The Intelligent Traffic Management Market wages were evaluated at US$ 9.6 Bn in 2021 and is supposed to create at a CAGR of 7.7% from 2022-2032, according to an actually dispersed Future Market Bits of knowledge report. Close to the completion of 2032, the market should show up at a valuation of US$ 21.8 Bn. Intelligent traffic management pay through Traffic Observing Framework created at a CAGR of 8.4% during 2015 – 2032.
Countless people in the United States use private autos for two reasons. The principal is that most Americans live in low-thickness districts with little admittance to public transportation. Second, exclusive cars are more advantageous. Attributable to this traffic clog has expanded suddenly in the country.
Around 87.9% of individuals in the U.S. use private transportation, which raises the gamble of street clog. As family wages develop across the world, a rising number of people are moving from more slow, less expensive types of transportation to exclusive vehicles and trucks.
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Developed countries have been implementing a variety of efforts to increase the usage of public transit. Thus, expenditures in the traffic management industry is projected to be driven in the forthcoming years by the need to upgrade current transportation infrastructures and enhance ICT systems.
Additionally, growing pollution and congestion issues, as well as other environmental problems, are driving demand for the Intelligent Traffic Management system market throughout the forecast period. Moreover, the enhanced deployment of the 5G network in numerous countries across the world is likely to spur market expansion due to the growing importance of wireless broadband communications in the intelligent transportation system.
Key Takeaways from the Market Study
- Global Intelligent Traffic Management Market is expected to reach a market size of US$ 10.4 Bn by 2022.
- In terms of Product Type, the Traffic Monitoring System segment is expected to have the highest CAGR rate of 7.6% during the forecast period.
- In terms of Application, the Highway segment is expected to have the highest CAGR rate of 7.4% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of US$ 4 Bn during 2022 – 2032.
- The market in U.S. is set to experience the highest CAGR of 7.5% during the 2022-2032 forecast period.
“The surge in urban mobility is expected to expand the Intelligent Traffic Management market. Besides, through the new constructions of highways, the governments across the world, are expected to adopt intelligence transportation management market.” comments a Future Market Insights analyst.
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Some of the key Intelligent Traffic Management companies include Kapsch TrafficCom AG, Siemens AG, Transcore, Delcan, SICE, Huawei Technologies Co., Alstom, Q-Free A.S.A., Cisco Systems, Inc., and IBM Corporation.
Some of the recent developments in Intelligent Traffic Management Market include:
- In May 2021, Q-Free, a provider of smart city infrastructure mobility solutions, announced the introduction of Kinetic CV, its advanced connected and autonomous vehicle (CAV) information solutions.
- In January 2021, Huawei, in collaboration with its partners created intelligent and connected cars for China. The government intends to make transportation easier and safer for individuals. The X-Bus vehicle is connected to a transport-control network. It would be capable of watching and controlling everything that occurs on the test route.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Intelligent Traffic Management Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Intelligent Traffic Management Market in terms of Product Type (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Camera, Intelligent Driver Information System, Integrated Corridor Management, Others), Application (Highway, Managed Lanes, Others), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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Market Segments Covered in Intelligent Traffic Management Market Analysis
By Product Type:
- Traffic Monitoring System
- Traffic Signal Control System
- Traffic Enforcement Camera
- Intelligent Driver Information System
- Integrated Corridor Management
- Managed Lanes
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Intelligent Traffic Management Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
To Continue TOC…
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