Volume Sales of Intelligent Traffic Management Systems Market Are Likely To Surpass US$ 25 Bn By The End of 2026

Posted on 2018-06-11 by Mark Hub in Automotive // 0 Comments

ROCKVILLE, US, 2018-Jun-11 — /EPR Network/ — Intelligent Traffic Management System Market: Increasing Investment by Government to Boost Growth

Safety, effectiveness, and efficiency is becoming highly essential in road networks. Congested and overburdened routes has continued to pose significant challenges for the government in various countries. In order to ensure enhanced road safety and minimal traffic congestion, the ruling authorities in various countries are adopting advanced traffic management solutions. Implementation of advanced traffic management solutions helps in regulating the traffic flow, devise traffic control strategies, detecting overburdened road networks, and transmitting the information to traffic control departments. Inadequate infrastructure/road network also continues to increasing fuel wastage, slow traffic movement, frequent accidents, and deterioration of air quality.

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Equipped with advanced technological features such as real-time weather monitoring systems that collect and transmit information on road condition, visibility, rainfall, and wind speed to the traffic controllers. This information further allows the traffic controllers to update traffic signs for alerting and informing drivers to maintain safety. Timely updates regarding the weather conditions, congestion on road networks, and visibility enables the emergency vehicles to respond quickly to accidents. In addition, implementing intelligent traffic management solutions allows the control department to keep a check on overloaded and heavy vehicles that could strain the road networks. Attributed to features such as weight-in-motion system, the intelligent traffic management systems transmits information regarding the size, weight, and type of vehicle to the traffic control departments. As the weigh-in-motion systems inform the traffic management department regarding the overweight and heavy vehicles, the traffic controllers can conveniently take appropriate measures. Increasing construction of expressways for interstate transportation will also boost demand for the freeway management systems, which in turn is expected to reflect positively towards growth of the global market.

Over US$ 30 Bn Opportunity in Global Intelligent Traffic Management System Market

According to Fact.MR, the global intelligent traffic management system market is expected to reach a value of over US$ 30 Mn by the end of 2026. As the need for traffic management solutions remain high, leading companies are increasingly concentrating on developing comprehensive set of systems to ensure safe road travels. In addition, growing investments in the research & development programs has further led to significant demand for advanced traffic management systems. Implementation of the intelligent traffic management systems also offers cost saving solutions for energy consumption and maintenance. Adoption of the integrated urban traffic control system will continue to remain high attributed to growing need for monitoring and regulating traffic flow.

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The integrated urban traffic control system accounts for a significant share in the global market, which is expected to increase significantly throughout 2026. The federal and provincial government is likely to remain a major spender on the intelligent traffic management systems, and is likely to reflect the fastest growth in the global market. In terms of component, sales of detectors & sensors will continue to generate significant revenues, and witness the fastest growth in the global market.

Leading market players operating in the global market include Q-Free, Cubic, Kapsch TrafficCom, Siemens, SWARCO, Imtech, Peek traffic, Kyosan Electric, Hisense TransTech, Wantong Technology, and Baokang Electronic. Major market players are mainly concentrating on improving efficiency of the product in order to attain a competitive edge over the other market players.

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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Automotive Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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