Intelligent Traffic Management Market to grow at a CAGR of 13.64% during 2024-2028
The Intelligent Traffic Management Market is expected to grow at a CAGR of 13.64% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19415 million. The global automobile market experienced a rebound in sales following the COVID-19 pandemic's impact in 2020. In the second half of 2022, significant growth was observed in major automotive markets, including the US, China, the EU, and Japan. Specifically, the Japanese market experienced a 12% increase in sales year-over-year, while the EU automobile sales surged by 27%. The US automotive industry reported nearly a 30% growth in the first half of 2022 compared to the previous year. Consequently, the rising sales of four-wheelers are anticipated to fuel the demand for intelligent traffic management solutions throughout the forecast period.
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Technavio analysts predict that the Traffic monitoring subsegment will lead the Application segment during 2024 and 2028 In the global Intelligent Traffic Management Market, traffic monitoring is a crucial application that has gained significant traction due to the adoption of advanced data collection and analysis techniques, including machine learning. The importance of traffic monitoring lies in its ability to optimize traffic flow, minimize congestion, and enhance overall road network efficiency. Given the high costs associated with developing new road infrastructure and the limited availability of proper infrastructure in various parts of the world, the use of intelligent traffic management solutions is a cost-effective alternative. These systems enable authorities to effectively manage existing road networks, reducing the need for expensive new infrastructure development.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing demand for ai-based smart traffic solutions
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In the post-pandemic era, the Intelligent Traffic Management Market is witnessing significant growth due to the increasing demand for smart mobility solutions. Management bodies are investing in urban infrastructure development to mitigate traffic congestion and improve road safety and security. Cars equipped with telematics tracking systems are becoming the norm, offering cost reduction through optimized fuel consumption and improved driver behavior. Traffic management infrastructure, including emergency response systems and real-time traffic data, is crucial in managing traffic flow and ensuring public safety. Telematics services provide valuable insights into traffic patterns, enabling proactive measures to reduce congestion and minimize the economic impact of project delays. The Intelligent Traffic Management System (ITMS) installation requires a steady supply of components from major manufacturers. However, insufficient infrastructure and supply chain disruptions may hinder market growth. Key product segments include traffic monitoring systems, variable message signs, and real-time traffic data services. ITMS plays a vital role in reducing airborne pollutants and carbon dioxide emissions, making it an essential component of sustainable urban development. Despite the challenges, the market for Intelligent Traffic Management is poised for growth, offering significant opportunities for manufacturers and investors alike.
The Intelligent Traffic Management Market falls under the broader category of the IT software industry, specifically the Systems Software Market. This sector encompasses businesses specializing in the development and production of various software solutions. Notably, this market includes organizations engaged in application development and management, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage software. Exclusively, it does not cover home entertainment software development and production. According to Technavio's analysis, the global Systems Software Market size is determined by aggregating the revenues of companies providing all types of systems software, including cloud-based solutions.
The Intelligent Traffic Management Market is experiencing significant growth, fueled by the increasing demand for ai-based smart traffic solutions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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