Published Date: 24-Jan-2022
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According to a new report Global Intelligent Traffic Management System Market, published by KBV research, 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.
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. Road congestion, increased traffic and increase in overall travel time is majorly caused due to poor signal controls. Furthermore, the need for Mobility as a service (MaaS) has increased due to pollution from automobiles and traffic congestion, which would further surge the demand for traffic monitoring systems around the world.
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. The Europe market is anticipated to grow at a CAGR of 15.2% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 17% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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