I'm admittedly rather unqualified in this area (I don't even know what the ITS industry is!) but I have experience in estimating distances from video and calculating speeds from pixel displacement (particle image velocimetry) and at first pass it seems to me this would be a fairly straightforward problem to solve.
Obviously radar or lidar would be preferable but a quick search for "OpenCV speed estimation" shows people having success with simple single <$50 camera setups.