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.
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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.
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Segment Overview
This intelligent traffic management market report extensively covers market segmentation by
Application 1.1 Traffic monitoring1.2 Traffic control1.3 Information provisionService 2.1 Surveillance cameras2.2 Display boards2.3 Sensors2.4 Interface boards2.5 RadarsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 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.
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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
ApplicationTraffic MonitoringTraffic ControlInformation ProvisionServiceSurveillance CamerasDisplay BoardsSensorsInterface BoardsRadarsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle 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
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Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
