North America Will Remain the Leading Market for Intelligent Traffic Management System Over 2026
On the basis of product type, the integrated urban traffic control system segment will remain highly attractive over 2026
[ClickPress, Wed Oct 03 2018] A recent report published by Fact.MR projects that the global intelligent traffic management system market will reach a valuation of US$ 31,692 Mn by 2026-end. Shifting focus towards improving road networks in expected to reflect favorably on the global market. Moreover, increasing need for technologies that can effectively manage and monitor high-speed mobility is creating greater scope of application of intelligent traffic management systems. A technology as such can effectively ensure passenger safety and address some of grave issues of traffic management. In highways and busy roads, it is extremely important to install advanced traffic management systems to monitor various the traffic activities.
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Traffic regulatory bodies in various countries are introducing guidelines directed towards monitoring traffic movements proactively. Use of such cutting-edge traffic management systems also provisions quicker reactive measures to reduce the impact of unavoidable disasters. Companies are actively focusing on developing more comprehensive set of systems used for effective information apprehension and dissemination to passenger and drivers for safe and secure road travel. In addition, increasing investments in research & development programs is leading to introduction of superior intelligent traffic management systems.
Some of latest intelligent traffic management systems come with cost saving solutions for maintenance and energy consumptions. The intelligent traffic management solutions are supporting the infrastructure development plans for smart cities and smart roads. Popularity of intelligent traffic management systems is growing among highway operators and traffic management bodies across the globe owing to their comprehensive road monitoring capabilities. Further, factors such as hyper urbanization and economic growth in emerging countries is expected to influence demand for intelligent traffic management systems.
In terms of revenues, North America is expected to dominate the global market for intelligent traffic management systems in 2017 and the trend is expected to continue throughout the assessment period. In addition, the regionís market is projected to witness a sound growth over 2026. Rapid adoption of advanced traffic management solution in the U.S. and Canada is playing an important role in driving the growth of the market in the region.
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On the basis of product type, the integrated urban traffic control system segment will remain highly attractive over 2026. The segment currently accounts for more than 16% share of the global market for intelligence traffic management, which is expected to increase to nearly 22% share towards the end of assessment period, expanding at a robust growth rate. This segment is set to increase at over US$ 1,000 Mn annually over the course of the forecast period.
On the basis of spennder type, the federal and provincial government segment is expected to retain its leading position over 2026. Currently, the segment commands for more 53% share of the market and is projected to exhibit an above-average CAGR between 2017 and 2026. This is primarily owing to increasing uptake of intelligence traffic management systems in public transits systems.
Based on component, the detectors & sensors segment will remain dominant in 2017 and beyond. This segment is expected surpass a market valuation of US$ 4,500 Mn by 2026-end, exhibiting a compound annual growth rate (CAGR) of 14.4%.
Leading players profiled in Fact.MRís report include Cubic, Q-Free, Siemens, Kapsch TrafficCom, Imtech, SWARCO, Kyosan Electric, Peek traffic, Baokang Electronic, Hisense TransTech, and Wantong Technology. Many of this companies are concentrating on improving product efficiency in order to gain greater market share.
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