Report Id: SNS/AUTO/1486 | May 2022 | Region: Global | 135 Pages
Report Scope & Overview:
Intelligent Traffic Management System Market Size was valued at USD 9.90 billion in 2021 and is expected to reach USD 22.71 billion by 2028 and grow at a CAGR of 12.6% over the forecast period 2022-2028.
An intelligent traffic management system is a sophisticated application that attempts to deliver cutting-edge traffic management and transportation services. It allows users to be more informed, efficient, and coordinated, as well as make more intelligent use of transportation networks. It enhances goods and people transportation, decreases traffic congestion, and improves safety. It also complies with transportation policy objectives, such as priority measures for public transportation. Communication and information technologies are used in this system to control traffic in the areas of road infrastructure, users, road transportation, automobiles, and traffic management. In crises such as fires, natural catastrophes, terrorist attacks, and riots, this system is critical in providing an expedient and effective means of the mass evacuation of people.
Road safety, traffic flow, and mobility are all ensured by an intelligent traffic management system. It also delivers real-time information for fast analysis and response to emergencies. Various countries are working to improve their traffic management infrastructure in order to alleviate traffic congestion. The use of telematics services in vehicles can improve security and safety dramatically. Telematics tracking systems are commonly used in automobiles and allow for remote access and activation of vehicles via radio frequency identification.
Favorable government initiatives aimed at improving traffic management.
Globally, there is a greater need to alleviate traffic congestion, as well as the rapid growth of smart cities.
Governments are likely to focus on constructing infrastructure that supports smart city transportation networks.
The high cost of installation.
The market's expansion would be hampered by a scarcity of skilled individuals.
Several countries are implementing ITMS to improve road safety & transportation system operating performance.
Municipalities are establishing an ITMS to reduce on-road traffic congestion.
Developed countries are substantially investing in various ITMS-related projects.
Carbon dioxide emissions in huge quantities.
For an urban planner, safety issues are expected to have an impact on the market expansion.
IMPACT OF COVID-19:
With the global proliferation of the novel coronavirus COVID-19, automakers are adopting drastic measures such as plant closures to limit the virus's spread. The pandemic COVID-19 has had a significant impact on the market in terms of new sales and installations. Due to component supply difficulties, a number of prominent systems manufacturers have temporarily halted operations. The market demand for intelligent traffic management systems was knowingly influenced by a drop in global vehicle manufacturing due to factory closures. Major automakers' unwavering attempts to develop more modern modes of transportation kept demand afloat. The breakout of the COVID-19 pandemic has had an equal impact on companies, customers, and suppliers, and the worldwide intelligence traffic management system market is projected to face similar issues in 2021.
KEY MARKET PLAYERS:
Siemens AG (Germany), TomTom International BV, IBM Corporation (U.S.), Thales Group (France), SNC-Lavalin Group (Atkins); Q-Free ASA (Norway), Quarterhill Inc. (Canada), Baumer Holding AG (Switzerland), Cubic Corporation; Dahua Technology Co. Ltd. (U.S.), General Electric Company, Econolite Control Products, Inc. (U.S.), Kapsch TrafficCom, Beijing E-Hualu Information Technology Co. Ltd (China), Iteris Inc. (U.S.), and International Business Machines Corporation are some of the affluent competitors with significant market share in the Intelligent Traffic Management System Market.
Market, By Solution:
Based on the solution segment, the global market has been divided into Traffic Monitoring systems, Traffic Enforcement cameras, Traffic Signal Control systems, Intelligent Driver Information systems, Integrated Corridor Management, and Others. One of the most important transportation infrastructures is a traffic monitoring system, and transportation authorities spend a lot of money collecting and analyzing traffic data. A traffic signal control system is an electronic device that controls the sequence of lights at intersections.
Market, By Spender Type:
The global market has been divided into Infrastructure Enterprises & PPPs, Federal and Provincial governments, and Industries & Commercial Enterprise based on the spender type segment. The Industries & Commercial Enterprise sector has the biggest market share. The demand for this market is being driven by considerations such as how it improves traffic flow on roads controlled by traffic lights, resulting in less congestion and saving drivers time and fuel.
