The intelligent traffic management market share is expected to grow at a CAGR of 11.23% between 2022 and 2027. The increasing demand for AI-based smart traffic solutions and rapid urbanization provide a promising ground for the intelligent traffic management market.
The increasing demand for AI-based smart traffic solutions is notably driving market growth. AI-based smart traffic management solutions, such as vehicle detection and identification of vehicle number plates at traffic junctions, have allowed traffic authorities to detect traffic rule violators and penalize defaulters by sending penalty receipts through the mail.
Browse Technavio's 181-page report and in-depth TOC on "Intelligent traffic management market by application (traffic monitoring, traffic control, and information provision), service (surveillance cameras, display boards, sensors, interface boards, and radars), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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The intelligent traffic management market is segmented by application (traffic monitoring, traffic control, and information provision), service (surveillance cameras, display boards, sensors, interface boards, and radars), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the traffic monitoring segment will be significant during the forecast period. The emergence of advanced data collection and analysis techniques, such as machine learning, has increased traffic monitoring utilization. The need for advanced traffic monitoring arises due to the lack of proper road infrastructure across countries globally and the high costs involved in the development of new road infrastructure.
The high cost of maintenance has become a major challenge to the adoption of intelligent traffic management. Costs associated with maintenance include those associated with installing new systems as well as those associated with repairing, replacing, and upgrading current systems. Countries may also be unable to make the necessary investments in cutting-edge technology due to the high cost of maintenance. Intelligent traffic management's high maintenance costs are anticipated to have a negative effect on market growth during the forecast period.
The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major intelligent traffic management market vendors are Chevron Corp., Cisco Systems Inc., Cubic Corp., Huawei Technologies Co. Ltd., INRIX Inc., International Business Machines Corp., Kapsch TrafficCom AG, Light Crossing Technology Corp., PTV Planung Transport Verkehr AG, Q Free ASA, Rekor Systems Inc., Siemens AG, SNC Lavalin Group Inc., SWARCO AG, TagMaster AB, Teledyne Technologies Inc., Telegra d.o.o., Thales, TomTom International BV, and Roper Technologies Inc.
cubic.com - The company offers drfm solutions for aerospace and communications.
huawei.com- The company offers drfm solutions for datalinks, military aircraft controls and displays.
inrix.com- The company offers drfm solutions for commercial uses.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the intelligent traffic management market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the intelligent traffic management market share.
Prediction of the upcoming trends, drivers, and factors that challenge the intelligent traffic management market.
Intelligent traffic management market growth across North America, Europe, APAC, South America, and Middle East and Africa.
