According to a currently dispersed Future Market Bits of knowledge report, the Intelligent Traffic Management Market wages were estimated at US$ 9.6 Bn in 2021 and are expected to grow at a CAGR of 7.7% from 2022-2032. Close to the end of 2032, the market should be valued at US$ 21.8 billion. Intelligent traffic management pays off through the Traffic Observing Framework, which grew at an 8.4% CAGR between 2015 and 2032.
Private automobiles are used by a large number of people in the United States for two reasons. The underlying principle is that the majority of Americans live in low-density areas with limited access to public transportation. Second, exclusive cars are more beneficial. Because of this traffic jam, the country has suddenly expanded.
Because approximately 87.9% of people in the United States use private transportation, the risk of street congestion increases. As family wages rise around the world, an increasing number of people are shifting away from slower, less expensive modes of transportation and toward exclusive vehicles and trucks.
Developed countries have undertaken several initiatives to increase the use of public transportation. Thus, the need to upgrade current transportation infrastructures and improve ICT systems is expected to drive expenditures in the traffic management industry in the coming years.
Furthermore, rising pollution and traffic congestion, as well as other environmental issues, are driving demand for the Intelligent Traffic Management system market over the forecast period. Furthermore, due to the growing importance of wireless broadband communications in the intelligent transportation system, the enhanced deployment of the 5G network in numerous countries around the world is likely to spur market expansion.
The Market Study’s Key Findings
- By 2022, the global intelligent traffic management market is expected to be worth US$ 10.4 billion.
- The Traffic Monitoring System segment is expected to have the highest CAGR rate of 7.6% during the forecast period in terms of Product Type.
- In terms of Application, the Highway segment is expected to grow at the fastest rate during the forecast period, with a CAGR of 7.4%.
- The United States will continue to be the most dominant market, with an absolute dollar growth opportunity of $4 billion between 2022 and 2032.
- During the forecast period of 2022-2032, the market in the United States is expected to grow at the fastest rate of 7.5%.
“The rise in urban mobility is expected to drive growth in the Intelligent Traffic Management market.” Furthermore, governments around the world are expected to adopt intelligence transportation management market through new highway construction,” says a Future Market Insights analyst.
More Details Are Available
Future Market Insights presents an unbiased analysis of the Intelligent Traffic Management Market in its new offering, presenting historical market data (2015-2021) and forecast statistics for the period 2022-2032.
The study reveals significant growth in the Intelligent Traffic Management Market by Product Type (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Camera, Intelligent Driver Information System, Integrated Corridor Management, Others), Application (Highway, Managed Lanes, Others), and Region (Highway, Managed Lanes, Others) (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
