The North America Intelligent Traffic Management System (ITMS) market size is expected to reach USD 10.4 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a 13.8% CAGR during the forecast period. Increasing encouragement for effective traffic management in smart cities has led to growing utilization of ITMS in North America. There is a soaring adoption of cloud computing and data analytics in traffic management, which further boosts the market. ITMS for traffic monitoring accounted for the maximum revenue share in 2016. This segment is expected to expand at a CAGR of 12.9 % over the course of the forecast period.
ITMS is used for collecting, processing, analyzing, summarizing, and disseminating traffic data. Traffic monitoring systems include both software and hardware devices such as video surveillance systems, closed circuit televisions, loop detector systems, radar sensors, video detection software systems, and communication systems. Intelligent driver information systems are expected to register the highest CAGR of 18.4% over the forecast period. The segment is expected to reach USD 1.69 billion by 2024.
Full research report on North America Intelligent Traffic Management System (ITMS) market analysis:
Further key findings from the report suggest:
Intelligent driver information systems and integrated corridor management systems emerged as most prominent solutions in the ITMS market in 2016 and are anticipated to grow exponentially over the forecast period
The industry in Canada is projected to witness substantial growth over the next decade owing to various developments across the country, especially in the automotive industry. The market is expected to develop at a CAGR of 15.4% from 2017 to 2024
Key players in the intelligent traffic management system market include ADDCO; Agero Inc.; Denso Corporation; and Hitachi Ltd.
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Grand View Research has segmented the North America intelligent transport management system (ITMS) market on the basis of solution type and region:
North America ITMS Solution Type Outlook (Volume, Tons; Revenue, USD Million, 2013 – 2024)
Traffic Monitoring Systems
Traffic Signal Control Systems
Traffic Enforcement Camera
Integrated Corridor Management (ICM)
Intelligent Driver Information Systems
North America ITMS Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 – 2024)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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