(MENAFN- GlobeNewsWire - Nasdaq) Rockville, Oct. 26, 2022 (GLOBE NEWSWIRE) -- The intelligent traffic management system market reached a valuation of US$ 18.94 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.7% CAGR, reaching US$ 36.22 Billion. Increasing demand for presenting real-time traffic information to drivers and passengers is one of the key factors driving the . Improved traffic efficiency enables transportation authorities to respond to emergencies more quickly.
These advanced systems are predicted to maximize the effectiveness of traffic management and also help reduce traveling duration. The rising adoption of public transportation can help reduce carbon dioxide emissions and airborne pollutants. In addition, there is an estimated reduction in greenhouse gas emissions and fuel consumption with the use of ITMS. The increasing urban population and speedy industrialization have increased the number of vehicles plying on the roads which have triggered heavy traffic congestion. Thereby, large volumes of CO2 emissions, and safety concerns for urban planners, are assumed to impact the market growth.
For More Valuable Information on Regional Market Dynamics, Request a Report Sample -
For instance, according to the European Joint Research Centre (JRC), road congestion in Europe costs around 1% of the region's GDP. Mitigating the issue has become the foremost priority of most urban infrastructure development and management bodies in the region. The ITMS also requires smart mobility solutions that can play a vital role in addressing all these issues and solutions and fostering the market growth.
Key Takeaways from the Market Study
According to Fact.MR, a CAGR of 3.3% was recorded for the Intelligent Traffic Management System market from 2017-2021 In FY 2021, the Intelligent Traffic Management System market reached a valuation of US$ 17.75 Billion The market is likely to register a Y-o-Y growth rate of 6.0% in 2022 By Product Type, the Integrated Urban Traffic Control Systems Segment is expected to dominate the market, documenting an 6.6% value CAGR As per Fact.MR's projections, the market for Intelligent Traffic Management System in China will likely expand at an 6.6% CAGR The Intelligent Traffic Management System market in the US is expected to expand at an 6.5% CAGR
“High proliferation of big data and internet of things (IoT), coupled with investments and initiatives by various governments and companies are the major factors that are expected to boost the growth of the ITM System Market over the forecast period”, comments an analyst at Fact.MR.
Advancements in VR and AI to Foster Market Growth Prospects
The development of virtual reality and artificial intelligence has the potential to improve transportation systems all over the world. These technologies involve the development of visualisation and a head-up display for motorised transportation. Both drivers and other users of the transportation system benefit from them. AI has the capacity to alter how the system is modelled.
AI is being embraced by vendors of traffic management technologies. For instance, Lilin, a Taiwanese maker of IP video-based systems, presented the Aida ALPR series, an AI-based traffic control system, together with a variety of surveillance cameras and other cutting-edge municipal tools, in March 2020. Accurate object detection is offered by this full system for plate recognition, parking place detection, vehicle speed detection, truck, motorcycle, and pedestrian offences.
Request More Information About Report Methodology -
Key Segments Covered in the Intelligent Traffic Management System Industry Survey
By Product Type : Integrated Urban Traffic Control System Variable / Dynamic Message Signs Emergency Response Systems Border Control System Electronic Toll Collection System Parking Management System Violation and Measurement Systems Tunnel Management System Freeway Management System Other Systems
By Spender Type :
Infrastructure Enterprises & PPPs Federal and Provincial Government Industries & Commercial Enterprise
By Components : Traffic Controllers and Signals Surveillance Cameras Video Walls Server 3D Simulators GUI Workstation Detectors & Sensors Other Components
By Region :
North America Latin America Europe Japan APEJ Middle East Africa
Choose Quick and Secure PayPal Payment Mode to Get Full Access of This Report -
Competitive Landscape
Prominent players in the Intelligent Traffic Management System Industry are taking advantage of the rapidly increasing demand for the Intelligent Traffic Management System in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
In July 2022, Indra, a leading global technology engineering company catering to the aerospace, defense and mobility sectors, has been awarded a contract with Trans Urban in the US to implement its pioneering solution for the automatic scanning and detection of high occupancy vehicles (HOV) in the I-95, I-495, and I-395 express lanes in northern Virginia. In April 2022, as part of the InTranSE- II programme, the Indian Ministry of Electronics and Information Technology (MeitY) launched a number of apps under the Intelligent Transportation System (ITS) to enhance the traffic situation in India. The Centre for Development of Advanced Computing (CDAC) and Indian Institute of Technology Madras collaborated to create an indigenous Onboard Driver Assistance and Warning System (ODAWS), Bus Signal Priority System, and Common SMART iot Connectiv (CoSMiC) software (IIT-M). The project's industrial partner, according to a statement from the government, was Mahindra and Mahindra.
Prominent Intelligent Traffic Ma nagement System Service Players
Quarterhill Inc. Q-Free ASA IBM Corporation Siemens AG Dahua Technology Co. Ltd. Beijing E-Hualu Information Technology Co. Ltd Econolite Control Products, Inc. Baumer Holding AG Iteris Inc. Kyosan Electric Manufacturing Co. Ltd.
Check out more related studies published by Fact.MR Research:
: Global demand for automotive transmission systems is likely to surpass US$ 38 Bn by the end of 2021. Furthermore, the market is anticipated to reach US$ 70.2 Bn by the end of the 2021-2031 assessment period, experiencing an incline of 1.8x. Preference for manual transmission systems will remain dominant, attributed to increasing fuel efficiency requirements.
: Human machine interface systems enable rich infotainment features in vehicles such as GPS navigation, the internet, and information, facilitating long distance travel. One of the major key trends observed in the global automotive human machine interface market is soaring demand for automotive infotainment.
: The exhaust system market is expected to garner a market value of US$ 57.5 Bn in 2022, anticipated to register a positive CAGR of 5.9% in the forecast period 2022-2032 and reach a value of US$ 102 Bn. Growth in the selective catalytic reduction (SCR) is expected to be boosted by considerable improvements in exhaust systems, contributing to revive fuel efficiency by reducing NOx emissions.
: The global automotive ignition system market enjoys a valuation of US$ 9.4 billion and is projected to climb to US$ 13.7 billion by the end of 2027. Sales of automotive ignition systems are slated to increase at a high-value 7.8% CAGR over the next five years.
: At present, the global vehicle anti-theft system market stands at a value of US$ 11.5 billion and is projected to reach US$ 16.2 billion by the end of 2027. Worldwide sales of vehicle anti-theft systems are anticipated to increase rapidly at a CAGR of 7.1% through 2027.
About Us:
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we'll be an able research partner.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email:
Tel: +1 (628) 251-1583
Tags Related Links
Comments
No comment