The global intelligent traffic management system market size is expected to reach USD 19.8 billion by 2030 according to a new study by Polaris Market Research. The report “Intelligent Traffic Management System Market Share, Size, Trends, Industry Analysis Report, By Components (Traffic Controllers and Signals, Surveillance Cameras, Video Walls, Server, 3D Simulators, GUI Workstation, Detectors & Sensors, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The main issues for people living in urban areas due to rapid urbanization are transportation congestion and administration. One of the main factors contributing to more congestion around the world is the increase in the number of vehicles, which has also raised the demand for intelligent transportation systems over more conventional methods of managing the transportation system.
On the other hand, infrastructure expansion can boost the effectiveness of transportation, but it is expensive in terms of both time and money. The consequences of increased costs linked to the congestion in urban areas can be controlled with adequate control and smart management. As a result, intelligent transportation control systems are substantially impacted by the development of new technologies and more effective communication networks.
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Based on components, the video walls industry segment is expected to grow at a significant rate owing to the increased use of video walls in team-based command and control center environments that serve as a critical data hub as well as public authorities and utilities operating in city, regional, state, and federal levels, which in turn, is projected to drive the demand for intelligent transportation systems.
Rapid improvements in data transmission, mobility, cloud, and sensors, which integrate the IoT architecture, are expected to exacerbate the intelligent transportation market's growth. However, a lack of standardization and uniformity in the solutions may result in compatibility concerns, limiting the market's growth.
Major participants such as Kapsch TrafficCom AG, Cisco, SWARCO, Cubic Corporation, FLIR, Thales Group, General Electric Company, Huawei, IBM, TomTom International BV, PTV Group, Q-Free ASA, Siemens AG, Chevron, and Transcore are some of the key players operating in the global market.
Polaris Market Research has segmented the intelligent traffic management system market report on the basis of product, components, and region:
Intelligent Traffic Management System, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Intelligent Traffic Management System, Components Outlook (Revenue - USD Billion, 2018 - 2030)
Intelligent Traffic Management System, Regional Outlook (Revenue - USD Billion, 2018 - 2030)