Intelligent Traffic Management System Market – Key Insights

• Global intelligent traffic management system market registered an impressive CAGR of 10% during the 2012-2016 period, on the back of continuous transformation in the roadway infrastructure that increased the need for managing traffic through automatic operations.

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• Rising demand for technological solutions in such infrastructure is a key factor driving the growth of global intelligent traffic management system market, which is estimated to grow at 11.2% in 2019 through 2018.
• North America continues to be at the forefront of intelligent traffic management systems market, crossing an estimated value of US$ 3.9 billion in 2018.
• With revolutionary innovations in the ICT sector, North America is also likely to remain the most attractive market for intelligent traffic management systems, while the United States accounts for relatively high revenue share in the region.

What are the Growth Driving Factors of Intelligent Traffic Management Systems Market?

• Increase in adoption of intelligent traffic management systems across the globe can be attributed to their ability to improve efficiency in various situations including mobility and road transport.

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• Intense need to reshape transportation networks, especially in emerging economies due to burgeoning urban population and rapid industrialization, is expected to be highly impactful on the growth of intelligent traffic management systems market.
• These systems help reduce traffic congestion, eliminate delays, and send accurate information to commuters as well as traffic planners at the right time. Such advantages have led to surge in the demand for efficient traffic management systems which will possibly fuel the market growth.
• Intelligent traffic management system market is likely to gain immense traction in the foreseeable future, underpinned by growing concerns regarding rising accidents along with air pollution caused by vehicles that reduces the visibility of roads and other transport networks.

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• Growth in presence and construction of expressways to improve interstate transportation is expected to bode well with the global expansion of intelligent traffic management systems market.
• Rapid penetration of smart cities in developing countries like India that implement IT solutions for smart parking, video surveillance, and prioritization of public transport may largely influence the adoption of intelligent traffic management systems.