The Growth of Intelligent Traffic Management Systems market is huge. The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry
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Intelligent Traffic Management System Market – Key Insights
- Global intelligent traffic management system market registered an impressive CAGR of 10% during the 2012-2016 period, on the back of continuous transformation in the roadway infrastructure that increased the need for managing traffic through automatic operations.
- Rising demand for technological solutions in such infrastructure is a key factor driving the growth of global intelligent traffic management system market, which is estimated to grow at 11.2% in 2019 through 2018.
- North America continues to be at the forefront of intelligent traffic management systems market, crossing an estimated value of US$ 3.9 billion in 2018.
- With revolutionary innovations in the ICT sector, North America is also likely to remain the most attractive market for intelligent traffic management systems, while the United States accounts for relatively high revenue share in the region.
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What are the Growth Driving Factors of Intelligent Traffic Management Systems Market?
- Increase in adoption of intelligent traffic management systems across the globe can be attributed to their ability to improve efficiency in various situations including mobility and road transport.
- Intense need to reshape transportation networks, especially in emerging economies due to burgeoning urban population and rapid industrialization, is expected to be highly impactful on the growth of intelligent traffic management systems market.
- These systems help reduce traffic congestion, eliminate delays, and send accurate information to commuters as well as traffic planners at the right time. Such advantages have led to surge in the demand for efficient traffic management systems which will possibly fuel the market growth.
- Intelligent traffic management system market is likely to gain immense traction in the foreseeable future, underpinned by growing concerns regarding rising accidents along with air pollution caused by vehicles that reduces the visibility of roads and other transport networks.
- Growth in presence and construction of expressways to improve interstate transportation is expected to bode well with the global expansion of intelligent traffic management systems market.
- Rapid penetration of smart cities in developing countries like India that implement IT solutions for smart parking, video surveillance, and prioritization of public transport may largely influence the adoption of intelligent traffic management systems.
- Booming government initiatives for infrastructural development lined with improving road networks is anticipated to reflect favorably on the growth of global intelligent traffic management systems market.
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What are Challenges Impeding the Growth of Intelligent Traffic Management Systems Market?
- Although emergence of megacities and rising traffic congestion are expected to accelerate the adoption of advanced traffic management solutions and services, high deployment costs along with restricted expenditure on public sector may create a hindrance in the expansion of intelligent traffic management systems market.
- In various regions across the globe, traffic management is viewed as less deserving of budgets than other transport solutions which is likely to weaken the overall market.
- Achieving interoperable and standard architecture for intelligent traffic management systems still remains a challenge for the manufacturers, further restricting the market growth.
- Security-related issues and lack of uniform technology standards may also limit the expansion of intelligent traffic management system market.
Intelligent Traffic Management System Market – Competitive Landscape
- In March 2019, Iteris, Inc. was selected by the Metropolitan Transportation Commission (MTC) of San Francisco to improve efficiency and upgrade the intelligent traffic systems across five major cities in the area. In January 2019, the company and Cisco entered into a strategic partnership to promote the latter’s Connected Roadway solution through multiple initiatives between the two firms.
- In February 2019, Wi-LAN Inc., a company of Quaterhill Inc., along with its several subsidiaries such as Cetus Technologies Inc. signed a comprehensive semiconductor license agreement with SK hynix Inc. The new patents cover NAND flash memory, dynamic RAM, and other related semiconductor technologies.
- In January 2019, Kyosan Electric Manufacturing Co., Ltd. along with TSTS , a group company and Kyosan India, achieved the commissioning of its Electronic Interlocking (EI) Systems (model: K5BMC) through 100th station in Indian Railways.
Other leading players operating in the intelligent traffic management systems market include Q-Free ASA, IBM Corporation, Siemens AG, Dahua Technology Co., Ltd., Beijing E-Hualu Information Technology Co., Ltd., Econolite Control Products, Inc., and Baumer Holding AG.
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The report answers important questions which include:
- Why is player leading the Intelligent Traffic Management Systems Market in region?
- Which factors pose a negative impact on the Intelligent Traffic Management Systems Market growth?
- What was the value registered by the Intelligent Traffic Management Systems Market in 2018?
- What challenges do the Intelligent Traffic Management Systems Market players face during R&D stages?
- Which countries contribute a significant share to the total market revenue in region?
Key findings of the Market report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the Intelligent Traffic Management Systems market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each Market player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the Market during the forecast period.
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