Intelligent Traffic Management System Market Growth & Trends
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.
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