The research report with top-level information is a key benefit that provides qualitative and quantitative factors of the Intelligent Traffic Management and Monitoring Systems Market . In this research survey, the features that have powered and reserved the market’s growth is also included in this market report. The research outline also contains the primary industry’s pattern and the international market’s projected volume based on the provincial estimation. Moreover, it also, gives details of a portion of the complete industry, new turns of events, and the effect of domestic and constrained market players, examinations openings as far as arising income pockets, changes in market strategies, product confirmations, key choices, product dispatches, landscape extensions, and mechanical developments and possessions in the market
Intelligent Traffic Management and Monitoring Systems Market by Solution (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Cameras), By Spender Type (Infrastructure Enterprises & PPPs, Federal & Provincial Government, Industries & Commercial Enterprise), By Components (Traffic Controllers & Signals, Surveillance Cameras, Video Walls) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Intelligent Traffic Management and Monitoring Systems Market Overview
The global Intelligent Traffic Management and Monitoring Systems Market size is projected to reach a CAGR of 12.5% from 2023-2030.
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Traffic System is a primary concern for most of the metropolitan centers of the world. An effective traffic control system can have a severe impact on the country’s economy. The traffic control system is based on the easy concept that a car can only move forward if there is an area for it and the signal normally remains green until this car has passed. By placing sensors at every entry and exit of a junction and examining the number of cars present at the junction, it is probably possible to form traffic very efficiently, which is a great application of digital signal control processing.
An improvement in the adoption of intelligent traffic management systems globally can be credited to their capacity to improve efficiency in different situations including mobility and road transport. An excessive need to reshape transportation networks, particularly in emerging economies due to burgeoning urban population and speedy industrialization, is assumed to be highly impactful on the growth of the Intelligent Traffic Management and Monitoring Systems Market. These systems help decrease and eliminate delays, and traffic congestion, and convey accurate information to commuters as well as traffic planners at the precise time. Such benefits have led to a surge in the demand for effective traffic management systems which will probably fuel market growth.
On the other hand, high installation costs and a lack of skilled professionals are the two major factors causing the hindrance to market growth.
The outbreak of the pandemic COVID-19 has severely affected the market in terms of new sales and installations, although, the existing Intelligent Traffic Management System (ITMS) installations across the world are being used efficiently. Various major system manufacturers have suspended their operations temporarily due to disruptions in the supply of components. A decline in global automotive production due to the closure of factory operations knowingly impacted the market demand for intelligent traffic management systems. Instantaneously, unwavering efforts by major automotive companies to develop more advanced forms of transport kept demand afloat. Companies, buyers, and suppliers are equally affected by the outbreak of the COVID-19 pandemic, and the global intelligence traffic management system market is expected to continue facing challenges in 2021 as well. The production schedules are particularly at risk owing to supply chain disruptions, thereby restraining the growth of the market and posing threats to the incumbents of the market.
Delvens Industry Expert's Standpoint
As per the analysis of the Intelligent Traffic Management and Monitoring Systems Market, it can be concluded that the market is expected to experience significant growth in the forecast period. The increasing need for efficient traffic management and the rising demand for better transportation infrastructure are the primary factors driving the market's growth. The market is also witnessing a surge in demand for real-time traffic monitoring and intelligent transportation systems. The advancements in technology, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML), are further propelling the market's growth. The Intelligent Traffic Management and Monitoring Systems Market is witnessing intense competition among the key players. The major players are focusing on research and development activities to introduce new and innovative products in the market.
Intelligent Traffic Management and Monitoring Systems Market Key Findings
- The solution segment is further segmented into Traffic Monitoring Systems, Traffic Signal Control Systems, Traffic Enforcement Cameras, Integrated Corridor Management, Intelligent Driver Information Systems, and Others. he Intelligent driver information system segment is estimated to witness the highest CAGR during the forecast period. This is a very important solution to the risk of road accidents. Another remarkable feature of IDIS is adaptive cruise control (ACC), which adapts the vehicle’s speed concerning the vehicle’s speed in front. This system will likely be expanded further as more intelligent driving aids are added to vehicles.
- The spender-type segment is further fragmented into Traffic Controllers and Signals, Surveillance Cameras, Video Walls, Detectors & Sensors, 3D Simulators, and Others. The Surveillance cameras segment holds the largest market share during the forecast period. Surveillance cameras software turns any traffic monitoring camera into intelligent sensors. This software is particularly designed to digitally monitor encoded video streams of traffic cameras on highways to recognize incidents and collect real-time traffic data.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America holds the largest market share. The adoption of IoT and Industry 4.0, the growing need for real-time data among drivers and passengers, and rising awareness regarding intelligent systems will boost the market in the North American region.
Intelligent Traffic Management and Monitoring Systems Market Regional Analysis
North America to Dominate the Market
- North America holds the largest market share. The adoption of IoT and Industry 4.0, the growing need for real-time data among drivers and passengers, and rising awareness regarding intelligent systems will boost the market in the North American region.
- Asia Pacific region is expected to grow on account of the rising smart cities projects, strong growth of automation, and expanding internet coverage penetration, thereby, providing a greater avenue for the growth of the market across the forecast timeline.
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Intelligent Traffic Management and Monitoring Systems Market Competitive Landscape
- Cubic
- SWARCO
- Siemens
- THALES
- IBM
- Fujitsu
- Q-Free
- Imtech
- SICE
- Iteris
Recent Developments in The Intelligent Traffic Management and Monitoring Systems Market
- In April 2021, Siemens AG’s Smart Infrastructure segment expands its offering for the small to medium-sized buildings market by launching a new version of the fire protection system, Cerberus FIT.
- In July 2021, Siemens announced the rebranding of its Intelligent Traffic Systems (ITS) business into a new company as Yunex Traffic. The drive for machine learning, 5G, and cloud computing as part of the smart city is leading the company to need to have more independence as Yunex Traffic. The company, which provides adaptive traffic control and management, highway and tunnel automation, and smart solutions for V2X and toll systems, generates annual revenue of over USD 700.28 million and is growing at an annual rate of 8%.
Reasons to Acquire Intelligent Traffic Management and Monitoring Systems Market Report
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for Intelligent Traffic Management and Monitoring Systems Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year gowth patterns.
Table of Contents
The intelligent Traffic Management and Monitoring Systems Market is segmented into various segments such as solution, spender type, component, and region:
On the basis of the solution
Traffic Monitoring System
Traffic Signal Control System
Traffic Enforcement Cameras
Integrated Corridor Management
Intelligent Driver Information System
Others
On the basis of spender type
Infrastructure Enterprises & PPPs
Federal and Provincial Government
Industries & Commercial Enterprise
On the basis of component
Traffic Controllers and Signals
Surveillance Cameras
Video Walls
Detectors & Sensors
3D Simulators
Others
On the basis of region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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