Intelligent Traffic Systems Market is estimated to be US$ 97.9 billion by 2032; Rising awareness about Environmental Concern to Foster Market Growth

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Published Date: March 2023

Intelligent Traffic Systems is the application of analyzing, sensing, control and communication technologies to ground transportation for improving efficiency, safety and mobility. Intelligent Traffic Systems provides various benefits such as it enhance mobility by increasing efficiency of system and improves individual mobility, it also limits environmental impact of transport by managing traffic speed, flows and congestion.

Rising CO2 emissions from transportation vehicles and rising traffic congestion has become a major factor in target market growth. According to IEA (International Energy Agency), in 2021 aviation accounted for around 2% of global energy related CO2 emissions grown faster in recent decades than rail, road and shipping. Further, rising importance of environmental conservation is expected to push Intelligent Traffic Systems market growth in coming years.

The report “Intelligent Traffic Systems Market, By Type (Integrated Urban Traffic Control System, Freeway Management System, Electronic Toll Collection (ETC), and Advanced Public Transportation System), By Application (Inter-Urban, Urban Traffic Parking Management, Public Transport, Info-mobility, and Freeway), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

Key Highlights:

In April 2022, MeitY (Minister of Electronics and Information Technology) launched Intelligent Transportation Systems solutions for traffic under ITS (Intelligent Transportation System) as a psrt of InTranSE-II program for improving India’s traffic scenario.
In May 2022, (India) Delhi, Noida Authority launched Intelligent Traffic Management System (ITMS) by using sophisticated night-vision cameras to boost safety of road at 20 junctions of city.
In September 2020, Q-Free launched new website with customer focus view to solve modern traffic mobility challenges. The company has built new website on three core concept such as, Q-Flow to optimize moving op people, data and goods. Q-Clean to stimulate sustainable transportation and Q-Safe to improve road and travel safety.

Analyst View:

The key factor driving the growth of the Intelligent Traffic Systems Market, rising awareness about environmental concern. Rapid growth in urbanization has led to rise in transportation, migration. Further, growing awareness in reducing congestion of traffic and improving road safety and technological advancement in microchips, RFID (Radio Frequency Identification) tools, ICT (Information and Communication Technology) and beacon sensing technologies is expected to fuel the Intelligent Traffic Systems Market growth over the forecast period. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

Browse 60 market data tables and 35 figures* through 140 slides and in-depth TOC on* “Intelligent Traffic Systems Market, By Type (Integrated Urban Traffic Control System, Freeway Management System, Electronic Toll Collection (ETC), and Advanced Public Transportation System), By Application (Inter-Urban, Urban Traffic Parking Management, Public Transport, Info-mobility, and Freeway), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

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Key Market Insights from the report:

Intelligent Traffic Systems Market accounted for US$ 45.6 billion in 2022 and is estimated to be US$ 97.9 billion by 2032 and is anticipated to register a CAGR of 7.5%. The Intelligent Traffic Systems Market is segmented based on Type, Application and Region

Based on Type, Intelligent Traffic Systems Market is segmented into Integrated Urban Traffic Control System, Freeway Management System, Electronic Toll Collection (ETC), and Advanced Public Transportation System.
Based on Application, Intelligent Traffic Systems Market is segmented into Inter-Urban, Urban Traffic Parking Management, Public Transport, Info-mobility, and Freeway.
By Region, the Intelligent Traffic Systems Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Intelligent Traffic Systems Market:

The prominent players operating in the Intelligent Traffic Systems Market includes, International Business Machines (IBM) Corporation, Dahua Technology Co., Ltd., Q-Free ASA, Siemens AG, Econolite Control Products, Inc., Beijing E-Hualu Information Technology Co., Ltd., Baumer Holding AG, Cisco Systems Ltd., Wi-LAN Inc., Kyosan Electric Manufacturing Co., Ltd., and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period