.2       Research Methodology
2.3       Assumptions and Exclusions
2.4       Secondary Data Sources
3          Market Overview
3.1       Report Segmentation and Scope
3.2       Value Chain Analysis: Intelligent Traffic Systems Market
3.3       Key Market Trends
3.3.1   Drivers
3.3.2   Restraints
3.3.3   Opportunities
3.4       Porter’s Five Forces Analysis
3.4.1   Bargaining Power of Suppliers
3.4.2   Bargaining Power of Buyers
3.4.3   Threat of Substitution
3.4.4   Threat of New Entrants
3.4.5   Competitive Rivalry
3.5       Impact of COVID-19 on Intelligent Traffic System Market
3.6       Market Share Analysis
4          Product Type Overview
4.1       Introduction
4.1.1   Market Size and Forecast, 2017–2027, (USD Million)
4.2       Integrated Urban Traffic Control System
4.2.1   Market Size and Forecast, 2017–2027, (USD Million)
4.3       Freeway Management System
4.3.1   Market Size and Forecast, 2017–2027, (USD Million)
4.4       Electronic Toll Collection (ETC)
4.4.1   Market Size and Forecast, 2017–2027, (USD Million)
4.5       Advanced Public Transportation System
4.5.1   Market Size and Forecast, 2017–2027, (USD Million)
4.6       Others
4.6.1   Market Size and Forecast, 2017–2027, (USD Million)
5          End-Use Overview
5.1       Introduction
5.1.1   Market Size and Forecast, 2017–2027, (USD Million)
5.2       Urban Traffic
5.2.1   Market Size and Forecast, 2017–2027, (USD Million)
5.3       Inter-Urban
5.3.1   Market Size and Forecast, 2017–2027, (USD Million)
5.4       Parking Management
5.4.1   Market Size and Forecast, 2017–2027, (USD Million)
5.5       Info-mobility
5.5.1   Market Size and Forecast, 2017–2027, (USD Million)
5.6       Freeway
5.6.1   Market Size and Forecast, 2017–2027, (USD Million)
6          Regional Analysis
6.1      Introduction
6.1.1   Market Size and Forecast, 2017–2027, (USD Million)
6.2      North America
6.2.1   Market Size and Forecast, 2017–2027, (USD Million)
6.2.2     The U.S.
6.2.2.1 By Product Type
6.2.2.2 By End-Use
6.2.3     Canada
6.2.3.1 By Product Type
6.2.3.2 By End-Use
6.2.4     Mexico
6.2.4.1 By Product Type
6.2.4.2 By End-Use
6.3      Europe
6.3.1   Market Size and Forecast, 2017–2027, (USD Million)
6.3.2   Germany
6.3.2.1 By Product Type
6.3.2.2 By End-Use
6.3.3   France
6.3.3.1 By Product Type
6.3.3.2 By End-Use
6.3.4   The U.K.
6.3.4.1 By Product Type
6.3.4.2 By End-Use
6.3.5   Italy
6.3.5.1 By Product Type
6.3.5.2 By End-Use
6.3.6   Spain
6.3.6.1 By Product Type
6.3.6.2 By End-Use
6.3.7   Benelux
6.3.7.1 By Product Type
6.3.7.2 By End-Use
6.3.8   Russia
6.3.8.1 By Product Type
6.3.8.2 By End-Use
6.3.9   Rest of Europe
6.3.9.1 By Product Type
6.3.9.2 By End-Use
6.4      Asia-Pacific
6.4.1   Market Size and Forecast, 2017–2027, (USD Million)
6.4.2   Japan
6.4.2.1 By Product Type
6.4.2.2 By End-Use
6.4.3   China
6.4.3.1 By Product Type
6.4.3.2 By End-Use
6.4.4   Australia
6.4.4.1 By Product Type
6.4.4.2 By End-Use
6.4.5   India
6.4.5.1 By Product Type
6.4.5.2 By End-Use
6.4.6   South Korea
6.4.6.1 By Product Type
6.4.6.2 By End-Use
6.4.7   Southeast Asia
6.4.7.1 By Product Type
6.4.7.2 By End-Use
6.4.8   Taiwan
6.4.8.1 By Product Type
6.4.8.2 By End-Use
6.4.9   The Rest of Asia-Pacific
6.4.9.1 By Product Type
6.4.9.2 By End-Use
6.5      The Middle East and Africa
6.5.1   Market Size and Forecast, 2017–2027, (USD Million)
6.5.2   Saudi Arabia
6.5.2.1 By Product Type
6.5.2.2 By End-Use
6.5.3   South Africa
6.5.3.1 By Product Type
6.5.3.2 By End-Use
6.5.4   The UAE
