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Intelligent Traffic Management Systems Market Expected to Secure Notable Revenue Share during 2017 to 2026

Mar 5th 2019 at 3:47 AM

As roadway infrastructure continues to evolve, managing the traffic remains a key task that can no longer be accomplished effectively through manual operations. Technological solutions such as intelligent traffic management systems can safeguard the environment of roadways and transportation for pedestrians and commuters by managing the traffic through new methodologies. Intelligent traffic management systems can receive data from local traffic controllers, analyse and organize it on real-time basis, and informed the concerned traffic authorities for taking precise actions.

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The need for intelligent traffic management systems continues to soar in the view of rising accidents and car thefts recorded across the globe. From traffic jams and equipment conditions to monitoring of speed limits across a disarray of travelling vehicles, intelligent traffic management systems perform a range of operations to regulate and control modern day traffic. The global market for intelligent traffic management systems will exhibit expansion at an impressive CAGR during the forecast period, 2017-2026. According to the recent study by Fact.MR, global revenues accounted by sales of intelligent traffic management systems are likely to surpass US$ 25 Bn by the end of 2026.

Demand for Integrated Urban Traffic Control Systems to Gain Traction

According to the findings from the study, the demand for intelligent traffic management systems that facilitate an integrated control on urban traffic is expected to witness impressive growth in the upcoming years. 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 demand for freeway management systems. In 2017, sales of freeway management systems is likely to account for over 10% global revenues. Electronic toll collection systems, on the other hand, will register a greater share on global revenues, and will be widely adopted in North America.

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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 global intelligent traffic management system market value is anticipated to be accounted by the revenues arising 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.

Competition Tracking

Companies namely Q-Free, Cubic, Siemens, Kapsch TrafficCom, SWARCO, Imtech, Kyosan Electric, Peek Traffic, Hisense TransTech, Baokang Electronic, and Wantong Technology are anticipated to remain active in expansion of the global market for intelligent traffic management system through 2026. A majority of intelligent traffic management system developers will be focusing on increasing the data volume capacities and analysis algorithms. Some companies 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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