North America Intelligent Traffic Management System Market

The North America Intelligent Traffic Management System Market size was valued at USD 4.16 Billion in 2022 and is expected to surpass USD 11.08 Billion by 2031, expanding at a CAGR of 11.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to Increasing need to minimize traffic congestion and increase road safety.

An intelligent traffic management system (ITMS) is characterized as a sophisticated programmed that, while not including intelligence, strives to deliver novel services connected to various forms of transportation and traffic management. Real-time data has been a focus of traffic control schemes, while effective criteria such as emission control have also been addressed.

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Integration of ITS with SmartGrid as well as other energy supply and charging systems is intended to offer distribution agencies with improved knowledge about possible transportation-user demand. Additionally, the technology assists operators in controlling traffic logistics costs, decreasing security threats, and mitigating issues associated with existing systems.

The demand for dynamic traffic control systems that stimulate data collected by many cameras, sensors, and software are increasing significantly over the years.

The COVID-19 pandemic outbreak has posed significant problems to the economic expansion, with an unprecedented and unavoidable influence on several industries based in the countries of North America. Governing authorities of these countries imposed a variety of precautionary lockdowns and other restrictions; therefore, limiting the expansion of the market in the region.

North America Intelligent Traffic Management System Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for efficient traffic management due to development of smart cities and rising number of vehicles operation are key driving factors of the market.

• Importance of reducing traffic congestion and early adoption of innovative technology for the transportation sector are major factor driving the market growth.

• Improving infrastructure for road safety by vehicle-to-infrastructure and vehicle-to-vehicle communication presents a key factor propelling the market growth during the forecast period.

• Issues in reshaping present infrastructure to deliver a smart traffic solution and high maintenance cost are key restraining factors, which can hinder the market expansion.

• Wide adoption of cloud computing and data analytics in traffic management is anticipated to provide lucrative growth opportunities of the market.

Scope of North America Intelligent Traffic Management System Market Report

The report on the North America intelligent traffic management system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

North America Intelligent Traffic Management System Market Segment Insights

Intelligent driver information systems segment to expand at a considerable CAGR

On the basis of solution types, the North America intelligent traffic management system market is separated into integrated corridor management (ICM), intelligent driver information systems, traffic monitoring systems, traffic signal control systems, traffic enforcement camera, and others. The intelligent driver information systems segment is projected to expand at a considerable

CAGR during the forecast period. This technology is used to improve the operating efficiency of public transportation networks while enhancing overall safety. Moreover, traffic management systems aid in the regulation and monitoring of traffic lights, hence reducing congestion and ensuring smooth traffic flow. Soaring demand for vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication to improve road safety is likely to gain traction in the area over the next few years, driving market expansion.

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US is anticipated to constitute a key market share

In terms of geography, the market is classified as Canada and the US. The market of the US is expected to constitute a key share of the market during the projected period. One of the primary reasons for the market expansion in the country is due to the growing need for ITMS to provide real-time information to drivers and passengers of especially public vehicles.

Improved traffic efficiency allows transportation authorities to respond to emergency events and provide necessary precautions to prevent accidents. Intelligent transportation systems help to reduce fuel consumption and greenhouse gas emissions by preventing automobiles from sitting idle and decreasing traffic congestion.

Segments

The North America intelligent traffic management system market has been segmented on the basis of

Solution Types

• Integrated Corridor Management
• Intelligent Driver Information Systems
• Traffic Monitoring Systems
• Traffic Signal Control Systems
• Traffic Enforcement Camera
• Others

Geography

• Canada
• The US

Key Players

• Cubic Corporation
• Kapsch TrafficCom AG
• Siemens AG
• Q-Free ASA
• TransCore, LP
• Iteris, Inc.

Competitive Landscape

Key players competing in the North America intelligent traffic management system market are Cubic Corporation; Kapsch TrafficCom AG; Siemens AG; Q-Free ASA; TransCore, LP; and Iteris, Inc.

Major industry participants are investing in R&D efforts to create long-term market-oriented solutions and systems with a competitive advantage. Furthermore, corporations are depending on acquisitions and alliances to boost their market position. Kapsch TrafficCom AG, for example, acquired Fluidtime Data Services GmbH in January 2017. Kapsch increased its position as a platform and service provider for emerging Mobility-as-a-Service (MaaS) schemes for cities, companies, and transportation agencies as a result of this acquisition.