Intelligent Traffic Management System Market Size was valued at USD 9.4 Billion in 2023. The Intelligent Traffic Management System Market industry is projected to grow from USD 10.45 Billion in 2024 to USD 22.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.74% during the forecast period (2024 - 2032). Inadequate resources and a growth in the number of automobiles are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increased awareness of the importance of decreasing traffic congestion is driving the market CAGR for intelligent traffic management system. As different parts of the world continue to urbanise, traffic congestion will worsen. Rapid urbanisation, particularly in developing economies such as India, has driven migration from rural to urban areas. As a result, while suburban population density continues to expand, infrastructure development cannot keep up with urbanisation. The endless increase in population, vast growth of cities, unplanned agglomerations, and the resulting surge in car ownership are expected to pose substantial difficulties to urban transportation in the twenty-first century.
Ageing infrastructure, increased traffic congestion, and the accompanying demand on current mobility options and transportation infrastructure will exacerbate traffic congestion and jams, raise transportation expenses, and have a negative impact on people's daily life. An ITS can make a substantial contribution to real-time traffic data and traffic congestion reduction. Over the forecast period, developments in Radio Frequency Identification (RFID) tools, microchips, beacon-sensing technologies, and information and communication technology are expected to strengthen technological capabilities and boost ITMS adoption.
Furthermore, various projects are being done to promote awareness about overall road safety and to install advanced traffic management systems. These activities are expected to boost demand for V2V and V2I communication. Electronic Stability Control (SC) systems and driver assistance systems are required in developed economies such as Europe and North America for passenger and commercial vehicles. Such laws are expected to boost demand for ITS solutions in the near future.
The Intelligent Traffic Management System Market segmentation, based on solution includes traffic monitoring system, traffic signal control system, traffic enforcement camera, integrated corridor management, intelligent driver information system and others. In 2022, the traffic monitoring system segment dominated the market. Inadequate signal controls can cause significant traffic congestion and increase overall travel time. The favourable government measures to build traffic infrastructures, the advent of smart city projects, and the growth of adaptive intelligent traffic controls and analytics are major reasons in implementing traffic monitoring systems. Furthermore, increased traffic congestion and automobile pollution have accelerated the demand for Mobility as a Service (MaaS), which is expected to drive market expansion throughout the forecast period.
The Intelligent Traffic Management System Market segmentation, based on offering, includes hardware, software and service. The software sector has largest share of the market and is predicted to increase at an average rate throughout the forecast period. With autonomous and networked vehicles, the software industry is fast increasing and gaining pace. The software in an intelligent traffic management system is utilized to implement road scenarios based on historical data.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific accounted for the largest share of the market and is expected to grow at the fastest rate in the market. This is mostly due to the rapid growth of population in emerging countries, which has accelerated the implementation of Intelligent Traffic Management Systems.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Intelligent Traffic Management System Market accounts for the second-largest market share due to the rising per capita disposable income among individuals. Further, the German Intelligent Traffic Management System Market held the largest market share, and the UK Intelligent Traffic Management System Market was the fastest growing market in the European region
The North America Intelligent Traffic Management System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased usage of mobile and radio devices with short-range dedicated technology enables drivers throughout the region, necessitating the necessity for ITMS solutions. Moreover, China’s Intelligent Traffic Management System Market held the largest market share, and the Indian Intelligent Traffic Management System Market was the fastest-growing market in the North American region.
Leading market players are investing heavily in R&D in order to expand their product lines, which will help the Intelligent Traffic Management System Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Intelligent Traffic Management System industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Intelligent Traffic Management System industry to benefit clients and increase the market sector. In recent years, the Intelligent Traffic Management System industry has offered some of the most significant advantages to medicine. Major players in the Intelligent Traffic Management System Market, including Baumer Holding AG (Switzerland) IBM Corporation (U.S.), Dahua Technology Co. Lid. (U.S.), Beijing E-Hualu Information Technology Co. Ltd (China) and others, are attempting to increase market demand by investing in R&D operations.
Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has a number of foreign branch offices. The company's primary divisions are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. The firm is a notable manufacturer of medical diagnostics equipment; its medical health-care segment, which accounts for around 12% of total revenues, is the corporation's second-most lucrative unit after the industrial automation division. It is considered as a pioneer in this field and the corporation with the largest revenue in the world. In July, 2021, Siemens has announced the rebranding of its Intelligent Traffic Systems (ITS) division as Yunex Traffic. The need for machine intelligence, 5G, and cloud computing as part of the smart city is forcing Yunex Traffic to become more self-sufficient. The company, which provides adaptive traffic control and management, highway and tunnel automation, and smart solutions for V2X and toll systems, generates about USD 700.28 million in yearly sales and is increasing at an annual rate of 8%.
