Intelligent Traffic Management System Market Size

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.