6.5.4.1 By Product Type
6.5.4.2 By End-Use
6.5.5   Egypt
6.5.5.1 By Product Type
6.5.5.2 By End-Use
6.5.6   Rest of the Middle East and Africa
6.5.6.1 By Product Type
6.5.6.2 By End-Use
6.6      South America
6.6.1   Market Size and Forecast, 2017–2027, (USD Million)
6.6.2   Brazil
6.6.2.1 By Product Type
6.6.2.2 By End-Use
6.6.3   Argentina
6.6.3.1 By Product Type
6.6.3.2 By End-Use
6.6.4   Chile
6.6.4.1 By Product Type
6.6.4.2 By End-Use
6.6.5   Peru
6.6.5.1 By Product Type
6.6.5.2 By End-Use
6.6.6   Rest of South America
6.6.6.1 By Product Type
6.6.6.2 By End-Use
7          Company Profile
7.1      Kapsch TrafficCom
7.1.1   Company Overview
7.1.2   Financial Performance
7.1.3   Recent Developments
7.1.4   Product Portfolio
7.2      SWARCO
7.2.1   Company Overview
7.2.2   Financial Performance
7.2.3   Recent Developments
7.2.4   Product Portfolio
7.3      Siemens Mobility
7.3.1   Company Overview
7.3.2   Financial Performance
7.3.3   Recent Developments
7.3.4   Product Portfolio
7.4      TomTom N.V.
7.4.1   Company Overview
7.4.2   Financial Performance
7.4.3   Recent Developments
7.4.4   Product Portfolio
7.5      ThalesGroup
7.5.1   Company Overview
7.5.2   Financial Performance
7.5.3   Recent Developments
7.5.4   Product Portfolio
7.6      IBM International
7.6.1   Company Overview
7.6.2   Financial Performance
7.6.3   Recent Developments
7.6.4   Product Portfolio
7.7      Cubic Corporation
7.7.1   Company Overview
7.7.2   Financial Performance
7.7.3   Recent Developments
7.7.4   Product Portfolio
7.8      Fujitsu
7.8.1   Company Overview
7.8.2   Financial Performance
7.8.3   Recent Developments
7.8.4   Product Portfolio
7.9      Q-Free ASA
7.9.1   Company Overview
7.9.2   Financial Performance
7.9.3   Recent Developments
7.9.4   Product Portfolio
7.10    SICE
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Recent Developments
7.10.4 Product Portfolio
7.11    Iteris, Inc.
7.11.1 Company Overview
7.11.2 Financial Performance
7.11.3 Recent Developments
7.11.4 Product Portfolio
7.12    Beijing E-Hualu Information Technology Co. Ltd.
7.12.4 Company Overview
7.12.4 Financial Performance
7.12.4 Recent Developments
7.12.4 Product Portfolio
7.13    ENJOYOR CO., LTD.
7.13.4 Company Overview
7.13.4 Financial Performance
7.13.4 Recent Developments
7.13.4 Product Portfolio
7.14    Kyosan Electric Manufacturing Co., Ltd.
7.14.4 Company Overview
7.14.4 Financial Performance
7.14.4 Recent Developments
7.14.4 Product Portfolio

Read the full Report Description with Table of Content and Figure @ https://straitsresearch.com/report/intelligent-traffic-systems-market/toc 

Market News

  • In 2022, SNC-Lavalin Group and MBC Group will jointly identify opportunities and provide solutions to bolster the resiliency of buildings and infrastructure against recovery in the aftermath of the increasingly pronounced effects of climate change and extreme weather events.
  • In 2022, Kapsch TrafficCom announced the launch of Intelligent Corridor at Nicholson Street in Melbourne.

News Media
Route Optimization Software—A Spurt in Logistics Industry
AI to Revolutionize Global Business in Many Ways

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Article originally published at https://www.einpresswire.com/article/579005543/intelligent-traffic-systems-market-growth-is-projected-to-reach-usd-27-56-billion-by-2030-growing-at-a-cagr-of-12-3-straits-research

This news story originally appeared at Travel - Reality Syndicate Viewers on 1 July 2022