Intelligent Traffic Management System Market Forecasted to Reach Around 18.7 Billion by 2028 - Report by Market Research Future (MRFR)
Market Research Future
6 min read
Market Research Future
Surging Need for Presenting Real-Time Traffic Information to Passengers and Drivers to Boost Intelligent Traffic Management System Market Growth
New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Intelligent Traffic Management System Market information by Solution, by Offering and Region – forecast to 2028” market size to reach USD 18.7 billion by 2028.
Market Scope: The favorable government initiatives for effective traffic management, rapid development of smart cities globally, and increased need to reduce traffic congestion will offer robust opportunities for the market over the forecast period. Governments across the world are focusing to develop infrastructure which accompanies transportation networks for smart cities as well as the hard-earned money of commuters globally. Various governments are using intelligent traffic management systems to improve road safety & operational performance of transport systems and cut down the effect of transportation on the environment.
Dominant Key Players on Intelligent Traffic Management System Market Covered are:
Market USP Exclusively Encompassed: Market Drivers The growing need for presenting real-time traffic information to passengers and drivers will boost the market growth over the forecast period. Improved traffic efficiency helps transportation authorities in responding to emergencies more quickly.
Absence of Standards to act as Market Restraints The absence of standards coupled with the issues of technological uniformity may act as market restraints over the forecast period.
Safety Issues to act as Market Challenge Safety issues related to traffic management systems and high deployment costs as well as restricted expenditure on the public sector may act as market challenges over the forecast period.
Segmentation of Market Covered in the Research: The intelligent traffic management system market is bifurcated based on offering and solution.
By solution, the traffic monitoring system will lead the market over the forecast period.
By offering, the intelligent traffic management system market is segmented into services, software, and hardware.
Regional Analysis APAC to Sway Intelligent Traffic Management System Market The APAC region will sway the global intelligent traffic management system market over the forecast period. Rapid growth of population especially in developing nations, increasing need for advanced technology, continued expansion of transportation networks, focus by governments to improve the overall physical infrastructure, increasing adoption in India, South Korea, Japan, and China, favorable government initiatives, rapid urbanization, increasing awareness about intelligent systems, increase in disposable income in India, Japan, and China that has increased the purchase of four wheelers, DOT making huge investments in research and development, adoption & implementation of intelligent traffic management systems, strong emphasis of regional governments to improve transport infrastructure, advances in communication technologies and tackling vehicular congestion for improved efficacy of transport capacity through a real-time exchange, and soaring adoption of radio and mobile devices that feature short range dedicated technology are adding to the global intelligent traffic management system market growth in the region.
North America to Have Significant Growth in Intelligent Traffic Management System Market North America will have significant growth in the global intelligent traffic management system market over the forecast period. The growing presence of expressways for improving interstate transportation, the presence of several ITS systems for managing the increasing traffic & public transportation system, the strong demand for dedicated short-range communication devices that stop traffic jams, increasing sales of commercial drone, increasing adoption in the US for the country enacting stringent regulations for drone pilots & registration, and increasing need for intelligent traffic management systems in the airline industry are adding to the global intelligent traffic management system market growth in the region.
COVID-19 Impact on the Global Intelligent Traffic Management System Market Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the intelligent traffic management system market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
Competitive Landscape The intelligent traffic management system market is both competitive as well as fragmented for the presence of multiple international and domestic key players. These industry players have incorporated a series of innovative strategies for staying at the forefront along with catering to the surging need of the clients including joint ventures, geographic expansions, collaborations, contracts, partnerships, new product launches, and others. Besides, the players are also devoting in numerous research & development activities.
Industry News MeitY has recently launched intelligent transportation systems solutions for traffic. The ODAWS will help in improving the highway infrastructure with the increase of cars speed on roads has gone up exacerbating safety concerns. ODAWS will incorporate vehicle-borne sensors to monitor driver propensity & vehicle surroundings to provide visual and acoustic alerts for driver assistance.
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