Pune 05, Dec, 2022: MMR has published a report on the Intelligent Traffic Management System Market on 28th November 2022. As per the “Global Intelligent Traffic Management System market report” the total market was 9.50 Mn. in 2021 and is expected to reach 25.26 Bn. by 2029
Intelligent Traffic Management System Market Scope
The purpose of this study is to offer industry stakeholders a comprehensive analysis of the global Intelligent Traffic Management System Market. The study examines complex data in simplest terms and gives historical and current industry trends, as well as forecasted market size and prospects. The study investigated all aspects of the sector, including a detailed examination of market leaders, followers, and new entrants. The study comprises a PORTER and PESTEL analysis, as well as the possible effects of market microeconomic factors. External and internal factors that are expected to have a positive or negative impact on the sector have been studied, presenting decision-makers with a clear future vision of the industry.
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Intelligent Traffic Management System Market Overview
Intelligent traffic management uses a variety of technologies and data sources to govern or support traffic control based on real-time traffic congestion levels and other variables. As intelligent traffic management enhances safety, reduces congestion, promotes highway efficiency, and improves emergency response and transit system operations while engaging with automobiles on the road, the demand for the Intelligent Traffic Management System (ITMS) is rising. Some intelligent traffic management systems incorporate transit data, such as timetable and on-time performance data for scheduled bus and rail lines, which attracts customers.
Intelligent Traffic Management System Market Dynamics
Artificial intelligence (AI) is the process of utilizing computers to simulate human intelligence. These activities include “data collecting,” “information manipulation,” and “reasoning,” which is the application of rules to achieve a set of findings and self-improvement. This technology is used in a number of industries, including traffic management systems. Traffic congestion increases as an urban region’s population grow. This congestion is the result of how modern civilization works. For two reasons, the great majority of people in the United States, for example, rely on private automobiles. The majority of Americans, live in low-density regions with few public transportation choices. Second, privately owned vehicles are more comfortable and convenient. Thus, investments in the traffic management market are expected to be driven in the next years by the need to upgrade present transportation infrastructures and the development of ICT systems.
The slow development of the infrastructure sector is restraining market growth. The traffic management system requires a high data speed for real-time data processing. As a result of this demand, the infrastructure required to implement new technology is not developing at the same rate as the technology itself. Because of the high cost of replacing current equipment, significant capital investments are required. Several governments have imposed restrictions on their capacity to invest in road infrastructure.
Intelligent Traffic Management System Market Regional Insights
North America held a significant revenue share of about 30% for Intelligent Traffic Management Systems in 2021 and is expected to dominate the market by the end of the forecast period. The US Department of Transportation (DOT) has made significant investments in ITMS research and development, implementation, and adoption. Adoption is fueled by regional governments’ significant emphasis on developing transportation infrastructure during the predicted period.
Intelligent Traffic Management System Market Segmentation
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Key questions answered in the Intelligent Traffic Management System Market are:
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