Global Intelligent Traffic Management System Market By solution (traffic monitoring systems, intelligent driver information systems, integrated corridor management, traffic signal control systems, traffic enforcement cameras, and others solutions), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Intelligent Traffic Management System Market
Market Report Description
The Global Intelligent Traffic Management System Market size is expected to reach $18.37 billion by 2027, rising at a market growth of 15.60% CAGR during the forecast period.
An advanced application that is developed to offer improved services associated with various types of traffic management and modes of transport is known as an intelligent traffic management system (ITMS). By adopting intelligent traffic management systems, customers can get all the information regarding traffic and transport situations, which enable them to make secure, effective, coordinated, and intelligent utilization of public networks.
The Internet of Vehicles and Vehicular Ad-hoc Networks are novel technologies that allow automobiles to interact and communicate with nearby vehicles with a wireless and devoted infrastructure. Smart Cities and future traffic systems are going to be the most appropriate sites to apply the latest traffic management systems.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the growth and new installation of the intelligent traffic management system, but the pre-installed systems are being efficiently used globally. Several ITMS manufacturers have suspended their manufacturing operations to curb the spread of the virus.
There is a delay in the implementation projects of these systems across various nations due to the unavailability of products and workforce. During the recovery phase of the pandemic, ITMS companies would witness a significant demand since ITMS plays a vital role in infrastructure development and improving the response to the pandemic.
Market Growth Factors:
Increasing Government Initiatives and Investments
There are many governments that are widely deploying intelligent traffic management systems to enhance road safety and boost operational performance of the transport system as well as minimize the impacts of transportation on the ecosystem. With the increasing focus on building smart infrastructure and smart cities, governments are framing strategies to achieve their mission through the deployment of smart systems like intelligent traffic management systems. Nations such as Japan, Dubai, and the U.S are extensively investing in various projects of ITMS as its implementation requires a significant amount of funds.
Rising Number of Public-Private Partnerships (PPPs)
Intelligent traffic management systems require cooperation among different domains such as user groups, public sector companies, service providers, manufacturers, infrastructure providers, and telecom operators and cannot be deployed by an individual stakeholder. Hence, Public-Private Partnerships are the fundamental driver behind the success of ITMS. Different associations that work on transport and road projects are collaborating with many nonprofit organizations
Market Restraining Factor:
High Cost of Items and Its Deployment
An advanced centralized traffic management center can manage real-time traffic data, which is the basic requirement for an intelligent transport setup. This management center is supposed to be co-located with response agencies, dispatchers, system operators, and transportation managers which could only be attained by investing a huge amount at the deployment stage of the system.
Based on solution, the market is segmented into traffic monitoring systems, intelligent driver information systems, integrated corridor management, traffic signal control systems, traffic enforcement cameras, and others solutions. Traffic enforcement camera is installed in an enforcement vehicle or deployed beside or over a road to detect motoring offences such as vehicles jumping a red traffic light, unauthorized use of a bus lane, vehicles passing a toll booth without paying, speeding, or recording automobiles within a congestion charge area.
|Market size value in 2020||USD 6.3 Billion|
|Market size forecast in 2027||USD 18.37 billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 15.60% from 2021 to 2027|
|Number of Pages||169|
|Number of Tables||199|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Solution, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region is projected to exhibit a promising growth over the forecast period. According to world population prospects, UN 2017, the population of Asia would expand to 5.26 billion by 2050 and 64% of Asia’s population is expected to become urban residents.
Free Valuable Insights: Global Intelligent Traffic Management System Market size to reach USD 18.37 billion by 2027
KBV Cardinal Matrix - Intelligent Traffic Management System Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG and International Business Machines Corporation (IBM) are the forerunners in the Intelligent Traffic Management System Market. Companies such as Q-Free ASA, TransCore and Cubic Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Siemens AG, Thales Group S.A., Kapsch TrafficCom AG (Datax Handelsgmbh), SNC-Lavalin Group, Inc. (Atkins PLC), Q-Free ASA, Wabtec Corporation, Cubic Corporation, TomTom N.V., and TransCore.
Recent Strategies Deployed in Intelligent Traffic Management System Market
» Partnerships, Collaborations and Agreements:
- Oct-2021: Yunex Traffic, a subsidiary of Siemens, extended its partnership with HERE Technologies, a multinational group dealing with mapping, location data, and related automotive services. Through this extended partnership, the companies aimed to offer proactive traffic management solutions to cities and public transport agencies.
- Jul-2021: TomTom entered into a multi-year agreement with Loop, a vendor in community-driven auto insurance. Following this agreement, TomTom would offer its speed profiles, traffic stats, and maps to Loop, intending to help its customers in making safe driving decisions and receive fair criteria-based insurance rates.
- Jun-2021: TomTom came into a multi-year agreement with GreenMile, a logistics software company. Under this agreement, TomTom would integrate its TomTom Maps APIs with GreenMile’s solutions to assist its customer's in-vehicle monitoring and real-time route planning along with suggesting optimal routes for their fleets based on real-time traffic conditions, vehicle restrictions, tolls, and other situations.
- Jun-2021: Kapsch TrafficCom came into a contract with a Plenary infrastructure group. This contract aimed to install a toll collection system at the Louisiana Highway. These systems would be installed for the Louisiana Department of Transportation and Development intending to deliver modern facilities and operational efficiencies to improve the travel experiences of drivers in Louisiana.
- Jun-2021: Cubic Transportation Systems, a subsidiary of Cubic Corporation, came into a partnership with CVEDIA, an artificial intelligence solutions provider. Under this partnership, CVEDIA would offer its synthetic technology to Cubic Corporation's GRIDSMART products, intending to enhance the deep learning models for its omnidirectional cameras and other intelligent transportation systems solutions.
