/ Press Release / Healthcare & Life Sciences

Global Intelligent Traffic Management System Market Is Surging Due to Increasing Propitious Government Initiatives by Several Government Bodies Across the Globe to Enhance Road Safety and Boost Operational Performance of Intelligent Traffic Management System

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Various technologies and data sources are used in intelligent traffic management to guide or support traffic control depending on current levels of traffic congestion and other factors. The demand for the Intelligent Traffic Management System (ITMS) is soaring since it enhances roadway efficiency, safety, decreases congestion, and emergency response while interacting in a directed manner with moving vehicles. Some intelligent traffic management systems combine transit information, such as schedules and on-time performance statistics for scheduled bus and rail lines, to draw customers. Moreover, intelligent traffic management helps build a sizable database of mobility data that can be utilised to improve future mobility and traffic, which in turn drives market expansion. Since it benefits not just the city but also the drivers and passengers.

The worldwide demand for Intelligent Traffic Management System market was estimated at around USD 10.4 billion in 2022, and by the end of 2032, existing and expected developments would hit valuations of around USD 34.36 billion. The industry players and analysts predict theglobal Intelligent Traffic Management System marketgrowth of around 14.2% in terms of CAGR. Globally, there are more and more encouraging government programmes aimed at enhancing traffic management system performance and improving road safety. Government agencies are developing a number of tactics to accomplish their goals through the use of smart technologies in light of the steadily growing attention being paid to smart cities. While the implementation of these projects necessitates greater funding, countries including the U.S., Japan, and Dubai are actively investing in a variety of intelligent traffic management projects.

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However, slow infrastructural development is projected to be one of the factors holding back market expansion over the forecast period. Fast data speeds are necessary for real-time processing by the intelligent traffic management system. As a result, the infrastructure needed to create new technologies is not evolving at the required rate which may impede the market growth over the course of projected period.

Some of the leading and top Intelligent Traffic Management System companies in the global market include Cubic Corporation, SNC-Lavalin Group (Atkins), Thales Group, Kapsch TrafficCom, International Business Machines Corporation, General Electric Company, TransCore, Siemens AG, TomTom International BV, Q-Free ASA, and Others.

On the basis of solution, the worldwide Intelligent Traffic Management System market can be segmented into traffic monitoring system, traffic signal control system, traffic enforcement camera, integrated corridor management, intelligent driver information system, and others. In terms of application, global intelligent traffic management system market can be segmented into highway, managed lanes, and others. In terms of geography, the global intelligent traffic management system market is classified into North America, Europe, Asia pacific, South America, and Middle East & Africa.

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