Signal management

Intelligent traffic management system Demand will increase at a

Rockville, Oct. 26, 2022 (GLOBE NEWSWIRE) — The market for intelligent traffic management systems reached a valuation of US$18.94 billion in 2022. Additionally, during the valuation period 2022-2032 , growth is expected to accelerate to a whopping 6.7% CAGR, reaching US$36.22 billion. The growing demand for presenting real-time traffic information to drivers and passengers is one of the main drivers demand for intelligent traffic management systems market. Improved traffic efficiency enables transport authorities to respond more quickly to emergencies.

These advanced systems should maximize the efficiency of traffic management and also contribute to reducing travel times. Increasing adoption of public transportation can help reduce carbon dioxide emissions and air pollutants. Additionally, there is an estimated reduction in greenhouse gas emissions and fuel consumption with the use of the ITMS. Rising urban population and rapid industrialization have increased the number of vehicles on the roads, which has caused heavy traffic jams. Thus, large volumes of CO2 emissions and safety concerns for city planners are believed to impact the growth of the market.

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For example, according to the Joint European Research Center (JRC), traffic congestion in Europe costs around 1% of the region’s GDP. Mitigating the problem has become the top priority of most urban infrastructure development and management agencies in the region. ITMS also requires smart mobility solutions which can play a vital role in solving all these problems and solutions and fostering market growth.

Key insights from market research

  • According to Fact.MR, a CAGR of 3.3% was recorded for the intelligent traffic management system market from 2017 to 2021
  • In fiscal 2021, the intelligent traffic management system market reached a valuation of US$17.75 billion
  • The market is expected to register an annual growth rate of 6.0% in 2022
  • By product type, the integrated urban traffic control systems segment is expected to dominate the market, documenting a CAGR of 6.6%
  • According to projections by Fact.MR, the intelligent traffic management system market in China is likely to grow at a CAGR of 6.6%.
  • The intelligent traffic management system market in the United States is expected to grow at a CAGR of 6.5%.

“The massive proliferation of big data and the Internet of Things (IoT), coupled with investments and initiatives by various governments and companies are the major factors that are expected to drive the growth of the ITM systems market during the forecast period,” comments an analyst from Fact.MR.

Advances in virtual reality and AI for Foster market growth prospects

The development of virtual reality and artificial intelligence has the potential to improve transportation systems around the world. These technologies involve the development of visualization and a head-up display for motorized transport. Both drivers and other users of the transport system benefit. AI has the ability to change the way the system is modeled.

AI is being adopted by traffic management technology vendors. For example, Lilin, a Taiwanese network video system manufacturer, introduced the Aida ALPR series, an AI-based traffic control system, as well as a variety of surveillance cameras and other state-of-the-art municipal tools. , as of March 2020. Precise Object Detection is offered by this comprehensive system for plate recognition, parking spot detection, vehicle speed detection, truck, motorcycle and pedestrian violations.

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Key segments covered by the Intelligent Traffic Management System industry survey

  • By product type:
    • Integrated city traffic control system
    • Variable / dynamic message signs
    • Emergency Response Systems
    • Border control system
    • Electronic toll system
    • Parking management system
    • Violation and measurement systems
    • Tunnel management system
    • Highway management system
    • Other systems
  • By type of expense:
    • Infrastructure companies and PPPs
    • Federal and provincial government
    • Industries and commercial enterprises
  • By components:
    • Traffic controllers and signaling
    • Surveillance cameras
    • Video walls
    • Waiter
    • 3D simulators
    • Graphic workstation
    • Detectors and sensors
    • Other components
  • By region:
    • North America
    • Latin America
    • Europe
    • Japan
    • APEJ
    • Middle East Africa

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Competitive landscape

The major players in the intelligent traffic management system industry are profiting from the growing demand for the intelligent traffic management system in various applications. To expand their reach, players rely on collaborations, partnerships and acquisitions with existing small, medium and large players. Some important market developments are as follows:

  • In July 2022, Indra, one of the world’s leading technology engineering companies serving the aerospace, defense and mobility sectors, won a contract with Trans Urban in the United States to implement its solution pioneering automatic scanning and detection of high occupancy vehicles (HOVs) in the I-95, I-495 and I-395 expressways in northern Virginia.
  • In April 2022, under the InTranSE-II program, India’s Ministry of Electronics and Information Technology (MeitY) launched a number of applications under the Intelligent Transport System (ITS) for improve the traffic situation in India. The Center for Development of Advanced Computing (CDAC) and the Indian Institute of Technology, Madras have collaborated to create an on-board driver assistance and warning system (ODAWS), a bus signal priority system and a common SMART iot Connectiv (CoSMiC) software (IIT-M) . The industry partner for the project, according to a government statement, was Mahindra and Mahindra.

Leading Intelligent Traffic MaActors of the management system service

  • Quarter Hill Inc.
  • ASA without Q
  • IBM Corporation
  • Siemens AG
  • Dahua Technology Co.Ltd.
  • Beijing E-Hualu Information Technology Co. Ltd
  • Econolite Control Products, Inc.
  • Baumer Holding AG
  • Iteris Inc.
  • Kyosan Electric Manufacturing Co.Ltd.

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