Market, By Offering:
Based on the offering segment, the global market has been divided into Hardware, Software, and Services. Sensors, intelligent traffic management systems, cameras, and advanced traveler information systems are all part of the hardware section. During the projection period, this segment grew at the fastest rate. With autonomous and networked vehicles, the software industry is fast increasing and gaining pace. This segment holds the second-largest market share and is predicted to increase at a moderate rate over the forecast period.
Traffic Monitoring System
Traffic Enforcement Camera
Traffic Signal Control System
Intelligent Driver Information System
Integrated Corridor Management
By Spender Type:
Infrastructure Enterprises & PPPs
Federal and Provincial Government
Industries & Commercial Enterprise
North America: Due to developments in communication technologies that have aided the revolution of the transportation network, North America accounted for the second-largest share of the worldwide market. With rising demand for advanced technologies and the expansion of transportation networks, Asia Pacific is undergoing rapid transformation and is predicted to grow at a high CAGR over the projection period. Governments are working on enhancing overall physical infrastructure to alleviate the strain of declining land carrying capacity. Transportation is an important component of physical infrastructure. Demand for intelligent traffic management systems is likely to rise dramatically in nations like China, Japan, South Korea, and India, which are expected to drive the industry forward. Furthermore, the market is likely to increase as a result of measures done by government authorities in the region.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 9.90 Billion|
|Market Size by 2028||US$ 22.71 Billion|
|CAGR||CAGR of 12.6% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Solution (Traffic Monitoring System, Traffic Enforcement Camera, Traffic Signal Control System, Intelligent Driver Information System, Integrated Corridor Management, Others)
• by Spender Type (Infrastructure Enterprises & PPPs, Federal and Provincial Government, Industries & Commercial Enterprise)
• by Offering (Hardware, Software, Services)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Siemens AG (Germany), TomTom International BV, IBM Corporation (U.S.), Thales Group (France), SNC-Lavalin Group (Atkins); Q-Free ASA (Norway), Quarterhill Inc. (Canada), Baumer Holding AG (Switzerland), Cubic Corporation; Dahua Technology Co. Ltd. (U.S.), General Electric Company, Econolite Control Products, Inc. (U.S.), Kapsch TrafficCom, Beijing E-Hualu Information Technology Co. Ltd (China), Iteris Inc. (U.S.), and International Business Machines Corporation|
|Key Drivers||•Favorable government initiatives aimed at improving traffic management.
•Globally, there is a greater need to alleviate traffic congestion, as well as the rapid growth of smart cities.
|RESTRAINTS||•The high cost of installation.
•The market's expansion would be hampered by a scarcity of skilled individuals.
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of the Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Intelligent Traffic Management System Market Segmentation, by Solution
8.1 Traffic Monitoring System
8.2 Traffic Enforcement Camera
8.3 Traffic Signal Control System
8.4 Intelligent Driver Information System
8.5 Integrated Corridor Management
9. Global Intelligent Traffic Management System Market Segmentation, by Spender Type
9.1 Infrastructure Enterprises & PPPs
9.2 Federal and Provincial Government
9.3 Industries & Commercial Enterprise
10. Global Intelligent Traffic Management System Market Segmentation, by Offering
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Siemens AG (Germany),
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 TomTom International BV
12.3 IBM Corporation (U.S.)
12.4 Thales Group (France)
12.5 SNC-Lavalin Group (Atkins)
12.6 Q-Free ASA (Norway)
12.7 Quarterhill Inc. (Canada)
12.8 Baumer Holding AG (Switzerland)
12.9 Cubic Corporation
12.10 Dahua Technology Co. Ltd. (U.S.)
12.11 General Electric Company
12.12 Econolite Control Products, Inc. (U.S.)
12.13 Kapsch TrafficCom
12.14 Beijing E-Hualu Information Technology Co. Ltd (China)
12.15 Iteris Inc. (U.S.)
12.16 International Business Machines Corporation
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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