Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Traffic Management Systems Market by Offering, Deployment, Technology & Geography - Global Forecasts to 2030" report has been added to ResearchAndMarkets.com's offering.
The traffic management systems market is projected to reach $50.20 billion by 2030, at a CAGR of 13.3% from 2023 to 2030
The growth of the traffic management systems market is driven by increasing government investments in improving road safety, the rising need to ease traffic congestion, and growing urbanization. However, the high capital and maintenance costs of traffic management systems restrain the growth of this market.
The growing reliance on real-time traffic information and the proliferation of smart cities are expected to generate growth opportunities for the stakeholders in this market. However, the lack of technology adoption in developing countries and the incompatibility and lack of interoperability among different traffic management systems are major challenges impacting market growth.
In 2023, Asia-Pacific is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to the presence of densely populated cities, the growing deployment of traffic management systems in the region to handle traffic flow, and increased congestion problems across urban cities.
Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. The growth of this market is driven by rapidly growing urbanization in the region and growing technology acceptance. In addition, factor such as governments of various countries taking initiatives to build robust road infrastructure to support countries' economies as well as to reduce traffic problems is driving segment growth.
Additionally, the integration of Artificial Intelligence (AI) in traffic management systems and the utilization of 5G technology for improved accuracy are prominent trends in the traffic management systems market.
In 2023, the cloud-based deployments segment is expected to account for the larger share of the global traffic management systems market.
The large market share of this segment is attributed to the increasing avenues for cloud-based deployments, superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based traffic management systems.
Moreover, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rapid evolution of new security and advanced capability avenues for cloud-based deployments.
In 2023, the IoT segment is expected to account for the largest share of the global traffic management systems market.
The large market share of this segment is attributed to factors such as the increasing utilization of IoT devices among traffic operators for monitoring driving behavior, gathering information on traffic patterns, ensuring a safe driving experience, and addressing emergencies and among automotive manufacturers to enable navigation capabilities in their vehicles.
The growth of this segment is driven by the growing use of connected devices in smart cities and the increasing integration of IoT technology in traffic management systems to ensure safe and hassle-free mobility. In addition, the benefits of IoT in traffic management, such as enabling connectivity across and between traffic management systems, increasing safety across intersections and highways, and providing accident detection capabilities, also contribute to segment growth.
However, the solutions segment is expected to record the highest CAGR during the forecast period.
The growth of this segment is driven by the growing concern about traffic congestion and the rising need for remote enforcement solutions to identify and penalize traffic violations.
Key questions answered in the report:
- Which are the high-growth market segments based on offering, deployment mode, and technology?
- What was the historical market for traffic management systems?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, and opportunities in the traffic management systems market?
- Who are the major players in the traffic management systems market?
- How is the competitive landscape in the traffic management systems market?
- What are the recent developments in the traffic management systems market?
- What are the different strategies adopted by the major players in the traffic management systems market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global traffic management systems market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Government Investments in Improving Road Safety Driving the Implementation of Traffic Management Systems
- Increasing Traffic Congestion Boosting the Need for Traffic Management Systems
- Rising Urbanization Supporting Market Growth
- High Capital and Maintenance Costs Limiting the Adoption of Traffic Management Systems
- Growing Reliance on Real-Time Traffic Information Increasing the Utilization of Traffic Management Systems
- Proliferation of Smart Cities Creating Market Growth Opportunities
- Lack of Technology Adoption in Developing Countries Impacting Market Growth
- Compatibility and Interoperability Concerns Limiting the Implementation of Traffic Management Systems
Trends
- Integration of Artificial Intelligence (AI) In Traffic Management Systems
- Utilization of 5G Technology for Improved Accuracy
Case Studies
- Q-Free ASA Helped the City of Gold Coast Implement Its Transport Strategy
- SWARCO AG Helped the Colorado Department of Transportation Replace Traditional Traffic Solutions with An Adaptive Traffic Solution
- TransCore Helped the New York City Department of Transportation Reduce Travel Time by Integrating Traffic Management Solutions
- PTV Planung Transport Verkehr GmbH Improved Traffic Flow in Stellenbosch, South Africa
Companies Mentioned
- IBM Corporation (U.S.)
- Johnson Controls International plc (Ireland)
- TomTom N.V. (Netherlands)
- Q-Free ASA (Norway)
- Indra Sistemas S.A. (Spain)
- Cisco Systems Inc. (U.S.)
- Huawei Investment & Holding Co. Ltd. (China)
- Cubic Corporation (U.S.)
- Yunex GmbH (Germany)
- Oriux (U.S.)
- Kapsch TrafficCom AG (Austria)
- SWARCO AG (Austria)
- TransCore (U.S.)
- Teledyne FLIR LLC (U.S.)
- PTV Planung Transport Verkehr GmbH (Germany)
- Chevron Traffic Management Limited (U.K.)
- Onnyx Electronisys Pvt. Ltd. (India)
- Miovision Technologies Incorporated (Canada)
- Econolite Group Inc. (U.S.)
- Bercman Technologies AS (Estonia).
Scope of the report:
Traffic Management Systems Market Assessment, by Offering
- Hardware
- Surveillance Cameras
- Sensors
- Display Boards/Digital Signages
- Other Hardware
- Solutions
- Traffic Monitoring
- Vehicle Identification and Tracking
- Overloaded Vehicle Detection
- Bicycle and Pedestrian Monitoring
- Congestion Management & Control
- Vehicle Speed Monitoring
- Traffic Signal Control
- Tolling & Faring
- Remote Enforcement
- Route Planning & Optimization
- Other Solutions
- Services
- Consulting Services
- Deployment & Integration Services
- Maintenance & Support Services
Traffic Management Systems Market Assessment, by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Traffic Management Systems Market Assessment, by Technology
- IoT
- AI
- Big Data
- Cloud Computing
- Other Technologies
Traffic Management Systems Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/tckz9a
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