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Intelligent Traffic Management System Market size was over USD 11.69 billion in 2023 and is poised to cross USD 63.48 billion by 2036, growing at more than 13.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of intelligent traffic management system is evaluated at USD 12.99 billion.
The growth of the market can be attributed to the increasing urban population across the world, coupled with rising traffic congestion on roadways and high demographic rates. According to the World Bank, the urban population of the world rose to 55.715% of the world’s total population in 2019, up from 54.823% in the year 2017. Along with these, growing demand to develop fuel-efficient and economic transport infrastructure is giving rise to the escalating demand for implementing efficient traffic management systems. This in turn is expected to drive market growth in the upcoming years. In addition, increase in the number of smart city projects in emerging economies such as Singapore, India and Malaysia, is also projected to offer lucrative opportunities to the market in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
13.9% |
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Base Year Market Size (2023) |
USD 11.69 billion |
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Forecast Year Market Size (2036) |
USD 63.48 billion |
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Regional Scope |
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The intelligent traffic management system market is segmented by product into traffic monitoring system, traffic signal control system, traffic enforcement camera, intelligent driver information system, integrated corridor management, and others, out of which, the traffic enforcement camera segment is anticipated to hold the largest share in the market. This can be accounted to the effectiveness of these cameras to monitor traffic flow and identify violations. Apart from this, traffic enforcement cameras enable operators to verify and detect incidents on the basis of evaluation and real-time monitoring. Furthermore, based on end user, the segment for highway is evaluated to gather the largest market share over the forecast period owing to the rising adoption of smart cities in developing nations. For instance, as per the Indian Brand Equity Foundation (IBEF), in 2020, USD 28.31 billion were allocated for smart city projects, out of these, 86% have been tendered as of now.
Our in-depth analysis of the global market includes the following segments:
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End User |
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Product |
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On the basis of geographical analysis, the intelligent traffic management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is set to dominate majority revenue share by 2036, on the back of robust rate of urbanization, rising traffic congestion and increasing number of fatalities due to road accidents. in 2019. Moreover, the market in North America is anticipated to grab the largest market share over the forecast period owing to the rising demand for real time data among drivers and increasing adoption of IoT in the region. Additionally, the surge in the number of traffic management projects and intensifying developments in Information and Communication Technology (ICT) are expected to drive market growth in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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