Rockville, MD -- (SBWIRE) -- 05/23/2019 -- Traffic congestion has been plaguing metropolitan cities for decades. In addition, economic cost of traffic congestion is increasing exponentially. The reliability and robustness of the public transportation system and growing parking demands are a few of the transportation challenges urban areas face. With high share of short-distance trips and high population densities, there stand a great opportunity for cities to have hands in reducing greenhouse gas emissions.

Managing urban traffic demands finding a balance between livability, throughput, safety and sustainability. Given space to develop road networks is non-existing or limited, the challenge of managing traffic has grown. As cities world are growing by leaps and bounds, smart cities have become indispensable for sustainable urban development.

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Traffic management system has enabled operators of urban transport networks to manage traffic and transport to adhere to policy goals. Accordingly, real-time information on eco-friendly modes of transport such as cycling, walking and public transport have been instrumental in forming sustainable modes, and at the same time propelling control settings of traffic signals that can lower emission of pollutants and fuel consumption.

Effective connections and ease of use have been sine quo non for development and sustainability, affecting businesses, citizens, the environment and the economy. However, when it comes to digital renovation, these systems reflect a grave challenge.

The prolific surge in smart city projects vie to ward off the intricacies inherent in digitalizing critical infrastructure. With the mass urbanization and evolution of digital technology playing significant roles, smart city initiatives have been fueled by a slew of factors.

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Integrated Urban Traffic Control Systems Account for Largest Revenue Share

By product, integrated urban traffic control systems are likely to gain greater traction, expanding at a robust CAGR of 15.4% over the forecast period. Holding 16.9% value share, the segment contributes highest revenue to the intelligent traffic management systems market, and the trend is expected to continue during 2017-2026.

The U.N. anticipates the burgeoning population growth and urbanization will add 2.5 billion people to the global urban population by 2050. As such, intelligent traffic management system is in the vanguard position in seeing the smart city projects come to fruition.

In 2017, Bill Gates declared investment of USD 80 million to build smart city in Arizona under the aegis of Belmont Partners—a real estate investing group. This smart city is envisaged as an advanced-thinking community with an infrastructure and communication spine that adopts a cutting-edge technology that is designed in the realm of data centers, high-speed digital networks, autonomous logistics hubs, autonomous vehicles, new manufacturing technologies and distribution models.

On the other hand, Dubai's 'Smart Dubai 2021' plan has put forth the 2021 goals which aim at 3D printing a quarter of the city's buildings, thereby integrating passengers drones which can carry individuals into their public transportation system and making a quarter of the transportation trips driverless and automated.

Intelligent Traffic Management System Market: Synopsis

Qualitative and quantitative analysis underpin the dynamic and in-depth report on the intelligent traffic management system market. Further, the report focuses on dynamics in the market which are expected to have the impact in the development of the intelligent traffic management system market, including drivers, restraints, trends, and opportunities. In addition, the report also sheds light on segregation to reveal an exhaustive analysis of the intelligent traffic management system market.

The report also includes benchmarking to assess the performance of the products and business processes with the praise worthy performances of rival companies both inside and outside the industry in the quest for better performance.

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