Global Intelligent Traffic Management System Market by Solution (Integrated Corridor Management, Traffic Monitoring System, Traffic Signal Control System) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global intelligent traffic management system market was valued at USD 91.2 billion in 2020. It is expected to grow at a compound annual rate (CAGR of 11.9%) between 2021 and 2028. Although the COVID-19 pandemic severely affected the market, new installations and sales have been increasing rapidly. However, existing Intelligent Traffic Management System installations around the world are still being used efficiently. Due to interruptions in supply, several major system manufacturers had to temporarily suspend their operations. The COVID-19 pandemic has affected all stakeholders, including suppliers, buyers, as well as companies. In 2021, the ITMS market will continue to face challenges. Supply chain disruptions pose a threat to production schedules and can impede market growth.

The market is expected continue to grow in 2021, regardless of the pandemic. However, it is likely to slow down. Although the demand for ITMS is unlikely to decline, delays in projects and shifts between product segments are likely. As the crisis continues, the ITMS market is still significant. This crisis also highlights the critical role that infrastructure development plays in strengthening the response to the pandemic. The post-pandemic era will offer lucrative growth opportunities to the market's incumbents.

ITMS is a key factor driving demand. Transport authorities can respond faster to emergency situations due to improved traffic efficiency. These systems increase traffic efficiency and reduce travel time. The use of public transport is more popular, which results in a reduction in airborne pollutants as well as carbon dioxide emissions. Intelligent traffic management systems reduce congestion and fuel consumption.

ITMS offers traffic management solutions that improve road safety, traffic flow, mobility, and security. Traffic management solutions provide real-time data that allows you to respond immediately to emergency situations and analyze them. To reduce congestion, countries around the world are changing their traffic management infrastructure. The adoption of telematics services for vehicles is expected to be influenced by regulatory initiatives that address safety and security. These services improve driver safety, fuel consumption, driver behavior, and cost reduction. These systems, which use radio frequency identification to remotely access and activate vehicles, are widespread in automobiles.

The unabated growth in urbanization and vehicles on the roads has caused heavy traffic congestion and large CO ₂ emissions. This has created safety concerns for urban planners and forced the creation of smart mobility solutions that will help to create a more efficient transportation system. According to the European Joint Research Centre, road congestion in Europe is estimated at 1% of the region’s GDP. The region's urban infrastructure development and management agencies have made it their top priority to address the problem. Smart mobility solutions are a key component in solving these problems. This is why smart mobility solutions are being encouraged and the market for intelligent traffic management systems growing.

Solution Insights

In 2020, the traffic monitoring system segment held a market share of more than 20%. Inadequate signal control can significantly increase road congestion and travel time. Smart city projects and government initiatives that encourage traffic infrastructure development are the main drivers of increasing adoption of traffic monitoring systems. They also help to increase the use of adaptive traffic control and analytics. Additionally, the growing demand for traffic monitoring systems worldwide has been fueled by increasing traffic congestion and vehicle pollution.

Due to the availability and affordability of reliable, low-cost sensors, data storage facilities, computing and networking infrastructure, the traffic signal control system sector is expected to grow at a significant CAGR during the forecast period. Businesses and governments around the world will likely focus their efforts on building infrastructure to support transportation networks for the smart cities. The intelligent traffic management system also supports a variety of smart city applications, including eco-driving, priority for public transport at traffic signals, Smart Traffic Signal Control, (STSC), broadcasting message and ensuring safe passage of emergency vehicles via Emergency Vehicle Signal Preemption in traffic signals.

Regional Insights

North America was the dominant market leader in global markets with a 35% share in 2020. The United States Department of Transportation has invested heavily in research, development, implementation and adoption of intelligent traffic management system across the country. The revolution in transportation networks across the region is being facilitated by advances in communication technology. The use of radio and mobile devices with short-range dedicated technology allows drivers, freight operators and transit passengers to communicate V2V. This technology will be used more frequently as there are more vehicles in the region. This will increase the demand for ITMS solutions.

Over the forecast period, significant growth is expected in the Asia Pacific region market. UN 2017 world population projections predicts that Asia's population will reach 5.26 billion people by 2050. Around 64% of Asia's population will become urban. The region's governments are working to improve the physical infrastructure in order to reduce the impact of decreasing land carrying capacity. The demand for ITMS in the region is likely to rise due to transportation being an important aspect of the infrastructure. The ITMS market is expected to be led by India, Japan, South Korea, China, and South Korea. The market will grow due to initiatives taken by governments in the region. China, for example, has a five-year plan to establish a modern, efficient and green transportation system that is safe, smart, intelligent, and secure.

Market Share Insights & Key Companies

Cubic Corporation, SNC-Lavalin Group(Atkins); Thales Group, International Business Machines Corporation; General Electric Company (General Electric Company); Siemens AG; Kapsch TrafficCom and TomTom International BV are the key players in this market. Market players invest aggressively in research, development, improvement of their internal processes, new product development, and improvements to their existing products and services in an effort to gain new customers and increase their market share. To develop innovative products and be competitive in the market, they also invest heavily in mergers and acquisitions as well as strategic partnerships.

They are also investing heavily in research and development to boost organic growth. Q-Free ASA, for example, launched Kinetic Signals in January 2021 to centrally manage traffic signals. Kinetic Signals includes a detailed intersection editor, interactive reports, built-in ATPMSs, and a database management system that allows you to control and monitor traffic signals across all cities, states, or regions. The following are some of the major players in the global intelligent traffic 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

Up Market Research published a new report titled “Intelligent Traffic Management System Market research report which is segmented by Solution (Integrated Corridor Management, Traffic Monitoring System, Traffic Signal Control System), By Players/Companies SNC-Lavalin Group (Atkins), Thales Group, Kapsch TrafficCom, International Business Machines Corporation, Siemens AG, General Electric Company, Cubic Corporation, TransCore, TomTom International BV, Q-Free ASA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Intelligent Traffic Management System Market Report Segments:

The market is segmented by Solution (Integrated Corridor Management, Traffic Monitoring System, Traffic Signal Control System).

Intelligent Traffic Management System Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Intelligent Traffic Management System Market

Overview of the regional outlook of the Intelligent Traffic Management System Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Intelligent Traffic Management System Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Intelligent Traffic Management System Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Integrated Corridor Management

                2. Traffic Monitoring System

                3. Traffic Signal Control System

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Intelligent Traffic Management System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Intelligent Traffic Management System Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.