Intelligent Traffic Management System Market Size Was Valued At US$ 10.4 Billion In 2022, And Anticipated To Grow At A CAGR Of 14.2% Over The Forecast Period

The global intelligent traffic management system market size was valued at US$ 10.4 billion in 2022, and anticipated to grow at a CAGR of 14.2% over the forecast period.

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Key Companies Insights
Some of the major companies studied under the market scope are as follows: Cubic Corporation, SNC-Lavalin Group (Atkins), Thales Group, Kapsch TrafficCom, International Business Machines Corporation, General Electric Company, TransCore, Siemens AG, TomTom International BV, Q-Free ASA, and Others. Due to the presence of numerous players on a global and regional level, prominent players operating in the market face strong rivalry. Furthermore, to gain competitive advantage the players in the ecosystem use a variety of strategies including mergers and acquisitions, geographic expansion, launch of new products, research & development for expanding their product portfolio, and others.

Segments
By Solution
• Traffic Monitoring System
• Traffic Signal Control System
• Traffic Enforcement Camera
• Integrated Corridor Management
• Intelligent Driver Information System
• Others

By Application
• Highway
• Managed Lanes
• Others

By Geography

North America,U.S.,Canada,Mexico,Europe,U.K.,Germany,France,Italy,Spain,Russia,Asia-Pacific,Japan,China,India,Australia,South Korea,ASEAN,Latin America,Brazil,Argentina,Colombia,MEA,South Africa,Saudi Arabia,UAE,Egypt

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Mobility, traffic flow, and road safety are all supported by smart traffic management systems. One of the key elements affecting demand for intelligent traffic management systems is the growth of smart cities. Due to increased traffic efficiency, transportation officials are able to respond to situations more swiftly. Additionally, increasing the use of public transportation can contribute to the development of smart cities by lowering carbon dioxide emissions and airborne pollutants. These traffic control solutions additionally provide real-time data for study and quick emergency action. These advantages offered by ITMS would further promote market expansion over the anticipated time frame.