New York, US, Sept. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Traffic Management Market Analysis by Component, By Systems - Forecast 2030” valuation is poised to reach USD 61.9 Billion by 2030, registering an 20.1% CAGR throughout the forecast period (2022–2030).
Traffic Management Market Overview
The global traffic management witnesses significant demand due to the spreading awareness for the benefits of these solutions. Most countries have already embraced these solutions to respond to traffic concerns like traffic congestions, improve traffic scenarios & transport services, restore rivers & environs, and generate a cleaner locality, with less greenhouse gas emissions.
Traffic Management Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 61.9 Billion |
| CAGR (2022 to 2030) | 20.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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Traffic congestion on urban roads has significant impact on highway transport system and vehicle emissions adding to environmental concerns. Slowly moving traffic not only hampers transport and supply chains but also the environment by adding carbon footprints due to emissions oozing out of standing vehicles with engines on. Demand management measures, including restrictions on road space & parking can ensure more smoothly flowing traffic.
To mitigate congestion, highway planners need to implement traffic management solutions into their systems to predict where, when, and how much traffic can be on a specific roadway. Proper traffic control at intersections can create a rational hierarchy of roads and streets to ensure particular street use, so as to divert or restrict vehicles to take the most suitable route thoroughfares to minimise traffic impacts.
Governments release a number of recommendations every year to address road traffic management and sustainability issues. The goal of such initiatives is to support a long-term sustainable and safe environment for everybody. Governments are intensely focused on the future of traffic coordination and management, while developing and maintaining a safe and long-term sustainable environment.
In addition to aiding traffic management, these novel devices significantly contribute towards adherence to traffic laws and prevent breach of law & misuse of legal measures on highways and internal roads. While transport bodies and local authorities in many countries are proactively acting to future-proof their critical traffic management infrastructure, there are still some loopholes posing significant challenges.
Local authorities are looking for innovative, forward-thinking solutions that can respond to soaring energy costs, supply chain difficulties, and constantly shifting market dynamics are still need to be addressed properly. Traffic management technology providers are increasingly developing novel technology solutions that can mitigate these pressures.
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Traffic Management Market Segments
The traffic management market is segmented into components, systems, and regions. The component segment comprises hardware (display board, sensors, surveillance cameras, others), software (smart signalling, route guidance, traffic analytics, smart surveillance, others), and service (consulting, deployment & integration, support & maintenance, others).
The systems segment comprises urban traffic management & control (UTMC) system, adaptive traffic control system (ATCS), journey time measurement system (JTMS), predictive traffic modelling system (PTMS), incident detection and location system (IDLS), dynamic traffic management system (DTMS), and others. The region segment comprises Europe, Americas, APAC, and Rest-of-the-World.
Traffic Management Market Regional Analysis
Europe dominates the global traffic management market. The largest market share is attributed to the rising adoption of smart traffic management software in the region. Besides, increased adoption of software such as smart signalling and route guidance for better traffic management drives the growth of the regional market. Moreover, government investments in the production of traffic management software boost regional market growth.
North America stands second in the global traffic management market. Market growth is driven by the presence of several notable players and technology development centers in the region, enabling the early adoption of traffic management platforms. Additionally, the presence of some of the leading players fosters the growth of the regional market. Continuing with these growth trends, the region is expected to witness a spectacular growth during the review period.
The Asia Pacific traffic management market has emerged as a profitable market globally. Some of the APAC countries such as China, India, Japan, and South Korea, which are currently focused on upgrading their airport infrastructure to accommodate the growing air traffic, would majorly support the growth of the regional market. Furthermore, increasing smart city projects in India, China, South Korea, and Japan contribute to the development of the traffic management market.
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Industry Trends
Augmenting demand for efficient traffic management platform to control the air traffic volume and transport needs boosts the market size. Also, growing traffic due to the increasing population in the city and urbanization influences the growth of the market. Technological advancements provide impetus to the market growth, allowing accessibility and availability of various automatic devices.
Rising R&D investments made by market key players accelerate the market growth, bringing about novelties in automatic traffic handling devices. Besides, government initiatives & funding to promote traffic management systems and increased smart city projects positively impact market growth. Efforts of the airport officials aiming to expand the infrastructure favor the market growth, increasing the uptake of smart technologies.
Traffic Management Market Competitive Analysis
The highly competitive traffic management market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies, such as mergers& acquisitions, collaborations, expansion, and product & technology launch. In the wake of increasing government regulations & consumer demand for traffic safety and advanced features, the market would witness relentless innovations and new products.
For instance, On Jul 06, 2022, three companies in Los Angeles County, Civiltec Engineering, Traffic Management, and Traffic Control Engineering, announced receiving a contract by the Palmdale Water District to develop & certify traffic control plans and aid in other traffic related projects in the district.
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Dominant Key Players on Traffic Management Market Covered are:
- Atkins Group (UK)
- Accenture PLC (Ireland)
- Cellint (Israel)
- Citilog (France)
- Cisco Systems Inc. (US)
- Cubic Corporation (US)
- ESRI (California US)
- EFKON AG (Austria)
- FLIR Systems Inc. (US)
- IBM Corporation (US)
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