North America Intelligent Traffic Management System (ITMS) Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“North America ITMS Market Worth $10.4 Billion By 2024 | CAGR 13.8%”
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. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/north-america-intelligenttraffic-management-system-itms-market
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
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