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Intelligent Traffic Management System Market Size to Reach $16.76 Billion by 2029 | Growth at 11.4% CAGR Forecast
Intelligent Traffic Management System Market
What is the Projected Market Size of the Intelligent Traffic Management System Industry?
In recent years, the market size for the intelligent traffic management system has expanded swiftly. Its growth is projected to rise from $9.68 billion in 2024 to $10.86 billion in 2025, marking a compound annual growth rate (CAGR) of 12.3%. The surge in growth during the historic period can be linked to factors like urbanization, population expansion, environmental considerations, safety regulations, economic growth, and an increased need for mobility services.
What Will Be the Size of the Intelligent Traffic Management System Market by 2029?
The market size of the intelligent traffic management system is projected to experience accelerated growth in the coming years, rising to a value of $16.76 billion in 2029 with an 11.4% compound annual growth rate (CAGR). This growth during the predicted period is largely due to factors such as enhanced connectivity, the transition to electric and self-driving vehicles, sustainability emphasis, combination with intelligent infrastructure, and the rising demand for data-based findings. Key trends during this forecast period encompass technological progress, governmental efforts and investments, assimilation of AI and machine learning, the emergence of state-of-the-art traffic control systems, and a focus on customer experience and mobility services.
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What Are the Key Drivers Accelerating Growth in the Intelligent Traffic Management System Market?
The surge in vehicle numbers is anticipated to bolster the expansion of the intelligent traffic management system market in the future. Urbanization, economic expansion, affordability, the requirement for fuel-efficient vehicles, and heightened attention to sustainability and ecological impacts within the automotive industry are the factors leading to this vehicle volume escalation. Intelligent traffic management enables streamlined traffic movement, minimizes congestion, amplifies safety measures, and perfects transportation systems. For example, in July 2023, statistics publicized by the Department of Transport, a UK ministerial department for transport, indicated that in 2022, vehicle movements on Great Britain's roads hit a record of 323.8 billion, signifying a growth of 8.8% from 2021. Due to these reasons, the growth of the intelligent traffic management system market is being fueled by the escalating number of automobiles on the road.
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How Is the Intelligent Traffic Management System Market Segmented by Type, Application, and Region?
The intelligent traffic management system market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Product Type: Integrated Urban Traffic Control, Variable or Dynamic Message Signs, Emergency Response, Border Control System, Electronic Toll Collection, Parking Management, Violation And Measurement, Tunnel Management, Freeway Management
3) By Spender Type: Infrastructure Enterprises And Public-Private Partnerships(PPPs), Industries And Commercial Enterprise, Federal And Provincial Government
Subsegments:
1) By Hardware: Traffic Sensors, Surveillance Cameras, Signal Controllers, Variable Message Signs (Vms)
2) By Software: Traffic Flow Management Software, Incident Detection and Management Software, Traffic Signal Control Software, Data Analytics and Reporting Software
3) By Services: Installation and Integration Services, Maintenance and Support Services, Consulting and Advisory Services, System Upgrades and Customization Services
What Are the Key Trends Driving Growth in the Intelligent Traffic Management System Market?
Leading firms in the intelligent traffic management system market are now emphasizing on technological enhancements like intelligent transportation system solutions to better manage traffic conditions. Intelligent transportation system solutions are a comprehensive method that assimilates cutting-edge technologies to tackle various obstacles within transportation systems. For instance, in April 2022, the Ministry of Electronics and Information Technology, a government agency based in India, inaugurated an intelligent transportation system solution offering key features such as improved traffic efficiency via real-time information dissemination, applications that extend beyond just congestion control, effective traffic regulation through TMCs, traveler information systems offering live updates, increased safety, and environmentally beneficial impacts by cutting down emissions.
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Who Are the Leading Companies Driving Growth in the Intelligent Traffic Management System Market?
Major companies operating in the intelligent traffic management system market are 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
Which Is the Leading Region in the Global Intelligent Traffic Management System Market?
Asia-Pacific was the largest region in the intelligent traffic management system market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent traffic management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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