Intelligent Traffic Management System Market Expected to Reach US ~$19.83 Billion by 2030 and CAGR 11.1% by 2030 – Polaris Market Research

The global intelligent traffic management system market size is expected to reach USD 19.83 billion by 2030 according to a new study by Polaris Market Research.

With rapid urbanization, traffic congestion and management have become the core challenges for people living in urban areas. A rise in the number of vehicles across the globe is one of the leading causes of increased congestion which has further led to the higher demand for intelligent transportation systems in place of the traditional method of managing the transportation system.

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On the other hand, infrastructure development can improve transportation efficiency, but it comes at a high cost in terms of time, effort, and money. Efficient control and intelligent management make it possible to contain the effects of rising expenses associated with the congestion in metropolitan areas. As a result, the advancement of novel technologies and more efficient communication systems have a significant impact on the usage of intelligent transportation control systems.

Based on components, the video walls market 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 at city, regional, state, and federal levels, which in turn, is projected to drive the demand for intelligent transportation systems.

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Rapid improvements in areas such as 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, Cubic Corporation, SWARCO, FLIR, General Electric Company, Huawei, IBM, TomTom International BV, PTV Group, Q-Free ASA, Siemens AG, Thales Group, Chevron, and Transcore are some of the key players operating in the global market.

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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)

  • Integrated Urban Traffic Control
  • Variable / Dynamic Message Signs
  • Emergency Response
  • Border Control
  • Electronic Toll Collection
  • Parking Management
  • Violation and Measurement
  • Tunnel Management
  • Freeway Management

Intelligent Traffic Management System, Components Outlook (Revenue – USD Billion, 2018 – 2030)

  • Traffic Controllers and Signals
  • Surveillance Cameras
  • Video Walls
  • Server
  • 3D Simulators
  • GUI Workstation
  • Detectors & Sensors
  • Other Components

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