- Apr-2021: SNC-Lavalin Group entered a three-year contract with two one-year extensions with Caltrans, California department of transportation. The contract aimed to deliver Transportation Asset Management System for the California Department of Transportation (Caltrans). The Data transfer division of SNC-Lavalin Group would deliver services comprising an implementation of TAMS solution, software licensing and maintenance, and optional post-implementation support
- Mar-2021: Q-Free signed an agreement with the West Virginia Division of Highways (WVDOH), a subsidiary of the West Virginia department of transportation. Through this agreement, the entities aimed to offer modified advanced traffic management solutions across the state.
- 2020-Dec: TomTom came into a partnership with Elektrobit, an international vendor of automotive software products and services. Through this partnership, the companies aimed to showcase an electronic horizon system for driver-assistance features and autonomous vehicles by integrating TomTom's auto stream with EB robinos Predictor of Elektrobotic.
- Nov-2020: Siemens partnered with ASFiNAG, the operating unit of the Austrian highway network. Under this partnership, Siemens would offer an intelligent traffic management system technology to ensure better transmission of safety information between roads and vehicles.
- Nov-2020: SNC-Lavalin group came into a contract with NCDOT, the North Carolina Department of Transportation. Under this contract, the company would receive traffic operation management services from NCDOT for its transportation systems management and operations unit.
- Oct-2020: SNC-Lavalin group entered an agreement with TxDOT, the Texas Department of Transportation. Under this agreement, the company would offer corridor planning and development services to TxDOT, to facilitate the development of solutions that can fulfill future and current transport requirements for major corridors all over the state.
- Sep-2020: TomTom came into a partnership with Ford, an American multinational automobile manufacturer. Under this partnership, TomTom would deliver real-time traffic services on the automaker’s SYNC technology in Ford's F-150 and Mustang Mach-E SUV EV.
- Jul-2020: TomTom partnered with Transport Hi-Tech Consultants, a Middle East-based leading vendor of technologies. Under this partnership, the companies aimed to deliver an accuracy-oriented digital representation of various locations across the region to facilitate the process of understanding the way people move from one place to another.
- Jun-2020: Cubic Transportation Systems, an entity of Cubic Corporation, came into a multimillion-dollar contract with Yucatan State Government. Under this contract, Cubic would provide and deploy its best-in-class advanced traffic management technologies in Merida, Mexico aimed to enhance and
- May-2020: Q-Free joined hands with Raytheon Intelligence & Space, a developer of advanced sensors, training, and cyber and software solutions. Under this collaboration, the company aimed to enhance automatic license plate recognition (ALPR/ANPR) and toll collections for the MassDOT All Electronic Tolling System (AETS).
» Acquisitions and Mergers:
- Oct-2020: Siemens Mobility, a subsidiary of Siemens. took over Aldridge Traffic Controllers, a leader in urban traffic control and SCATS market across the world. Through this acquisition, the company aimed to strengthen its traffic management position in the market, as well as expand its reach of operations around APAC.
» Product Launches and Product Expansions:
- Mar-2021: Q-Free rolled out HI-TRAC TMU4X, an advanced multimodal high-speed weigh-in-motion (WIM) and data collection solution. Through this launch, the company aimed to provide automatic vehicle classification and pedestrian and cyclist data count in a single unit.
- Jan-2021: Q-Free rolled out Kinetic Signals, the new and most foreseeing solution for centralized traffic signal management. This product is developed to facilitate efficient monitoring and controlling traffic signals and ITS operations in real-time over states, cities, and regions.
- Dec-2020: Q-Free released Kinetic Mobility, a unique integrated traffic management platform. The new product is aimed to facilitate traffic management and eliminate the gap between conventionally siloed operations including signal and freeway management.
- Sep-2020: TomTom introduced TomTom RoadCheck, a pioneering product for automated vehicles. This product enables car manufacturers to make better choices over the safe spots for drivers to activate the automated driving function.
Scope of the Study
Market Segments Covered in the Report:
- Traffic Monitoring Systems
- Intelligent Driver Information Systems
- Integrated Corridor Management
- Traffic Signal Control Systems
- Traffic Enforcement Cameras
- Others Solutions
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Siemens AG
- Thales Group S.A.
- Kapsch TrafficCom AG (Datax Handelsgmbh)
- SNC-Lavalin Group, Inc. (Atkins PLC)
- Q-Free ASA
- Wabtec Corporation
- Cubic Corporation
- TomTom N.V.
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How valuable will the intelligent traffic management system market be in the future?
The intelligent traffic management system market size is projected to reach USD 18.37 billion by 2027.
What are the key driving factors and challenges in the intelligent traffic management system market?
Increasing Government Initiatives and Investments are driving the market in coming years, however, high cost of Items and Its deployment limited the growth of the market.
Who are the leading players in the intelligent traffic management system market?
IBM Corporation, Siemens AG, Thales Group S.A., Kapsch TrafficCom AG (Datax Handelsgmbh), SNC-Lavalin Group, Inc. (Atkins PLC), Q-Free ASA, Wabtec Corporation, Cubic Corporation, TomTom N.V., and TransCore.
At what CAGR is the intelligent traffic management system market estimate to grow in the forecast period?
The expected CAGR of the intelligent traffic management system market is 15.60% from 2021 to 2027.
Which segment dominated the intelligent traffic management system market in 2020?
The Traffic Monitoring System market dominated the Global Intelligent Traffic Management System Market by Solution in 2020; thereby growing at a CAGR of 14.6% during the forecast period.
Which region dominated the intelligent traffic management system market in 2020?
The North America market dominated the Global Intelligent Traffic Management System Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6,939 Million by 2027.