Traffic Management Market Size worth $77.34 Billion, Globally, by 2028 - Exclusive Report by The Insight Partners
The global traffic management market is growing at a CAGR of 11.7% from 2022 to 2028.
Pune, India., Nov. 03, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Traffic Management Market Size and Forecast (2022–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component [Hardware (Cameras, Display Boards, and Sensors), Software (Cloud and On-Premise), and Services], and Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others), and Geography” the market in terms of revenue was estimated to be worth $39.75 billion in 2022 and is poised to reach $77.34 billion by 2028, growing at a CAGR of 11.7% from 2022 to 2028.
The growth of the traffic management market is driven by increasing urbanization leading to congestion and growing investment in infrastructure. However, growing application of AI and ML is emerging as a future trend in the industry.
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Global Traffic Management Market Scope:
Report Coverage Details
Market Size Value in USD 39.75 Billion in 2022
Market Size Value by USD 77.34 Billion by 2028
Growth rate CAGR of 11.7% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
Segments covered Component, Application, and Geography.
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scope Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Report coverage Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Traffic management is an important aspect of any city or country. It is a combination of measures undertaken to ensure smooth traffic flow while improving the safety of the overall road transport system. Traffic management measures vary from region to region, depending on the local laws, and thus require careful planning before implementation. With an increasing number of people shifting towards the urban areas, the number of vehicles on the road is increasing significantly. Additionally, the increasing sales of four and two-wheelers globally suggest that the number of vehicles on the road will keep increasing at a good pace over the next few years. Despite a slowdown in car demand in the past few years, the growing interest in electric vehicles (EVs) is expected to exacerbate the traffic congestion in urban areas. Vehicle miles traveled (VMT) is a measure which is used extensively for planning transportation movement. Recent VMT statistics in several developed countries suggest the ever-increasing number of vehicles. Thus, managing traffic and ensuring a smooth commute is indispensable for any city's functioning appropriately.
Increasing urbanization in recent years, coupled with growing ownership of private vehicles, have been leading to severe congestion in most cities across the globe. To cite an example, the population in Mumbai, India, rose from 18.5 million in 2011 to 20.4 million in 2020, while the number of private vehicles nearly doubled during that period. With a robust traffic management system comprising software, sensors, cameras, and display boards, congestion can be effectively reduced. These systems can be installed on an existing road without the requirements of infrastructural modification and thus can greatly aid in reducing congestion. Such factors are strongly driving the traffic management market forward.
North America accounted for the second-largest share of the global traffic management market. With major economies such as the US, Canada, and Mexico, it is the most technologically advanced region. The high pace of population growth and urbanization has been pressurizing the complex road networks in these countries. Governments in these countries primarily focus on infrastructure development through the integration of modern technologies, which, is a prime focus for several government agencies, across various developing and developed nations in the region. Higher investment in smart infrastructure is propelling the demand for advanced traffic management systems as well. Such factors are promoting traffic management market growth. Further, the governments in the region are highly focused on the reducing congestion and increasing safety of commuters, which compliments the development of vehicular networks. US is the largest market for traffic management systems, and the federal government is undertaking various steps to increase investment in developing smart roadways. Such factors are promoting the traffic management market growth in the region.
Global Traffic Management Market: Segmental Overview
The traffic management market is segmented on the basis of component and application. Based on component, the market is segmented into hardware, software, and services. The market for hardware is further segmented into camera, display boards, and sensors; further, the market for software is bifurcated into cloud and on-premises. By application, the traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others.
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Global Traffic Management Market Analysis: Application Overview
Based on application, the traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. Automatic tolling systems, also called electronic toll collection (ETC), are being implemented to automatically collect tolls from passing vehicles. These systems strongly aid in congestion reduction by reducing the time taken in the toll collection activity. The deployment of this system requires different sensors and software, while a third-party service provider can manage the entire process. Japan implemented the ETC system in 2001, and presently the country has an ~90% compliance rate, i.e., the ETC systems can collect tolls from ~90% of vehicles in Japan. In India, FASTag, a radio frequency identification (RFID) system, was made mandatory in 2021. Parking management is another key application of traffic management systems. Various studies indicate that ~30% of congestion in urban areas is caused by drivers searching for a parking spot for their vehicles. Parking management systems can automatically detect available parking spots, notify drivers, and collect parking fees while the vehicle is parked. They can allow users to reserve a parking spot in advance at their destination and even aid them in locating the spot through route guidance. ParkMe, developed by INRIX, Inc. is being used in 30,000 locations worldwide. It allows for dynamic parking reservations and wayfinding, among others.
Global Traffic Management Market: Competitive Landscape
Axis Communications AB; Cisco Systems, Inc.; Cubic Corporation; Dahua Technology Co., Ltd.; Hangzhou Hikvision Digital Technology Co., Ltd.; IBM Corporation; SGS SA; Siemens AG; SNC-Lavalin Group; and Teledyne FLIR LLC are among the key traffic management market players profiled during this study. In addition, several other important market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.
Recent Developments:
· In 2022: Axis Communications, a network video vendor, partnered with Melbourne and Geelong (Australia) to convert over 300 CCTV cameras to Axis' PTZ cameras. The upgraded camera networks in the two cities will help with crime prevention, traffic control, and infrastructure planning.
· In 2022: Dahua Technology announced the development of a comprehensive Smart Traffic Management Solution that combines video surveillance with AI, ANPR, image fusion, AR, and other cutting-edge technologies to meet the diverse needs of modern traffic enforcement and significantly improve their operation and management.
Go through further research published by The Insight Partners:
Video Traffic Management Market - Global Analysis and Forecast to 2030
Smart Traffic Management System Market - Global Analysis and Forecast to 2030
Adaptive Traffic Control System Market - Global Analysis and Forecast to 2030
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