Intelligent Traffic Management Systems Market: Demand for Integrated Urban Traffic Control Systems to Gain Traction
Rockville, MD -- (SBWIRE) -- 05/17/2019 -- The Fact.MR report includes thorough assessment of the expansion of global intelligent traffic management system market during the forecast period of 2017-2026, and offers exhaustive information on the future direction of the market. Qualitative as well as quantitative analysis of the key factors of intelligent traffic management system market are mentioned in the report. In addition, it covers a detailed opportunity assessment of the intelligent traffic management systems market along with in-depth insights into its competitive scenario. The intelligent traffic management system market will reach a valuation of US$ 31,692 Mn by 2026-end. Shifting focus towards improving road networks in expected to reflect favorably on the global market. Moreover, increasing need for technologies that can effectively manage and monitor high-speed mobility is creating greater scope of application of intelligent traffic management systems. A technology as such can effectively ensure passenger safety and address some of grave issues of traffic management. In highways and busy roads, it is extremely important to install advanced traffic management systems to monitor various the traffic activities.
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Some of latest intelligent traffic management systems come with cost saving solutions for maintenance and energy consumptions. The intelligent traffic management solutions are supporting the infrastructure development plans for smart cities and smart roads. Popularity of intelligent traffic management systems is growing among highway operators and traffic management bodies across the globe owing to their comprehensive road monitoring capabilities. Further, factors such as hyper urbanization and economic growth in emerging countries is expected to influence demand for intelligent traffic management systems.
Integrated Urban Traffic Control Systems Account for Largest Revenue Share
By product, integrated urban traffic control systems are likely to gain greater traction, expanding at a robust CAGR of 15.4% over the forecast period. Holding 16.9% value share, the segment contributes highest revenue to the intelligent traffic management systems market, and the trend is expected to continue during 2017-2026.
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According to the findings from the study, growth of the intelligent traffic management systems market continues to gain traction, facilitating an integrated control on urban traffic. By the end of 2026, integrated urban traffic control systems worth over US$ 7.1 Bn will be sold across the globe. Meanwhile, increasing presence of expressways to bolster interstate transportation is anticipated to propel the growth of the intelligent traffic management systems. In 2017, sales of freeway management systems is likely to account for over 10% revenues of the intelligent traffic management systems market. Electronic toll collection systems, on the other hand, will register a greater revenue share of the intelligent traffic management systems market, and will be widely adopted in North America.
Growth Driving Factors of Intelligent Traffic Management Systems Market?
Increase in adoption of intelligent traffic management systems across the globe can be attributed to their ability to improve efficiency in various situations including mobility and road transport.
Intense need to reshape transportation networks, especially in emerging economies due to burgeoning urban population and rapid industrialization, is expected to be highly impactful on the growth of intelligent traffic management systems market.
These systems help reduce traffic congestion, eliminate delays, and send accurate information to commuters as well as traffic planners at the right time. Such advantages have led to surge in the demand for efficient traffic management systems which will possibly fuel the market growth.
Intelligent traffic management system market is likely to gain immense traction in the foreseeable future, underpinned by growing concerns regarding rising accidents along with air pollution caused by vehicles that reduces the visibility of roads and other transport networks.
Growth in presence and construction of expressways to improve interstate transportation is expected to bode well with the global expansion of intelligent traffic management systems market.
Companies namely Q-Free, Cubic, Siemens, Kapsch TrafficCom, SWARCO, Imtech, Kyosan Electric, Peek Traffic, Hisense TransTech, Baokang Electronic, and Wantong Technology actively participate in the intelligent traffic management systems market. A majority of intelligent traffic management systems market players will be focusing on increasing the data volume capacities and analysis algorithms. Some intelligent traffic management systems market participants are also expected to integrate advanced analytics like big data for improving examination of vehicles in the event of accidents and hit & runs.
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