Intelligent Traffic Management and Monitoring Systems Market by Solution (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Cameras), By Spender Type (Infrastructure Enterprises & PPPs, Federal & Provincial Government, Industries & Commercial Enterprise), By Components (Traffic Controllers & Signals, Surveillance Cameras, Video Walls) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Intelligent Traffic Management and Monitoring Systems Market size is projected to reach a CAGR of 12.5% from 2023-2030.
Traffic System is a primary concern for most of the metropolitan centers of the world. An effective traffic control system can have a severe impact on the country’s economy. The traffic control system is based on the easy concept that “a car can only move forward if there is an area for it and the signal normally remains green until this car has passed”. By placing sensors at every entry and exit of a junction and examining the number of cars present at the junction, it is probably possible to form traffic very efficiently, which is a great application of digital signal control processing.
An improvement in the adoption of intelligent traffic management systems globally can be credited to their capacity to improve efficiency in different situations including mobility and road transport. An excessive need to reshape transportation networks, particularly in emerging economies due to burgeoning urban population and speedy industrialization, is assumed to be highly impactful on the growth of the Intelligent Traffic Management and Monitoring Systems Market. These systems help decrease and eliminate delays, and traffic congestion, and convey accurate information to commuters as well as traffic planners at the precise time. Such benefits have led to a surge in the demand for effective traffic management systems which will probably fuel market growth.
On the other hand, high installation costs and a lack of skilled professionals are the two major factors causing the hindrance to market growth.
The outbreak of the pandemic COVID-19 has severely affected the market in terms of new sales and installations, although, the existing Intelligent Traffic Management System (ITMS) installations across the world are being used efficiently. Various major system manufacturers have suspended their operations temporarily due to disruptions in the supply of components. A decline in global automotive production due to the closure of factory operations knowingly impacted the market demand for intelligent traffic management systems. Instantaneously, unwavering efforts by major automotive companies to develop more advanced forms of transport kept demand afloat. Companies, buyers, and suppliers are equally affected by the outbreak of the COVID-19 pandemic, and the global intelligence traffic management system market is expected to continue facing challenges in 2021 as well. The production schedules are particularly at risk owing to supply chain disruptions, thereby restraining the growth of the market and posing threats to the incumbents of the market.
As per the analysis of the Intelligent Traffic Management and Monitoring Systems Market, it can be concluded that the market is expected to experience significant growth in the forecast period. The increasing need for efficient traffic management and the rising demand for better transportation infrastructure are the primary factors driving the market's growth. The market is also witnessing a surge in demand for real-time traffic monitoring and intelligent transportation systems. The advancements in technology, such as the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML), are further propelling the market's growth. The Intelligent Traffic Management and Monitoring Systems Market is witnessing intense competition among the key players. The major players are focusing on research and development activities to introduce new and innovative products in the market.
North America to Dominate the Market