Intelligent Traffic Management System Market Size, Share, & Trends Analysis Report By Solution (Traffic Monitoring System, Traffic Signal Control System), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the intelligent traffic management system market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for intelligent traffic management system market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of intelligent traffic management system market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Intelligent Traffic Management System Market Categorization:

The intelligent traffic management system market was categorized into two segments, namely solution (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Camera, Integrated Corridor Management, Intelligent Driver Information System), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The intelligent traffic management system market was segmented into solution and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The intelligent traffic management system market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; India; Japan; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Kuwait; UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Intelligent traffic management system market companies & financials:

The intelligent traffic management system market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• AtkinsRéalis - AtkinsRéalis provides fully integrated project management and professional services to its customers worldwide. The company connects people, data, and technology to help and deliver project management concepts while offering a broad range of solutions across the asset lifecycle. The company’s services include consulting and advisory, procurement, project and construction management, design and engineering, intelligent networks and cybersecurity, decommissioning, operations and maintenance, and capital investment. The company delivers its services to a broad category of markets, such as cities and development, energy, environment and geoscience, minerals and metallurgy, industrial and manufacturing, transportation, water and security, and aerospace and defense. The company’s transportation segment provides integrated transportation solutions with the help of advanced technologies that support the development and integration of intelligent mobility solutions, network operations and technology, and transport infrastructure advisory. In Setpmber 2023, SNC-Lavalin Group changed its name to AtkinsRéalis.

• Baumer Holding AG - Baumer Holding AG is a major player in the market, specializing in the design and development of sensors, displays, connectivity accessories, and image processing systems. The company's solutions are used in various applications across industries such as food and beverage, metal and steel, packaging, railway, feeder technology, and mobile machines. The company offers a range of sensors used for monitoring and control tasks in the railway industry. It has received various certifications such as bizSAFE Level 3, Occupational Health and Safety Management System, ISO 14001 - Environmental Management System, and ISO 9001 - Quality Management. The company has sales units in more than 70 countries across the globe and manufacturing facilities in Germany, Italy, Denmark, North Macedonia, and Switzerland.

• Cubic Corporation - Cubic Corporation, through its Cubic Transportation Systems division, is a major player in the market, specializing in various transportation solutions such as intelligent transportation, fare collection and revenue management, and congestion management. The company's product offerings are segmented into vehicle and pedestrian detection, intelligent systems, and synchro studio. Cubic Corporation builds and designs solutions to make cities safer, more effective, and beneficial for all users of the roads. The company's intersection management system helps reduce traffic in suburban as well as densely populated metropolitan centers to improve mobility for all users. Cubic Corporation has offices in more than 75 locations in over 20 countries across the globe.

• General Electric Company - General Electric Company is a major player in the market, engaged in developing and manufacturing technologies and products for industries such as power, renewable energy, aviation, healthcare, and venture capital. The company offers a wide range of products, including electric power and mechanical aircraft systems, integrated digital components, subsea drilling and production systems, biopharmaceuticals, and marine diesel and stationary power diesel engines. General Electric also has a financial segment known as GE Capital, which deals with leases related to commercial aircraft and offers financing and consulting services. The company provides secure, reliable, and scalable solutions such as high-speed optical networking for roads, bridges, highways, tunnels, and rail transit.

• International Business Machines Corporation - International Business Machines Corporation (IBM) is a major player in the information technology industry, offering a wide range of products and services such as analytics, artificial intelligence, automation, blockchain, cloud computing, IT infrastructure, IT management, cybersecurity, and software development products. The company provides software-defined networking solutions and its IBM Cloud is gaining popularity among various industries. IBM's Traffic Information Hub is an intelligent transportation solution that provides traffic analytics and prediction capabilities to transportation authorities, which can help reduce traffic congestion, increase traffic performance visibility, proactively manage traffic conditions, and increase incident visibility across a diverse set of traffic systems.

• Iteris, Inc. - Iteris, Inc. is a major player in the intelligent traffic management and control market. The company offers intelligent information solutions for traffic management and control through its Roadway Sensors and Transportation Systems business segments. Its solutions and services are categorized into smart sensors, mobility intelligence, managed services, and mobility consulting services. Iteris' solutions enable the end-to-end visualization, monitoring, and optimization of mobility infrastructure, ensuring that roads are safe and travel-efficient. The company has a global presence and its solutions are used by state and federal governments, local agencies, and individual users. The intelligent traffic management system market is expected to witness significant growth globally, with increasing adoption in emerging economies. Governments in countries like China, India, and Singapore are investing in ITMS solutions to address traffic congestion and improve mobility.

• Kapsch TrafficCom - Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility. The company offers innovative solutions for transport and traffic, including tolling, traffic management, smart urban mobility, road safety, and connected vehicles. Kapsch TrafficCom's intelligent mobility solutions are widely used for tolling systems, traffic management, smart urban mobility, and connected vehicles. The company designs, develops, and manufactures core technology components across three product families, namely in-vehicle products, RF field products, and video & sensor products. Kapsch TrafficCom operates through two business segments, Tolling and Traffic Management, and has a global presence with successful projects in more than 50 countries.

• Q-Free ASA - Q-Free ASA is a major player in the intelligent transportation systems market. The company provides a wide range of solutions for tolling, traffic management, and connected ITS (C-ITS)/Connected Vehicle solutions. Q-Free operates through two primary segments, Tolling and Traffic Management, and offers intelligent solutions for safe, efficient, and environment-friendly transportation based on advanced technologies and open-ended platforms. The company's solutions are widely used for tolling systems, traffic management, smart urban mobility, and connected vehicles. Q-Free has a global presence with offices in over 17 locations around the world and has been listed on the Oslo Stock Exchange (OSE: QFR) since 2003. The company was established as Micro Design AS in 1984 and changed its name to Q-Free in 1998. It has a strong track record of delivering innovative and sustainable intelligent transportation solutions.

• Quarterhill Inc. - Quarterhill Inc. is a major player in the intelligent transportation systems market. The company operates through two segments, Tolling and Traffic Management, and offers solutions for toll collection, traffic management, and mobility consulting services. Its subsidiaries include International Road Dynamics Inc. (IRD) and Electronic Transaction Consultants, LLC. (ETC). The company's intelligent mobility solutions are widely used for tolling systems, traffic management, smart urban mobility, and connected vehicles.

• Sensys Networks, Inc. - Sensys Networks, Inc. is a major player in the intelligent transportation systems market. The company provides wireless traffic detection and data solutions for transportation agencies and smart cities. Sensys Networks offers a comprehensive platform of accurate detection methods, advanced data analytics, and seamless integration with existing systems. Its wireless solutions offer a highly scalable, flexible, and unified platform for real-time traffic detection. The company's portfolio of detection systems includes parking detection, adaptive control detection, ramp metering, bicycle presence, and signal actuation. Sensys Networks provides its products and solutions across municipalities and government utilities globally.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Intelligent Traffic Management System Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Intelligent Traffic Management System Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.