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Incorporation of Cutting-edge Technologies in Transport Networks to Underpin Future of the Market
Several countries are focusing on efficient monitoring of traffic movements with the implementation of advanced technologies that provide quick reactive measures and reduce the effects of unavoidable disaster. This is one the latest trends prevailing in the intelligent traffic management systems market.
Emergence of connected vehicles which require seamless communication platforms may influence the adoption of intelligent traffic management systems for proper functioning and subsequently guide the future expansion of the market.
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Intelligent Traffic Management System Market – Key Insights
- Global intelligent traffic management system market registered an impressive CAGR of 10% during the 2012-2016 period, on the back of continuous transformation in the roadway infrastructure that increased the need for managing traffic through automatic operations.
- Rising demand for technological solutions in such infrastructure is a key factor driving the growth of global intelligent traffic management system market, which is estimated to grow at 11.2% in 2019 through 2018.
- North America continues to be at the forefront of intelligent traffic management systems market, crossing an estimated value of US$ 3.9 billion in 2018.
- With revolutionary innovations in the ICT sector, North America is also likely to remain the most attractive market for intelligent traffic management systems, while the United States accounts for relatively high revenue share in the region.
Companies namely Q-Free, Cubic, Siemens, Kapsch TrafficCom, SWARCO, Imtech, Kyosan Electric, Peek Traffic, Hisense TransTech, Baokang Electronic, and Wantong Technology actively participate in the intelligent traffic management systems market. A majority of intelligent traffic management systems market players will be focusing on increasing the data volume capacities and analysis algorithms. Some intelligent traffic management systems market participants are also expected to integrate advanced analytics like big data for improving examination of vehicles in the event of accidents and hit & runs.
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