The global intelligent traffic management system market size is expected to reach USD 18.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 12.0% over the forecast period. The ITMS market is expected to witness significant growth due to growing adoption of advanced traffic management system (ATMS) to enhance road safety.
Traffic monitoring system accounted for the largest revenue share owing to its rapid adoption in developed regions like North America and Europe. These solutions help in controlling signal lights, thereby ensuring smooth vehicle flow. Moreover, they help in reducing air pollution as well as road accidents by providing real time information. Moreover, supportive government initiatives in order to improve vehicle flow, increase transportation system efficiency, increase economic productivity, enhance mobility, and reduce negative environmental effects are likely to support the market growth.
Intelligent driver information system (IDIS) is expected to be the fastest growing solution over the forecast period. IDIS provides real time and avoids potential collision with the help of auto brake solutions. Moreover, these solutions detects the speed of a vehicle in the lane, and thus helps in avoiding collision.
North America dominated the smart traffic management system market in 2018 and is expected to maintain its lead throughout the forecast period. Demand for ATMS is increasing in the region as it reduces road congestion and enhances the driver and passenger safety. For instance, in June 2016, the Texas Transportation Commission announced the approval of a USD 1.3 billion plan to reduce vehicular congestion in the most congested roadways in Texas. According to the commission, on an average, a Texas driver wastes around 52 hours annually stuck on the road, which costs over USD 1,200 annually.
Asia Pacific is anticipated to witness substantial growth due to rapid urbanization and growing population. Rise in the disposable income of the population will fuel the demand for vehicles. This is expected to increase road congestion and boost the demand for ATMS, thereby fueling the ITMS market growth.
Further key findings from the study suggest:
- Integrated corridor management (ICM) solution is projected to expand at a CAGR of 12.7% during the forecast period. Increasing need to reduce road congestion and improve travel time is expected to boost the demand for ICM solutions
- S., Germany, and China are the prominent countries using ITMS due to heavy consumption of automobiles in these countries
- Many cities in India have implemented traffic management with video surveillance solutions due to growth of the IP camera market. This will help the controllers with real-time data about the road congestion scenario as well as help in ensuring that the drivers are following safety regulations
- The intelligent traffic management system market is highly competitive in nature due to the presence of many key global players. Rapid technological advancement is compelling the market players to invest heavily in research and development of these solutions to ensure easy implementation.
Grand View Research has segmented the global intelligent traffic management system market on the basis of solution and region:
Intelligent Traffic Management System Solution Outlook (Revenue, USD Million, 2015 - 2025)
- Traffic Monitoring System
- Traffic Signal Control System
- Traffic Enforcement Camera
- Integrated Corridor Management
- Intelligent Driver Information System
- Other
Intelligent Traffic Management System Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- US.
- Europe
- Germany
- Asia Pacific
- China
- Central & South America
- Brazil
- Middle East & Africa
- UAE
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment