Rise in the need for providing real-time traffic data to drivers as well as passengers is creating profitable business opportunities in the global intelligent traffic management system market. Furthermore, rapid urbanization and rising population in several developing economies are projected to drive the demand for intelligent traffic solutions in the years to come.
The adoption of intelligent traffic management systems is increasing across many parts of the globe on the back of several advantages such as ability to maximize the efficiency in traffic management and minimize the traveling duration.
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Players in Intelligent Traffic Management System Market Increase Spending on R&D Projects
Some of the key players operating in the intelligent traffic management system market are Cubic Corporation, TransCore, SNC-Lavalin Group (Atkins), Q-Free ASA, Thales Group, Kapsch TrafficCom, General Electric Company, and Siemens AG.
The presence of many active enterprises makes the competition levels in the intelligent traffic management system market highly intense. Hence, companies in the market are using diverse organic and inorganic strategies in order to stay ahead in the competition. Mergers, acquisitions, partnerships, and collaborations are some of the prominent strategies used by companies in the market for intelligent traffic management system.
Several companies in the intelligent traffic management system market are consistently investing in R&D projects. The main motive of these researches is the development and launch of technologically advanced products. Such efforts are likely to favor the growth of the intelligent traffic management system market in the upcoming years.
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North America to Gain Dominating Market Position
The North America intelligent traffic management system market is estimated to gain dominant position in the forthcoming years on the back of many factors such as rising focus of the United States Department of Transportation toward the R&D projects together with increase in the adoption and execution of modern intelligent traffic management systems in the region.