This research report categorizes the Traffic Management Market to forecast revenues, analyze trends, component (solutions, hardware, services), systems and region.
Northbrook, IL 60062 -- (SBWIRE) -- 09/22/2023 -- The global Traffic Management Market size is projected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate (CAGR) of 12.5% during the forecast period, according to research report by MarketsandMarkets™.
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351 - Tables
56 - Figures
304 – Pages
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Among components, the services segment is projected to record the highest growth rate during the forecast period
Traffic management services are projected to form the fastest-growing market during the forecast period. The traffic management market is segmented into consulting, implementation, and support & maintenance services. Implementation of the traffic management system requires skill, and so does maintaining it. Any fault or error during the execution of the traffic management system hardware needs to be serviced. Therefore, the services segment is projected to witness fast growth.
By system, the incident detection & location system market is estimated to account for the largest share during the forecast period
The incident detection & location system is estimated to account for the largest market share during the forecast period. The traffic management market is segmented into the following categories: urban traffic management system, adaptive traffic control system, journey time management system, predictive traffic modeling system, incident detection & location system, and dynamic traffic management system. The rising demand for real-time information for drivers and passengers would drive the market. Also, increasing urban population, rising number of vehicles, and insufficient infrastructure to drive the market.
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Regional Analysis for Traffic Management Market:
According to the EU, congestion costs Europe about 1% of its GDP annually. The per year cost of road congestion to the GDP is EURO 110 billion (USD 130.46 billion). The European government is taking initiatives to curb congestion and traffic jams on roads. It also framed a legal framework (Directive 2010/40/EU) on the 7th of July 2010 to increase the deployment of traffic management technologies across Europe. The directive aims at establishing multimodal and seamless transportation services .
The government in the UK focuses on investing in the traffic management market. The Central London Congestion Charging, FREVNUE, and Efficient Consumer Response are some of the associated traffic management programs run by the UK government. The country is also adopting new solutions to improve the management of traffic challenges across congested cities. For instance, England uses Mott McDonald's Osprey UTMC system to improve data exchange between highways in England and local highway authorities.
Germany is expected to lead the European market because of its robust economy. The country is one of the biggest technological hubs for smart transportation systems. It is primarily involved in developing strategies for applying smart transportation systems. This includes optimal utilization of roads, transportation, travel data, traffic management, traffic information services, system integration, and open data exchange. The government of Germany is collaborating with companies to provide smarter transport options. Under the 2030 Federal Transport Infrastructure Plan (FTIP), the federal government is expected to invest USD 147.6 billion toward reconstructing Germany's roads during 2016-2030, where USD 74.4 billion will be allocated for structural maintenance and replacement of existing transport infrastructures. By 2030, the country aims to spend USD 299.6 billion to renovate and interlink Germany's transport infrastructure to reduce traffic congestion.
The traffic management market is gradually growing in the country due to the constant technological advancements in the transportatio Major challenges in implementing such technologies are the changes in traffic volume and the current type of traffic systems. Road systems in France cover narrow streets and most rural areas, which further acts as a major challenge in implementing traffic management systems in the country.
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Key and innovative vendors in the traffic management market are Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), SWARCO (Austria), Q-Free (Norway), Thales Group (France), PTV Group (Germany), Teledyne FLIR (US), Cubic (US), TomTom (Netherlands), Alibaba Cloud (China), TransCore (US), Chevron TM (England), Indra (Spain), LG CNS (South Korea), INRIX (England), Notraffic (Israel), Sensys Networks (US), Citilog (France), Bercman Technologies (Estonia), Valerann (Israel), Miovision (Canada), BlueSignal (South Korea), Telegra (Croatia), Oriux (US), Invarion (US), and Rekor (US).
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