Latin America Intelligent Traffic Management System Market Size & Outlook
Latin America intelligent traffic management system market, 2018-2030 (US$M)
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Latin America intelligent traffic management system market highlights
- The Latin America intelligent traffic management system market generated a revenue of USD 846.9 million in 2023.
- The market is expected to grow at a CAGR of 15.2% 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.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 846.9 million |
| Market revenue in 2030 | USD 2,286.8 million |
| Growth rate | 15.2% (CAGR from 2023 to 2030) |
| Largest segment | Solution |
| Fastest growing segment | Services |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, Latin America region accounted for 7.5% of the global intelligent traffic management system market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 6,461.7 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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Latin America 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 65.71% in 2023. Horizon Databook has segmented the Latin America intelligent traffic management system market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The increasing awareness about the benefits of intelligent traffic management systems among the governments of South American countries is anticipated to boost the growth of the market in the coming years.
Latin America, where almost 81% of the population lives in cities, is among the most urbanized regions in the world. The increasing urban population, a looming lack of extensive subway systems, and rising pollution levels have significantly affected the standard of living in Latin American countries.
Cities, such as Bogota, Mexico City, Lima, Santiago de Chile, and Rio de Janeiro, are among the 50 most congested cities across the globe. Thus, government agencies, public players, and private players across the region are pursuing initiatives toward the electrification of public transport.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America intelligent traffic management system market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America intelligent traffic management system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America intelligent traffic management system market size, by country, 2018-2030 (US$M)
Latin America Intelligent Traffic Management System Market Outlook Share, 2023 & 2030 (US$M)
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