NEW
YORK, June 24, 2024 /PRNewswire/ -- The global
intelligent traffic management market size is estimated to
grow by USD 19.41 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 13.64% during the forecast
period. Increasing demand for AI-based smart traffic
solutions is driving market growth, with a trend
towards increase in the purchase of four-wheelers.
However, lack of skilled professionals in government traffic
organizations poses a challenge. Key market players include
Chevron Corp., Cisco Systems Inc., Cubic Corp., Huawei Technologies
Co. Ltd., INRIX Inc., International Business Machines Corp., Kapsch
TrafficCom AG, Light Crossing Technology Corp., PTV Planung
Transport Verkehr AG, Q Free ASA, Rekor Systems Inc., Roper
Technologies Inc., Siemens AG, SNC Lavalin Group Inc., SWARCO AG,
TagMaster AB, Teledyne Technologies Inc., Telegra d.o.o., Thales
Group, and TomTom NV.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Traffic
monitoring, Traffic control, and Information provision), Service
(Surveillance cameras, Display boards, Sensors, Interface boards,
and Radars), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Chevron Corp., Cisco
Systems Inc., Cubic Corp., Huawei Technologies Co. Ltd., INRIX
Inc., International Business Machines Corp., Kapsch TrafficCom AG,
Light Crossing Technology Corp., PTV Planung Transport Verkehr AG,
Q Free ASA, Rekor Systems Inc., Roper Technologies Inc., Siemens
AG, SNC Lavalin Group Inc., SWARCO AG, TagMaster AB, Teledyne
Technologies Inc., Telegra d.o.o., Thales Group, and TomTom
NV
|
Key Market Trends Fueling Growth
The global automobile sales recovery in 2021 and 2022,
particularly in major markets like the US, China, EU, and Japan, signifies a significant growth in the
four-wheelers sector. In H2 2022, the Japanese market experienced a
12% increase, EU sales surged by 27%, and US sales grew by nearly
30% in H1 2022. This upward trend in automobile sales will
undeniably boost the demand for intelligent traffic management
solutions during the forecast period.
The Intelligent Traffic Management market is experiencing
significant growth due to the increasing need for efficient
transportation systems. Technologies like Signal Control,
Congestion Management, and Real-Time Traffic are trending in this
sector. These technologies help improve traffic flow, reduce travel
time, and enhance safety. Radar and camera systems are used for
traffic monitoring and analysis, while predictive analytics is
employed to anticipate traffic patterns and adjust accordingly.
Proactive approaches to traffic management are becoming essential
in urban areas, where traffic congestion is a major issue. The
market is expected to continue growing as cities seek innovative
solutions to manage their transportation infrastructure.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The intelligent traffic management market faces a challenge due
to the shortage of proficient IT and AI specialists. Traffic
controllers' limited understanding of these systems' capabilities
results in inadequate or incorrect data being provided to
authorities. This issue can lead to potential complications. The
high expenses associated with recruiting skilled professionals
hinder market expansion during the forecast period.
- The Intelligent Traffic Management market faces several
challenges in implementing effective systems. Passenger safety and
security are top priorities, requiring constant connectivity and
real-time traffic information. Congestion and urban mobility are
major issues, necessitating the use of advanced technologies like
vehicle probing and predictive analytics. Cost and implementation
are also significant challenges, with the need for scalable and
cost-effective solutions. Additionally, integrating various
transportation modes and ensuring seamless communication between
them is a complex task. The use of IoT and cloud technologies can
help address these challenges, providing real-time data and
improving overall efficiency.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This intelligent traffic management market report extensively
covers market segmentation by
- Application
- 1.1 Traffic monitoring
- 1.2 Traffic control
- 1.3 Information provision
- Service
- 2.1 Surveillance cameras
- 2.2 Display boards
- 2.3 Sensors
- 2.4 Interface boards
- 2.5 Radars
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Traffic monitoring- Intelligent traffic
management plays a crucial role in the global market by effectively
monitoring and managing road traffic. Advanced techniques like
machine learning enhance its utilization. Due to the high costs and
limited road infrastructure development, managing existing
infrastructure is more feasible. Sensors such as automatic cameras
and speed sensors collect data, enabling traffic rule
implementation. The increasing adoption of intelligent traffic
management will drive market growth during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
In the post-pandemic era, the Intelligent Traffic Management
(ITM) market experiences significant growth due to the increasing
demand for efficient urban infrastructure development. Major
manufacturers focus on supplying components for ITM installations,
including telematics tracking systems and traffic management
infrastructure. The economic impact of ITM is substantial, as it
reduces traffic congestion, carbon dioxide emissions, and airborne
pollutants. Project delays due to insufficient infrastructure are
mitigated through ITM solutions, which also enhance safety and
security by monitoring driver behavior and providing real-time
emergency response. In the sales of cars segment, ITM is a crucial
factor in cost reduction and the implementation of smart mobility
solutions. The market for ITM continues to expand, addressing the
needs of traffic management and ensuring a more efficient and
sustainable transportation system.
Market Research Overview
The Intelligent Traffic Management (ITM) market encompasses
solutions and technologies designed to optimize and manage traffic
flow in real-time. These systems leverage advanced analytics,
machine learning, and artificial intelligence to provide actionable
insights and improve transportation efficiency. Key features
include adaptive signal control, real-time traffic monitoring, and
predictive analytics. ITM systems aim to reduce congestion, enhance
safety, and minimize travel time for commuters. Urban areas and
transportation networks worldwide are increasingly adopting ITM
solutions to address growing traffic demands and improve overall
mobility.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Traffic Monitoring
- Traffic Control
- Information Provision
- Service
-
- Surveillance Cameras
- Display Boards
- Sensors
- Interface Boards
- Radars
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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