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Intelligent Traffic Management System Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Intelligent Traffic Management System Market Rising Trends
According to The Business Research Company's, The intelligent traffic management system market size has grown rapidly in recent years. It will grow from $8.62 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to urbanization and population growth, environmental concerns, safety regulations, economic development, rising demand for mobility services.
The intelligent traffic management system market size is expected to see rapid growth in the next few years. It will grow to $15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing enhanced connectivity, shift towards electric and autonomous vehicles, focus on sustainability, integration with smart infrastructure, demand for data-driven insights. Major trends in the forecast period include technological advancements, government initiatives and investments, integration of AI and machine learning, development of advanced traffic control systems, focus on user experience and mobility services.
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Market Drivers and Trends:
The increased number of vehicles is expected to propel the growth of the intelligent traffic management system market going forward. The factors responsible for an increased number of vehicles are urbanization, economic growth, affordability, demand for fuel-efficient vehicles, and the increasing focus on sustainability and environmental considerations within the automotive industry. Intelligent traffic management ensure smooth traffic flow, reduce congestion, enhance safety, and optimize transportation systems. For instance, according to reports published by the Department of Transport ( Gov.UK,), a UK-based public sector information website, the road traffic (vehicle miles) in 2022 was 323.8 (billion vehicle miles), increased from 297.6 (billion vehicle miles). Therefore, the increased number of vehicles in the road is driving the growth of the intelligent traffic management system market.
Major companies operating in the intelligent traffic management system market are focusing on technological advancements such as intelligent transportation system solutions to improve traffic scenario. Intelligent transportation system solutions refer to a comprehensive approach that integrates advanced technologies to address various challenges in transportation systems. For instance, in April 2022, the Ministry of Electronics and Information Technology, an India-based executive agency, launched an intelligent transportation system solution with offers such as enhanced traffic efficiency through real-time information provision, multidisciplinary applications beyond congestion control, efficient traffic management through TMCs, traveler information systems for real-time updates, safety enhancements, and positive environmental impacts by reducing emissions.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd, Siemens, Raytheon Technologies Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Schneider Electric SE, Thales Group, Advantech Co. Ltd, FLIR Systems Inc, TransCore LP, Cubic Corporation, SWARCO AG, TomTom N.V, VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH, Beijing E-Hualu Information Technology Co. Ltd, Iteris Inc, Global Traffic Technologies LLC (GTT), Q-Free ASA, Econolite Group Inc, Cohda Wireless Pty. Ltd, Sensys Networks Inc, Clearview Intelligence Limited, PTV Group, EFKON AG, Peek Traffic Corporation
Intelligent Traffic Management System Market 2024 Key Insights:
• The intelligent traffic management system market size is expected to see rapid growth in the next few years. It will grow to $15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Surge Of Vehicles On Road Fueling Growth In Intelligent Traffic Management Systems
• Technological Advancements Transforming The Traffic Management Landscape
• Asia-Pacific was the largest region in the intelligent traffic management system market in 2023
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