Global Intelligent Traffic Management Systems Market Highlights Regional Revenue
Posted by Arslan on January 23rd, 2019
As roadway infrastructure continues to evolve, managing the traffic remains a key task that can no longer be accomplished effectively through manual operations. This has driven growth of the intelligent traffic management systems market over the years. 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 Market Growth remains driven by the attributes of these systems such as receiving data from local traffic controllers, analysing and organizing it on real-time basis, and informing the concerned traffic authorities for taking precise actions.\
Growth of the intelligent traffic management systems market 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, expansion of intelligent traffic management systems market remains fuelled by myriad factors, perform a range of operations to regulate and control modern day traffic. The intelligent traffic management systems market will exhibit expansion at an impressive CAGR through 2026. According to the recent study by FactMR, revenues from the intelligent traffic management systems market are likely to surpass US$ 25 Bn by the end of 2026.
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.
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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About the AuthorArslan
Joined: December 18th, 2017
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