Intelligent Traffic Management System Market Size, Share & Trends Report

Intelligent Traffic Management System Market Size, Share & Trends Analysis Report By Solution (Traffic Monitoring System, Traffic Signal Control System, Integrated Corridor Management), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-907-4
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2019
  • Number of Pages: 115

Report Overview

The global intelligent traffic management system market size was valued at USD 9.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2028. The outbreak of the COVID-19 pandemic has severely affected the market in terms of new sales and installations; however, the existing Intelligent Traffic Management System (ITMS) installations across the globe are being used effectively. Several major system manufacturers have suspended their operations temporarily due to disruptions in the supply of components. Companies, buyers, and suppliers are equally affected by the outbreak of the COVID-19 pandemic and the ITMS market is expected to continue facing the challenges in 2021 as well. The production schedules are particularly at risk owing to supply chain disruptions, thereby restraining the growth of the market and posing threats to the incumbents of the market.

U.S. intelligent traffic management system market size, by solution, 2018 - 2028 (USD Billion)

Although the market is expected to continue to grow during the rest of 2021, irrespective of the outbreak of the pandemic, the growth is expected to be irregular. While the demand is not likely to decrease outright, project delays and shifts in different product segments are expected to be inevitable. The ITMS market continues to be significant as the crisis continues to highlight the crucial role of infrastructure development in strengthening the response to the pandemic. Hence, the post-pandemic era is anticipated to offer lucrative growth opportunities for the incumbents of the market.

The need for presenting real-time traffic information to drivers and passengers is one of the key factors driving the demand for ITMS. Improved traffic efficiency enables transportation authorities to respond to emergencies more quickly. The use of such systems maximizes the efficiency of traffic management and shortens the travel duration. The higher use of public transportation results in the reduction of airborne pollutants and carbon dioxide emissions. Intelligent traffic management systems contribute to the reduction in the consumption of fuels and greenhouse gas emissions by reducing traffic congestion.

ITMS provides traffic management solutions that enable enhanced road safety, traffic flow, and mobility. Additionally, traffic management solutions offer real-time data to analyze and respond to emergencies immediately. Countries worldwide are modifying their traffic management infrastructure to reduce traffic congestion. Regulatory initiatives related to security and safety are expected to have a positive impact on the adoption of telematics services in vehicles. These services enhance driver safety, reduce fuel consumption, improve driver behavior, and enable cost reduction. Telematics tracking systems are widely deployed in cars and include accessing and activating vehicles remotely using radio frequency identification.

Continued urbanization and the unabated increase in the number of vehicles plying on the roads have triggered heavy traffic congestion, large volumes of CO2 emissions, and safety concerns for urban planners, and have subsequently necessitated the development of new and innovative smart mobility solutions to roll out an effective transportation system. For instance, according to the European Joint Research Centre (JRC), road congestion in Europe costs around 1% of the region's GDP. Mitigating the issue has become the foremost priority of most urban infrastructure development and management bodies in the region. Smart mobility solutions can play a crucial role in addressing all these issues and this is encouraging the adoption of smart mobility solutions and fostering the growth of the intelligent traffic management system market.

Solution Insights

The traffic monitoring system segment accounted for a market share exceeding 20% in 2020. Inadequate signal controls contribute considerably to road congestion and increase the overall travel time to a large extent. The major drivers for the growing adoption of traffic monitoring systems include the emergence of smart city projects, favorable government initiatives to develop traffic infrastructures, and the growth of adaptive traffic controls and analytics. Additionally, increasing traffic congestion and pollution from vehicles have accelerated the need for adopting Mobility as a Service (MaaS), which further increases the demand for traffic monitoring systems globally.

