Intelligent Traffic Management System Market size worth $ 19.91 Billion, Globally, by 2028 at 10.1% CAGR: Verified Market Research®

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Global Intelligent Traffic Management System Market Overview

An improvement in the adoption of intelligent traffic management systems globally can be credited to their capacity to improve efficiency in different situations including mobility and road transport. An excessive need to reshape transportation networks, particularly in emerging economies due to burgeoning urban population and speedy industrialization, is assumed to be highly impactful on the growth of the Intelligent Traffic Management System Market. These systems help decrease eliminate delays, traffic congestion, and convey accurate information to commuters as well as traffic planners at the precise time. Such benefits have led to a surge in the demand for effective traffic management systems which will probably fuel the market growth.

The market is expected to gain immense traction, underpinned by rising concerns regarding increasing accidents along with air pollution caused by vehicles that decrease the visibility of roads and other transport networks. An increase in the construction of expressways to develop interstate transportation is anticipated to bode well with the global development of the Intelligent Traffic Management System Market. Furthermore, government initiatives for infrastructural development aligned with developing road networks are anticipated to display favourably on the growth of the global Intelligent Traffic Management System Market.

There are certain fallbacks and restrictions faced that will confine the overall market growth. The factors such as the dearth of skilled professionals in governments to achieve the right combination of solutions for smart traffic management inhibits the growth of the Intelligent Traffic Management System Market. Further, governments elect third-party service providers to guide the implementation process of smart solutions in traffic that sums to the overall cost of the project. This, in turn, is expected to hinder the Intelligent Traffic Management System Market. Nevertheless, the advancements in technologies, increasing government initiatives for smart cities in China and India, and untapped potential in emerging markets offer lucrative growth opportunities during the forecast period.

Key Developments

Key Players

The major players in the market are Cubic, SWARCO, Siemens, THALES, IBM, Fujitsu, Q-Free, Imtech, SICE, and Iteris.

Verified Market Research has segmented the Global Intelligent Traffic Management System Market On the basis of Solution, Spender Type, Components, and Geography.

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Leading Integrated Traffic Systems stopping road rage and major accidents

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