According to a new report by Fact.MR, the global market of intelligent traffic management systems is estimated to grow at a robust CAGR of 11.8% during 2017-2028, and likely to surpass to a value of US$ 31 billion by 2026-end. Rapid inclination towards improving roadway infrastructure and growing need for innovative technologies to manage and monitor high-speed mobility in an efficient manner are the leading factors impacting the growth intelligent traffic management system market.
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The intelligent traffic management systems not only provide solutions for traffic congestion but also improve traffic flow and ensure safety of pedestrians. Mass urbanization and proliferation of urban population, especially in emerging economies have surged the demand and production of automobiles, leading to rampant urban traffic jams. Growing need to change or reshape transportation networks to avoid such traffic jams is anticipated to reflect favorably on the global intelligent traffic management systems market.
Technological solutions such as intelligent traffic management systems that monitor traffic through advanced methodologies are gaining pace to safeguard roadways infrastructure and transportation of commuters and pedestrians. In busy roads and highways, effective traffic management solutions and services play an important role in monitoring various traffic activities. Incessant rise in the number of on-road vehicles has increased the traffic density which results in roads accidents, noise pollution, and wastage of time and fuel. Such traffic concentration in various regions across the globe is becoming difficult to manage through manual operation, and therefore expected to influence the adoption of intelligent traffic management systems in the coming years.
Rapid movement of advanced technologies such as artificial intelligence, robotics and others in North America has influenced it to remain at the forefront of intelligent traffic management systems market, contributing an estimated revenue of more than US$ 3.9 billion in 2018. The US accounts for relatively high share in the North America intelligent traffic management systems market, and is projected to expand at a promising CAGR of 10.1% during the forecast period.
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Sales of integrated urban traffic control systems are likely to witness a steady growth during 2017-2026, holding over 16% revenue share in intelligent traffic management systems market in 2017. Freeway management systems, on the other hand, are expected to earn high traction in the coming years, owing to growing presence of expressways to improve interstate transportation.
Due to rising uptake of innovative traffic management services in public transit systems, relatively large expenditure on intelligent traffic management systems is likely to be commissioned by federal and provincial governments. The segment accounted for more than of half of the revenue share of intelligent traffic management systems market in 2017. Infrastructure enterprises and public private partnerships (PPPs) have also been envisaged to increase their spending on such systems during the forecast period, and eventually contribute a significant share to the intelligent traffic management systems market.
By components, traffic controllers and signals are expected to retain their leading position in the global intelligent traffic management systems market, accounting for over 15% revenue share in 2017. Meanwhile, detectors and sensors are anticipated to witness a vigorous growth in the global intelligent traffic management systems market, expanding at 14.4% CAGR during the forecast period.
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