TomTom N.V. is a Dutch multinational company that develops and manufactures location technology and consumer devices. TomTom, which was founded in 1991 and is headquartered in Amsterdam, brought its first generation of satellite navigation devices to the market in 2004. As of 2019, the company employed over 4,500 people globally and operated in 29 countries across Europe, Asia-Pacific, and the Americas. Corinne Vigreux, Peter-Frans Pauwels, and Pieter Geelen formed Palmtop Software in Amsterdam in 1991. Before focusing on the consumer sector and delivering the first route planning software for mobile devices in 1996, the company focused on corporate handheld device software. In June 2021, TomTom signed a multi-year agreement with GreenMile, a logistics software business. TomTom would integrate its TomTom Maps APIs with GreenMile's solutions to assist clients with in-vehicle surveillance and real-time path planning, as well as suggest the best route for their convoys based on factual traffic situations, vehicle limitations, tolls, and other factors.
In June 2021, Kapsch TrafficCom secured a contract with a Plenary construction firm. The goal of this contract was to set up a toll collection system along the Louisiana Highway. These technologies would be adopted for the Louisiana Transportation Department and development to provide modern facilities and operational excellence to improve the travel destinations of Louisiana drivers.
In June 2021, Cubic Transportation Systems, a division of Cubic Corporation, has entered into an agreement with CVEDIA, a developer of artificial intelligence solutions, to begin operations. As part of this agreement, CVEDIA will offer synthetic innovation to Cubic Corporation's GRIDSMART products, with the goal of developing deep neural networks for its omnidirectional sensors and other advanced transportation network technologies.
December 2023: One of the most advanced cloud-based Advanced Traffic Management System (ATMS) software on the market, Yutraffic Studio, has been launched today by Yunex Traffic. It was created after numerous talks with their present and potential clients, taking into account the knowledge which they’ve gained in practice and responding directly to their everyday needs. The studio’s purpose is to resolve traffic problems fast, efficiently, dependably and safely through top-notch planning tools for monitoring as well as optimization; being a jewel in the crown among other transportation management systems offered by Yutraffic that deals with any issue known today but ready for future challenges of evolving traffic.
Yunex Traffic engineers have designed Yutraffic Studio so it can handle huge volumes of data from local sources or third parties – including even those coming straight from connected cars; because now real-time information supplied by vehicles themselves tends to become most valuable due to its comprehensiveness timeliness accuracy etc., thus having significant potentials for future use too. In addition this new platform provides users with digital twin capability plus prediction when they upgrade with insights’ intersection optimization analytics from Aimsun’s predictive forecasting simulation engine.
Software as a Service (SaaS), solution is what Yutraffic Studio will be available under – meaning that customers who plan on growing their networks along with advancing transport technology solutions within their district may rest assured knowing that everything will remain compatible always. Besides being modular enough so agencies could add monitoring or analysis functions as required, this package also takes care about two things at once where cybersecurity is concerned: not only does it come with next level protection such as double authentication protocols but also enables access whenever wherever needed while still keeping safety intact; therefore managers might want to consider using iPads instead desktops sometimes during peak hours too.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 9.4 Billion |
| Market Size 2024 | USD 10.45 Billion |
| Market Size 2032 | USD 22.0 Billion |
| Compound Annual Growth Rate (CAGR) | 9.74% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Offering and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Siemens AG (Germany), Quarterhill Inc. (Canada), Thales Group (France), Q-Free ASA (Norway), Baumer Holding AG (Switzerland) IBM Corporation (U.S.), Dahua Technology Co. Lid. (U.S.), Beijing E-Hualu Information Technology Co. Ltd (China), Econolite Control Products, Inc. (U.S.), Iteris Inc. (U.S.). |
| Key Market Opportunities | Developing smart autos that are functional as technology advances. |
| Key Market Dynamics | Increase in the construction of expressways to develop interstate transportation. |
Intelligent Traffic Management System Market Highlights:
Frequently Asked Questions (FAQ) :
The Intelligent Traffic Management System Market size was valued at USD 9.4 Billion in 2023.
The global market is projected to grow at a CAGR of 9.74% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Baumer Holding AG (Switzerland) IBM Corporation (U.S.), Dahua Technology Co. Lid. (U.S.), Beijing E-Hualu Information Technology Co. Ltd (China).
The traffic monitoring system category dominated the market in 2023.
The software category had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
