The North America Intelligent Traffic Management System Market would witness market growth of 14.80% CAGR during the forecast period (2021-2027).
The efficiency of road transport & traffic management is enhanced by implementing ITMS since it offers a useful interface with different modes of transport. As ITMS incorporates surveillance of roadways, which is a substantial requirement for internal security, it is gaining more momentum in the market since it helps in tackling the increasing issues related to internal security.
The area that needs more advancement is traffic signals as it incorporates the main part of the traffic system. With the development of various smart cities, the demand for intelligent traffic management systems has also increased.
Under the FAST act of the US, the government established Advanced Transportation and Congestion Management Technologies Program to streamline traffic flow and management. These technologies assist in showing the way advanced transportation technologies, information, and their applications could be efficiently integrated and implemented with existing systems to offer better access to important services and other destinations.
This also includes efforts to support workforce development, increase connectivity to employment, services, education, and other opportunities, contribute to increased mobility, especially for people with hidden and visible disabilities and old individuals. In addition, governments of Canada and Mexico are also increasingly implementing intelligent traffic management systems in smart cities.
The USA market dominated the North America Intelligent Traffic Management System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,674.1 Million by 2027. The Canada market is poised grow at a CAGR of 15.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 17.4% during (2021 - 2027).
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. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Intelligent Traffic Management System Market is Estimated to Reach USD 18.37 billion by 2027 at a CAGR of 15.60%
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.
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