Intelligent Traffic Management Systems Market: Demand for Integrated Urban Traffic Control Systems to Gain Traction

Posted on 2019-02-20 by Mark Hub in Automotive, Technology // 0 Comments

Rockville, USA, 2019-Feb-20 — /EPR Network/ — A recent report published by Fact.MR projects that the intelligent traffic management system market will reach a valuation of US$ 31,692 Mn by 2026-end. Shifting focus towards improving road networks in expected to reflect favorably on the global market. Moreover, increasing need for technologies that can effectively manage and monitor high-speed mobility is creating greater scope of application of intelligent traffic management systems. A technology as such can effectively ensure passenger safety and address some of grave issues of traffic management. In highways and busy roads, it is extremely important to install advanced traffic management systems to monitor various the traffic activities.

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Some of latest intelligent traffic management systems come with cost saving solutions for maintenance and energy consumptions. The intelligent traffic management solutions are supporting the infrastructure development plans for smart cities and smart roads. Popularity of intelligent traffic management systems is growing among highway operators and traffic management bodies across the globe owing to their comprehensive road monitoring capabilities. Further, factors such as hyper urbanization and economic growth in emerging countries is expected to influence demand for intelligent traffic management systems.

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Intelligent Traffic Management Systems Market: Demand for Integrated Urban Traffic Control Systems to Gain Traction

According to the findings from the study, growth of the intelligent traffic management systems market continues to gain traction, facilitating an integrated control on urban traffic. By the end of 2026, integrated urban traffic control systems worth over US$ 7.1 Bn will be sold across the globe. Meanwhile, increasing presence of expressways to bolster interstate transportation is anticipated to propel the growth of the intelligent traffic management systems. In 2017, sales of freeway management systems is likely to account for over 10% revenues of the intelligent traffic management systems market. Electronic toll collection systems, on the other hand, will register a greater revenue share of the intelligent traffic management systems market, and will be widely adopted in North America.

Federal & Provincial Governments – High Spenders

The study further projects that largest expenditure on intelligent traffic management systems will be commissioned by federal and provincial governments. In 2017, more than half of the intelligent traffic management system market value will be accounted by the revenues from federal government spending. Infrastructure enterprises and public private partnerships (PPPs) are also expected to increase their spending on intelligent traffic management systems. By 2026, infrastructure enterprises & PPPs across the globe are expected to spend over US$ 10 Bn on adoption of intelligent traffic management systems.

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Companies namely Q-Free, Cubic, Siemens, Kapsch TrafficCom, SWARCO, Imtech, Kyosan Electric, Peek Traffic, Hisense TransTech, Baokang Electronic, and Wantong Technology actively participate in the intelligent traffic management systems market. A majority of intelligent traffic management systems market players will be focusing on increasing the data volume capacities and analysis algorithms. Some intelligent traffic management systems market participants are also expected to integrate advanced analytics like big data for improving examination of vehicles in the event of accidents and hit & runs.

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