The North America Intelligent Traffic Management System Market size is expected to reach USD 9.50 billion by 2030 and grow at a significant CAGR of 11.5% from 2022 to 2030, according to a new report by Grand View Research Inc. The need to restructure transportation networks owing to an expanding urban population, and increased industrialization, are projected to drive the market growth. These technologies help alleviate traffic congestion, decrease delays, and provide correct information to commuters and traffic managers. The government plans to build smart cities with improved road networks are likely to positively influence the growth of the market.
Air pollution is a key contributor to traffic congestion. The introduction of intelligent traffic systems simplifies traffic monitoring, minimizing hazardous emissions and so favorably impacting the market growth. With the advent of smart cities, rising urbanization, and an increasing population in emerging nations, the need for intelligent traffic solutions is predicted to rise dramatically. Furthermore, the increasing adoption of the fourth industrial revolution is expected to accelerate the construction of smart cities, boosting demand for intelligent traffic management systems.
However, the absence of skilled professionals in governments associated with traffic management systems is expected to negatively impact the growth of the market. To overcome these challenges, the state and local governments are adopting smart technologies, such as the Internet of Things (IoT), to streamline city transportation. It includes inter-connected or IoT monitoring tools and automation solutions that provide automatic management of infrastructure. These systems make city transportation more efficient, safer, and easier to travel.
For instance, in June 2020, the county of Miami Dade, Florida, implemented Advanced Traffic Management System (ATMS), to monitor and manage traffic flows by optimizing signal timing. These advancements in technology will further boost the demand for ITMS solutions in the region during the forecast period.
Related Press Release@ North America Intelligent Traffic Management System Market Report
North America Intelligent Traffic Management System Market Report Highlights
- The integrated corridor management segment is anticipated to grow at a significant CAGR of 12.3% during the forecast period. The market is progressively embracing new technologies that combine and coordinate traffic flow.
- Furthermore, multiple personnel is anticipated to assist manage integrated corridors and enhance traffic management through institutional coordination and proactive and aggressive integration of existing infrastructure along significant corridors.
- The U.S. regional market is expected to grow at a significant CAGR of 11.5% from 2022 to 2030. The growth of the market is driven by the region’s rapid urbanization, rising awareness regarding intelligent systems, and increasing population.
The actionable and detailed insights into global intelligent traffic management systems market are obtained through a two-step research process involving primary as well as secondary resources.
The secondary research was conducted by particularly studying trade journals, paid resources, and other associated publications relevant to intelligent traffic management systems market.
The primary research, on the other hand, involved interviewing industry experts.
Along with a historical analysis, results from these processes were triangulated to determine the accurate and complete forecast of global intelligent traffic management systems market for the period between 2017 and 2026.
In busy roads and highways, effective traffic management solutions and services play an important role in monitoring various traffic activities.
Incessant rise in the number of on-road vehicles has increased the traffic density which results in roads accidents, noise pollution, and wastage of time and fuel.
The report titled ‘Global Intelligent Traffic Management Market Report Forecast to 2027’ provides an in-depth study of the Intelligent Traffic Management sector.
The analysis contained in the report includes a pictorial representation of crucial information relating to the global Intelligent Traffic Management business, along with an extensive investigation of the regional landscape.
The report also provides a detailed evaluation of the critical elements of the global Intelligent Traffic Management market, including product types, applications, end-uses, regions, and leading players.Market Size – USD 20.53 Billion in 2018, Market Growth - CAGR of 8.7%, Market Trends – Product launches and research for advanced ITSGet a Sample Copy of the Intelligent Traffic Management Market Report (Submit your official email ID to get priority) @ https://www.reportsanddata.com/sample-enquiry-form/2125 The Global Intelligent Traffic Management Market gives an outline of the current market dynamics by scrutinizing factors such as the drivers, trends, opportunities, challenges, and restraints in the forecast years (2020-2027).The report on the Intelligent Traffic Management Market offers an exhaustive database of industry information, highlighting the leading players and their elaborate company profiles listing their gross revenue, total sales, product range, product pipeline, technological advancements, and expansion strategies deployed.
It traces the competitive landscape in the Intelligent Traffic Management industry, which underlines different aspects like product offerings, production capacity, techniques, cost structure, value chain, financial standing, sales margin, and other notable developments recorded in the Intelligent Traffic Management sector.Additionally, this report also offers an analysis of both short-term and long-term strategies adopted by the key companies in the global Intelligent Traffic Management business.
The scope of all segments and sub-segments has also been included in the report.
Leading Players:Kapsch TrafficCom, Cisco, Cubic, Swarco, EFKON, Siemens, Sumitomo, Flir Systems , Jenoptik AG, LG CNS, and IterisMarket Segmentation By Regions:North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa Market Segmentation By Types:Function Type (Revenue, USD Billion; 2016–2026)Traffic MonitoringTraffic ControlInformation ProvisionHardware Type (Revenue, USD Billion; 2016–2026)Display BoardsSensorsRadarsInterface BoardsSurveillance CamerasSensors Type (Revenue, USD Billion; 2016–2026)InfraredWeigh-In MotionAcoustic SensorsSolution Type (Revenue, USD Billion; 2016–2026)Smart SignalingRoute Guidance and OptimizationTraffic AnalyticsSmart Surveillance Speak to our experts before buying the report (Use Corporate Details Only): https://www.reportsanddata.com/make-enquiry-form/2125 Intelligent Traffic Management Market Historical Analysis (2016-2018) as well as Market Forecast (2020-2026):Market Trends: These have been assessed thoroughly to estimate the gross revenue, industry outlook, and current scenario of the market.
