The global Intelligent Traffic Management System Market size
is expected to reach USD 27.92 billion by 2030 and expand at a significant CAGR
of 13.1% from 2022 to 2030, according to a report by Grand View Research, Inc.
Improve efficiency in mobility and road transport, the need to reshape
transportation networks due to the increasing urban population, and rapid
industrialization are some of the factors expected to drive the market growth.
These systems reduce traffic congestion, eliminate delays, and send accurate
information to commuters and traffic planners. Additionally, government
initiatives to implement smart cities with improving road networks
are expected to positively impact the growth.
Road congestion is one of the major causes of air
pollution. The implementation of intelligent traffic systems makes traffic
monitoring easy, thereby reducing harmful emissions, which is expected to
impact the growth of the market positively. With the growing smart cities
development, rapid urbanization, and the increasing population in developing
countries, the demand for intelligent traffic solutions is expected to grow
exponentially. Additionally, the rapid adoption of the fourth industrial
revolution is anticipated to boost the growth of smart cities, subsequently
fueling the demand for intelligent traffic management systems.
However, the absence of standards and the problems of
technological uniformity and safety associated with traffic management systems
are expected to negatively impact the growth of the market. To mitigate such
incidents, the United Nations Economic Commission for Europe (UNECE) is helping
in managing road safety legal instruments. Various aspects such as road
infrastructure, traffic management, road signs, and signals are negotiated with
the member countries and made legally binding. An Intelligent Traffic
Management System Market (ITMS) can potentially help in reducing road accidents
and enhancing safety. Several countries, including the U.S. and China, are
investing aggressively in ITMS solutions, which is expected to bode well for
the growth of the market over the forecast period.
Related Press Release@ Intelligent Traffic Management System Market Report
Intelligent Traffic Management
System Market Report Highlights
- The integrated corridor management segment is expected to witness a
considerable CAGR of 13.9% over the forecast period. The market is
gradually adopting advanced technologies that integrate and coordinate the
flow of traffic. Additionally, through institutional collaboration and
proactive and aggressive integration of the existing infrastructure along
major corridors, several people are expected to help manage integrated
corridors and improve traffic management
- The traffic signal control system segment is anticipated to
register a considerable CAGR over the forecast period. The availability of
highly reliable and low-cost sensors, data storage facilities, and
computing and networking infrastructure are some of the factors projected
to fuel the growth of the segment in the forthcoming years
- Asia Pacific is anticipated to expand at a CAGR of 16.9% from 2022
to 2030, driven by rapid urbanization, rising awareness regarding
intelligent systems, and increasing population. The rise in disposable
income in countries such as China, Japan, and India is expected to
increase the purchase of four-wheelers. This is expected to propel the
demand for traffic management solutions to resolve traffic congestion
problems
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