The global intelligent traffic management system market is poised to register substantial growth, registering a CAGR of 6.7% from 2021-2031. As per the study, the market is anticipated to reach US$ 34 Bn by the end of the aforementioned forecast period, with short-term outlook until 2021 being pegged at US$ 17.75 Bn.
The industry registered impressive growth during the historical period ranging from 2016-2020, registering a CAGR worth 10%. As the automotive industry began contracting amidst the COVID-19 pandemic, prospects somewhat dwindled, as new automotive production came to a grinding halt in H1 2020. However, as restrictions were lifted, growth prospects have shown a gradual resurgence.
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It is anticipated that in the long run, the number of public and private transportation infrastructure projects will increase multifold. Along with this, deployment of smart systems to prevent road fatalities are also expected to rise, providing a massive boost to the market for intelligent traffic management systems. Currently, over 1 billion casualties arise every year due to road accidents. Hence, preventing the same has highlighted the importance of deploying intelligent traffic management systems.
Key Takeaways from the Market Study
Integrated urban traffic control systems to be fastest growing, at 7% CAGR
Demand for emergency response systems to remain prominent, clocking a 5% growth rate until 2031
By component, traffic controllers and signals to account for 1/5th of the global market share
U.S to be a prominent market, expected to yield revenue worth US$ 4.5 Bn by 2021
China to be an emergent region, capturing a revenue share worth 45% from 2021-2031
“Increased traffic load on global roads and the proportionate increase in road accidents and crashes is prompting automotive manufacturers to equip automobiles with highly advanced intelligent traffic management systems,” comments a Fact.MR analyst
Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In May 2021, Mobility solutions provider Q-Free has announced the sale of its parking division to the unit’s executive vice president, Dave Radford.
- In January 2021 Dahua Technology, a world leading video-centric smart IoT solution and service provider launched: WizSense/WizMind series which focus on the AI value transmission; HDCVI 6.0 Plus that offers continued advancement in over-coax technology, and Full-color 2.0 which provides excellent performance under extreme low light conditions, driving innovation to an AIoT future.
