Kuwait Intelligent Traffic Management System Market Size & Outlook
Kuwait intelligent traffic management system market, 2018-2030 (US$M)
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Kuwait intelligent traffic management system market highlights
- The Kuwait intelligent traffic management system market generated a revenue of USD 87.0 million in 2023 and is expected to reach USD 237.0 million by 2030.
- The Kuwait market is expected to grow at a CAGR of 15.4% 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 87.0 million |
| Market revenue in 2030 | USD 237.0 million |
| Growth rate | 15.4% (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, Kuwait accounted for 0.8% 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 Middle East & Africa, Saudi Arabia intelligent traffic management system market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 505.9 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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Kuwait 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 64.37% in 2023. Horizon Databook has segmented the Kuwait intelligent traffic management system market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The rapid establishment of smart cities and the rollout of smart infrastructure projects are driving the adoption of intelligent traffic management systems in Kuwait. The growing use of new, innovative solutions based on the latest technologies to ensure safety, security, and seamless connectivity across public places, roads, and traffic routes is emerging as a key factor driving the growth of the market.
Smart cities leverage advanced technologies to develop more efficient and sustainable transportation networks. The government is investing heavily in the development of various projects aimed at reducing traffic congestion.
For instance, in January 2022, the KFAS announced an agreement with the Kuwait Transportation Company, which envisaged financing a project to design and deploy four sustainable bus stops to promote public transportation, reduce greenhouse gas emissions, and prevent traffic congestion. Such initiatives bode well for the growth of the intelligent traffic management system market in Kuwait.
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Our clientele includes a mix of intelligent traffic management system market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Kuwait intelligent traffic management system market , including forecasts for subscribers. This country databook contains high-level insights into Kuwait intelligent traffic management system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Kuwait intelligent traffic management system market size, by component, 2018-2030 (US$M)
Kuwait Intelligent Traffic Management System Market Outlook Share, 2023 & 2030 (US$M)
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