North America Intelligent Traffic Management System Market Size & Outlook
North America intelligent traffic management system market, 2018-2030 (US$M)
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North America intelligent traffic management system market highlights
- The North America intelligent traffic management system market generated a revenue of USD 4,245.1 million in 2023.
- The market is expected to grow at a CAGR of 12.2% 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, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 4,245.1 million |
| Market revenue in 2030 | USD 9,502.7 million |
| Growth rate | 12.2% (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, North America region accounted for 37.5% 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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North 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 66.65% in 2023. Horizon Databook has segmented the North America intelligent traffic management system market based on solution, services covering the revenue growth of each sub-segment from 2018 to 2030.
The North American market held a majority market share in 2022. The market growth can be attributed to the growing focus of the U.S. and Canadian governments on improving the overall transportation infrastructure to help reduce accidents and congestion on highways and cities.
For instance, in June 2022, the Federal Railroad Administration unveiled a grant program called Consolidated Rail Infrastructure and Safety Improvements worth USD 368 million. The program envisioned financing 46 projects across 32 states and the District of Columbia, thus modernizing the rail infrastructure and bolstering the supply chains of Columbia.
It also aimed to alleviate congestion and establish cost effective transit options within the region. Moreover, the high penetration of advanced technologies such as big data, machine learning, IoT, and cloud computing has resulted in the effective implementation of ITMS in the transportation sector across North America.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America intelligent traffic management system market , including forecasts for subscribers. This continent databook contains high-level insights into North America intelligent traffic management system market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America intelligent traffic management system market size, by country, 2018-2030 (US$M)
North America Intelligent Traffic Management System Market Outlook Share, 2023 & 2030 (US$M)
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