According to the report titled ‘Global Intelligent Traffic Management System Market Size study, by Solution (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Camera, Integrated Corridor Management, Intelligent Driver Information System and others) and Regional Forecasts 2021-2027’ available with MarketStudyReport, global intelligent traffic management system market was valued at USD 9.12 billion in 2020 and is projected to grow at a healthy rate of 11.9% from 2021 to 2027, thus reaching USD 20.04 billion by the end of analysis timeframe.
Increasing focus on delivering real-time traffic statistics and information to drivers and passengers, as well as the vast number of vehicles on the road are driving the global intelligent traffic management system market growth. The report on Statista mentioned that the number of automobiles on the road in India climbed to 295.77 million in 2019, up from 253.31 million in 2017.
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Notably, an intelligent traffic management system is a powerful application system that attempts to provide advanced services for multiple modes of transportation and traffic management. It allows users to acquire effective information, be safer, and use transportation networks more intelligently.
In addition, regulatory framework related to security and safety of driver, passengers, and vehicle is likely to open new prospects for the worldwide intelligent traffic management system business by 2027. However, the possibility of supply chain interruptions may stifle market growth over the projection period of 2021-2027.
Considering the geographical scope, Asia Pacific, Europe, North America, and Latin America are the key contributors to the market. North America is the leading region in terms of market share at present, thanks to increased investment in research & development and widespread implementation of intelligent traffic management systems.
On the other hand, owing to inflowing investment towards the development of efficient, green, safe, intelligent, and comprehensive transportation systems in the region, Asia Pacific market is likely to have a significant growth rate throughout the projection period.
Speaking of the competitive landscape, top-tier players in global intelligent traffic management system market include TransCore LP, Cubic Corporation, Kapsch TrafficCom AG, SNC-Lavalin Group (Atkins), Q-Free ASA, International Business Machines Corporation, Thales Group, TomTom International B.V., General Electric Company, and Siemens AG among others.