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.
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