GVR Report cover Intelligent Traffic Management System Market Size, Share & Trends Report

Intelligent Traffic Management System Market Size, Share & Trends Analysis Report By Solution (Integrated Corridor Management, Traffic Signal Control System), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-907-4
  • Number of Pages: 115
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2030
  • Industry: Technology

Report Overview

The global intelligent traffic management system market size was valued at USD 9.70 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.1% from 2022 to 2030. However, the outbreak of the COVID-19 pandemic has severely affected the market in terms of new sales and installations, with several major system manufacturers temporarily suspending their operations due to disruptions in the supply of components. Simultaneously, the existing Intelligent Traffic Management System (ITMS) installations across the globe are being used effectively to keep demand afloat. The pandemic has had a significant economic impact on various companies, buyers, and suppliers creating challenges for the market in 2021.

U.S. Intelligent Traffic Management System Market size, by solution, 2020 - 2030 (USD Billion)

Although the market for intelligent traffic management systems was projected to gain immense traction during the rest of 2021, the growth was expected to be irregular irrespective of the pandemic outbreak. While the demand is not likely to decrease outright, project delays and shifts in different product segments are expected to be inevitable. With improved traffic effectiveness, the ITMS market is anticipated to witness growth over the forecast period. Hence, the post-pandemic era is anticipated to offer lucrative growth opportunities for the incumbents of the market.

The rising demand 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. These advanced systems are predicted to maximize the effectiveness of traffic management and also help reduce traveling duration. The increasing adoption of public transportation can help reduce carbon dioxide emissions and airborne pollutants. Moreover, there is an estimated reduction in greenhouse gas emissions and fuel consumption with the use of ITMS.

An intelligent traffic management system ensures road safety, traffic flow, and mobility. It also provides real-time data for the analysis and response to emergencies on an immediate basis. Various countries are putting effort into modifying their traffic management infrastructure to reduce traffic congestion. The adoption of telematics services in vehicles can significantly improve security and safety. 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.

The increasing urban population and speedy industrialization have increased the number of vehicles plying on the roads which have triggered heavy traffic congestion. Thereby, large volumes of CO2 emissions, and safety concerns for urban planners, are assumed to impact the market growth. 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. The ITMS also requires smart mobility solutions that can play a vital role in addressing all these issues and solutions and fostering the market growth.

Solution Insights

The traffic monitoring system segment accounted for a revenue share of over 20% in 2021. Inadequate signal controls contribute considerably to road congestion and increase the overall travel time to a large extent. The emergence of smart city projects, favorable government initiatives to develop traffic infrastructures, and the growth of adaptive traffic controls and analytics are the key factors in deploying traffic monitoring systems. Furthermore, increasing traffic congestion and pollution from vehicles have accelerated the need to adoptMobility as a Service (MaaS), which is anticipated to drive the growth of the market over the forecast period.

Global Intelligent Traffic Management System Market share, by solution, 2021 (%)

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 are exhibiting an optimistic transition toward smart transportation that complements transportation networks for smart cities. Municipalities are primarily seeking novel ways to minimize traffic congestion in smart cities by implementing intelligent traffic management systems and designing traffic signal control systems. ITMS also supports a 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 held a major revenue share of over 35% in 2021. The United States Department of Transportation (DOT) has been heavily investing in R&D, implementation, and adoption of ITMS. The strong emphasis of regional governments is improving transportation infrastructure is further driving the adoption. Advancements in communication technologies and tackling vehicular congestion for improved efficacy of transport capacity through a real-time exchange are anticipating the revolution of the transportation network across the region. Soaring adoption of mobile and radio devices featuring short-range dedicated technology enables drivers across the region, driving the demand for ITMS solutions.

Asia Pacific is dynamically transforming with increasing demand for advanced technology and the continued expansion of transportation networks and is expected to expand at a significant CAGR during the forecast period. According to the UN 2017 world population prospects, Asia's population is likely to reach 5.26 billion by 2050, and around 64% of it is expected to be urban. To reduce the burden of decreasing land carrying capacity, the governments are focusing on improving the overall physical infrastructure. Transportation is a crucial aspect of the physical infrastructure.

The demand for intelligent traffic management systems is expected to increase significantly in the countries, such as China, Japan, South Korea, and India, which are anticipated to fuel the market growth. Furthermore, the 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.

Intelligent Traffic Management System Market Share Insights

The key market players 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 R&D activities, improving their internal processes, existing products, and services, and actively engaging in new product development 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.

For instance, in November 2021, Kapsch TrafficCom launched climate-friendly Traffic Management 2.0 in the city of Vienna. The deployment of this solution paves the way in defining the improvements to air quality. This solution will prevent congestion and switch to green for streetcars, to an intelligent navigation system that anticipates critical traffic situations in real-time and also helps to proactively circumvent the traffic jams and protect sensitive areas, such as schools. 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 2022

USD 10.42 billion

Revenue forecast in 2030

USD 27.92 billion

Growth rate

CAGR of 13.1% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2030

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

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; Mexico; 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 2017 to 2030. 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, 2017 - 2030)

    • Traffic Monitoring System

    • Traffic Signal Control System

    • Traffic Enforcement Camera

    • Integrated Corridor Management

    • Intelligent Driver Information System

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa (MEA)

      • UAE

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