Several countries are focusing on efficient monitoring of traffic movements with the implementation of advanced technologies that provide quick reactive measures and reduce the effects of unavoidable disaster. This is one the latest trends prevailing in the intelligent traffic management systems market.
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Emergence of connected vehicles which require seamless communication platforms may influence the adoption of intelligent traffic management systems for proper functioning and subsequently guide the future expansion of the market. By product, integrated urban traffic control systems are likely to gain greater traction, expanding at a robust CAGR of 15.4% over the forecast period. Holding 16.9% value share, the segment contributes highest revenue to the intelligent traffic management systems market, and the trend is expected to continue during 2017-2026.
The recent report published by Fact.MR on intelligent traffic management systems market is a result of a thorough and exhaustive research methodology. The actionable and detailed insights into global intelligent traffic management systems market are obtained through a two-step research process involving primary as well as secondary resources. The secondary research was conducted by particularly studying trade journals, paid resources, and other associated publications relevant to intelligent traffic management systems market. The primary research, on the other hand, involved interviewing industry experts. Along with a historical analysis, results from these processes were triangulated to determine the accurate and complete forecast of global intelligent traffic management systems market for the period between 2017 and 2026.Â
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Technological solutions such as intelligent traffic management systems that monitor traffic through advanced methodologies are gaining pace to safeguard roadways infrastructure and transportation of commuters and pedestrians. In busy roads and highways, effective traffic management solutions and services play an important role in monitoring various traffic activities. Incessant rise in the number of on-road vehicles has increased the traffic density which results in roads accidents, noise pollution, and wastage of time and fuel. Such traffic concentration in various regions across the globe is becoming difficult to manage through manual operation, and therefore expected to influence the adoption of intelligent traffic management systems in the coming years.
Rapid movement of advanced technologies such as artificial intelligence, robotics and others in North America has influenced it to remain at the forefront of intelligent traffic management systems market, contributing an estimated revenue of more than US$ 3.9 billion in 2018. The US accounts for relatively high share in the North America intelligent traffic management systems market, and is projected to expand at a promising CAGR of 10.1% during the forecast period.
Sales of integrated urban traffic control systems are likely to witness a steady growth during 2017-2026, holding over 16% revenue share in intelligent traffic management systems market in 2017. Freeway management systems, on the other hand, are expected to earn high traction in the coming years, owing to growing presence of expressways to improve interstate transportation.
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