India Intelligent Traffic Management System Market Size & Outlook
India intelligent traffic management system market, 2018-2030 (US$M)
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India intelligent traffic management system market highlights
- The India intelligent traffic management system market generated a revenue of USD 278.0 million in 2023 and is expected to reach USD 995.2 million by 2030.
- The India market is expected to grow at a CAGR of 20% from 2024 to 2030.
- In terms of segment, solution was the largest revenue generating component in 2023.
- Services is the most lucrative component segment registering the fastest growth during the forecast period.
Intelligent traffic management system market data book summary
| Market revenue in 2023 | USD 278.0 million |
| Market revenue in 2030 | USD 995.2 million |
| Growth rate | 20% (CAGR from 2023 to 2030) |
| Largest segment | Solution |
| Fastest growing segment | Services |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solution, Services |
| Key market players worldwide | Thales, International Business Machines Corp, Portland General Electric Co, Siemens AG, TomTom NV, Q-Free ASA Ordinary Shares, Transcore, Cubic Corporation, Atkins, Kapsch Group |
Other key industry trends
- In terms of revenue, India accounted for 2.5% of the global intelligent traffic management system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China intelligent traffic management system market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 995.2 million by 2030.
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Intelligent Traffic Management System Market Scope
Intelligent Traffic Management System Market Companies
| Name | Profile | # Employees | HQ | Website |
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India intelligent traffic management system market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to intelligent traffic management system market will help companies and investors design strategic landscapes.
Solution was the largest segment with a revenue share of 67.01% in 2023. Horizon Databook has segmented the India intelligent traffic management system market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The high population, increasing urbanization, traffic congestion, growing purchases of vehicles, and the high number of dual-income families have increased the burden on roads and infrastructure in India.
Concerns related to the higher cost of hiring private cabs and taxis, long waiting hours, and traffic congestion in cities such as Delhi, Mumbai, and Bengaluru have prompted the need for smart, efficient, and reliable transportation systems in India.
To address this, the government is taking initiatives to develop a sustainable, fast, reliable, and affordable transport system ITMS market. For instance, in 2022, the Ministry of Electronics and Information Technology (MeitY), India, launched an intelligent transportation system, which included a Bus Signal Priority System, Onboard Driver Assistance and Warning System, and Common Smart IoT Connectiv software, to improve highway infrastructure and ensure the safety of travelers in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the India intelligent traffic management system market , including forecasts for subscribers. This country databook contains high-level insights into India intelligent traffic management system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India intelligent traffic management system market size, by component, 2018-2030 (US$M)
India Intelligent Traffic Management System Market Outlook Share, 2023 & 2030 (US$M)
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