The intelligent traffic management system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Intelligent Traffic Management System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The intelligent traffic management system market size has grown rapidly in recent years. It will grow from $8.62 billion in 2023 to $9.68 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to urbanization and population growth, environmental concerns, safety regulations, economic development, rising demand for mobility services.
The intelligent traffic management system market size is expected to see rapid growth in the next few years. It will grow to $15.49 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing enhanced connectivity, shift towards electric and autonomous vehicles, focus on sustainability, integration with smart infrastructure, demand for data-driven insights. Major trends in the forecast period include technological advancements, government initiatives and investments, integration of AI and machine learning, development of advanced traffic control systems, focus on user experience and mobility services.
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Scope Of Intelligent Traffic Management System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Intelligent Traffic Management System Market Overview
Market Drivers –
The increased number of vehicles is expected to propel the growth of the intelligent traffic management system market going forward. The factors responsible for an increased number of vehicles are urbanization, economic growth, affordability, demand for fuel-efficient vehicles, and the increasing focus on sustainability and environmental considerations within the automotive industry. Intelligent traffic management ensure smooth traffic flow, reduce congestion, enhance safety, and optimize transportation systems. For instance, according to reports published by the Department of Transport ( Gov.UK,), a UK-based public sector information website, the road traffic (vehicle miles) in 2022 was 323.8 (billion vehicle miles), increased from 297.6 (billion vehicle miles). Therefore, the increased number of vehicles in the road is driving the growth of the intelligent traffic management system market.
Market Trends –
Major companies operating in the inventory management software market are focusing on developing new technologies, such as ItemOptix, to help retailers improve their stock accuracy. ItemOptix refers to an RFID inventory management solution that is designed to help retailers optimize their stock, minimize losses, and drive sales. For instance, in January 2023, Checkpoint Systems Inc., a US-based technology company, launched ItemOptix, an inventory management software for retail, to enhance stock accuracy, accelerate stock movement, and ultimately improve sales and customer experiences. This includes various features such as real-time inventory tracking, stock visibility, user-friendly interfaces, and easy deployment to improve inventory control and operational efficiency in retail stores.
The intelligent traffic management system market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Product Type: Integrated Urban Traffic Control, Variable or Dynamic Message Signs, Emergency Response, Border Control System, Electronic Toll Collection, Parking Management, Violation And Measurement, Tunnel Management, Freeway Management
3) By Spender Type: Infrastructure Enterprises And Public-Private Partnerships(PPPs), Industries And Commercial Enterprise, Federal And Provincial Government
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Regional Insights –
Asia-Pacific was the largest region in the intelligent traffic management system market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent traffic management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the intelligent traffic management system market are Huawei Technologies Co. Ltd., Siemens, Raytheon Technologies Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Thales Group, Advantech Co. Ltd., FLIR Systems Inc., TransCore LP, Cubic Corporation, SWARCO AG, TomTom N.V., VITRONIC Dr.-Ing. Stein Bildverarbeitungssysteme GmbH, Beijing E-Hualu Information Technology Co. Ltd., Iteris Inc., Global Traffic Technologies LLC (GTT), Q-Free ASA, Econolite Group Inc., Cohda Wireless Pty. Ltd., Sensys Networks Inc., Clearview Intelligence Limited, PTV Group, EFKON AG, Peek Traffic Corporation
Table of Contents
1. Executive Summary
2. Intelligent Traffic Management System Market Report Structure
3. Intelligent Traffic Management System Market Trends And Strategies
4. Intelligent Traffic Management System Market – Macro Economic Scenario
5. Intelligent Traffic Management System Market Size And Growth
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27. Intelligent Traffic Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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