Global intelligent traffic management system market share, by solution, 2020 (%)

The traffic signal control system segment is anticipated to expand at a considerable CAGR over the forecast period owing to the availability of highly reliable and low-cost sensors, data storage facilities, and computing and networking infrastructure. Governments and businesses around the globe are likely to focus on developing infrastructure that complements transportation networks for the smart city. Municipalities are primarily seeking novel ways to minimize on-road traffic congestion by implementing an intelligent traffic management system and designing traffic signal control systems. Moreover, the intelligent traffic management system supports a wide variety of smart city applications such as eco-driving, prioritizing public transport at traffic signals, Smart Traffic Signal Control (STSC), broadcasting messages, and ensuring a safe passage of emergency vehicles by Emergency Vehicle Signal Preemption (EVSP) in traffic signals.

Regional Insights

North America dominated the global market with a share of over 35% in 2020. The United States Department of Transportation (DOT) has been heavily investing in research and development, implementation, and adoption of intelligent traffic management systems across the country. Advancements in communication technologies are enhancing the revolution of the transportation network across the region. Mobile and radio devices featuring short-range dedicated technology are enabling drivers, freight operators, transit passengers, and transport authorities to undertake V2V communication. The usage of this technology is anticipated to increase with the number of vehicles across the region, driving the demand for ITMS solutions.

The Asia Pacific regional market is expected to witness significant growth over the forecast period. According to UN 2017 world population prospects, Asia's population is likely to reach 5.26 billion by 2050, and around 64% of the region's population is expected to become urban. To reduce the burden of the region’s decreasing land carrying capacity, governments in the region are focusing on improving the overall physical infrastructure. Transportation being a crucial aspect of the physical infrastructure, the demand for ITMS is expected to increase significantly in the region in the near future. Countries such as China, Japan, South Korea, and India are anticipated to lead the ITMS market. Initiatives undertaken by government bodies in the region are expected to fuel the growth of the market. For instance, in 2017, China issued a five-year plan for establishing a modern, efficient, green, safe, intelligent, and comprehensive transportation system.

Key Companies & Market Share Insights

The key players operating in the market include Cubic Corporation; SNC-Lavalin Group (Atkins); Thales Group; International Business Machines Corporation; General Electric Company; Siemens AG; Kapsch TrafficCom; and TomTom International BV. Market players are investing aggressively in research and development activities, improving their internal processes, actively engaging in new product development, and improving their existing products and services as part of their efforts to acquire new customers and increase their respective market shares. They also focus on mergers and acquisitions and strategic partnerships to develop technologically advanced products and gain a competitive edge in the market.

Furthermore, they are also investing aggressively in research and development activities to drive organic growth. For instance, in January 2021, Q-Free ASA launched Kinetic Signals to manage traffic signals centrally. Kinetic Signals features a comprehensive intersection editor, interactive reporting, built-in ATSPMs, and a detail-rich database management system to efficiently control and monitor traffic signals in real-time across cities, states, and regions. Some of the prominent players operating in the global intelligent traffic management system market are:

  • Cubic Corporation

  • SNC-Lavalin Group (Atkins)

  • Thales Group

  • International Business Machines Corporation

  • General Electric Company

  • Siemens AG

  • Kapsch TrafficCom

  • TomTom International BV

  • Q-Free ASA

  • TransCore

Intelligent Traffic Management System Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 9.70 billion

Revenue forecast in 2028

USD 21.38 billion

Growth rate

CAGR of 11.9% from 2021 to 2028

Base year for estimation

2020

Historical data

2018 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Solution, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil; UAE

Key companies profiled

Cubic Corporation; SNC-Lavalin Group (Atkins); Thales Group; International Business Machines Corporation; General Electric Company; Siemens AG; Kapsch TrafficCom; TomTom International BV; Q-Free ASA; TransCore

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the global intelligent traffic management system market report based on solution and region:

  • Solution Outlook (Revenue, USD Million, 2018 - 2028)

    • Traffic Monitoring System

    • Traffic Signal Control System

    • Traffic Enforcement Camera

    • Integrated Corridor Management

    • Intelligent Driver Information System

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa (MEA)

      • UAE

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