The Asia Pacific Intelligent Traffic Management System Market would witness market growth of 17.00% CAGR during the forecast period (2021-2027).
Intelligent traffic management systems draw upon people’s everyday needs since mobility is one of the crucial parts of the human lives. By using intelligent traffic management system, vehicle operators can collaborate and synchronize with their colleagues to navigate through schedules and routes. All modes of transportations from emergency vehicles to public transportation get the benefits from the connectivity of intelligent traffic management systems.
Some type of traffic management system is installed across many cities to enhance their existing infrastructures such as surveillance cameras, interconnected streetlights, and wireless networks. It is highly difficult for a single independent technology to deploy an enhanced traffic management system.
The effectiveness of Dedicated Short-Range Communications has been tested and installed at different places in Singapore as it moves forward to enhance the future traffic management system. It is at the technological forefront of traffic solutions with first-class versatility which can be used both in and out of China. The Traffic Information and Comprehensive Service Platform can deliver all data required while travelling from driving license penalties, car repairs, real-time traffic, tram routes, and bike rentals.
The Chinese Ministry of Public Security announced the launch of country-wide online traffic management and a data system that will provide more than 130 services. In addition, users can further plan their travel arrangements well in advance due to the new services provided by the intelligent system.
The China market dominated the Asia Pacific Intelligent Traffic Management System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,262.1 Million by 2027. The Japan market is estimated to grow at a CAGR of 18% during (2021 - 2027). Additionally, The India market would showcase CAGR of 18.1% during (2021 - 2027).
Based on solution, the market is segmented into traffic monitoring systems, intelligent driver information systems, integrated corridor management, traffic signal control systems, traffic enforcement cameras, and others solutions. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Intelligent Traffic Management System Market is Projected to reach USD 18.37 billion by 2027, at a CAGR of 15.60%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Siemens AG, Thales Group S.A., Kapsch TrafficCom AG (Datax Handelsgmbh), SNC-Lavalin Group, Inc. (Atkins PLC), Q-Free ASA, Wabtec Corporation, Cubic Corporation, TomTom N.V., and TransCore.
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