NEW YORK , July 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global 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)", the global traffic management market size is projected to reach $77.34 Billion by 2028 from $39.75 Billion in 2022; it is expected to grow at a CAGR of 11.7% from 2022 to 2028.
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Traffic Management Market Report Scope & Strategic Insights:
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Traffic Management Market: Competitive Landscape and Key Developments
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.
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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.
Traffic Management Market Analysis: Key Insights
The traffic management market growth driven by the rising urbanization, increasing congestion and growing investment in infrastructure development. Traffic management systems can be installed on an existing road without the requirements of infrastructural modification and thus can greatly aid in reducing congestion. Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a crucial role in the future of the traffic management market.
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The application of AI and ML in traffic management is still quite nascent, and most countries are yet to adopt the same. However, that scenario is changing fast, primarily due to the increasing number of connected cars. The US held the largest market share in 2021, followed by Germany . The hardware segment led the traffic management market with a significant share in 2021. It is further expected to dominate the market share over the forecast period. However, software segment is expected to be the fastest growing.
The traffic management market is broadly segmented into five major regions—North America, Europe , Asia Pacific (APAC), Middle-East and Africa (MEA), and South America (SAM). Europe is pioneering the development and implementation of smart roadways. The region has several developed nations that emphasize enhancing road safety. Government authorities in these countries are partnering with various key traffic management market players to better manage roadways, reduce congestion, check pollution, and enhance commuters' safety. Also, the presence of several key market players, including Axis Communications AB and Siemens AG, is favoring the traffic management market growth in the region.
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.
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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.
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.
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Parking management is another key application of traffic management system. 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.
Unmanned Traffic Management Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Software, Hardware, and Services); Solution (Navigation Infrastructure, Communication Infrastructure, Surveillance Infrastructure, and Others); Type (Persistent UTM, and Non Persistent UTM); Application (Logistics & Transportation, Agriculture & Forestry, Surveillance & Monitoring, and Others)
Video Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Mobile Cloud Traffic, Mobile Non-Cloud Traffic); Organization Size (Large Enterprises, SMEs) and Geography
Smart Traffic Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Traffic Monitoring System, Traffic Signal Control System, Traffic Enforcement Camera, Intelligent Driver Information System, Integrated Corridor Management, Others); Application (Highway, Managed Lanes, Others) and Geography
Parking Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Parking Site (On-street, and Off-street), Solutions (Parking Guidance Systems, Parking Reservation, Parking Security & Surveillance, and Others), Services (Professional, and Managed), Deployment (On-premise, and Cloud)
Automatic Tolling System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Hardware, and Services) and Type (Unmanned Self-Service Automated Tollbooth Collection Systems, Unmanned Automated Toll Booth Collection Systems, and Unmanned Wireless Automated Toll Booth Collection Systems)
Smart Ports Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Smart Port Infrastructure, Terminal Automation and Cargo Handling, Traffic Management System, Smart Safety and Security, Others); Technology (Blockchain, Internet of Things, Process Automation, Artificial Intelligence); Port Type (Seaport, Inland Port) and Geography
Smart Transportation Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by System (Integrated Supervision System, Traffic Management System, Parking Management System, Insurance Telematics System, Passenger information system and Ticketing Management System); and Services (Consulting, Deployment and Integration, and Support and Maintenance)
In-Dash Navigation System Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Functions (Traffic Management, Fleet Management Services, and Safety Regulations); Technology (2D Maps and 3D Maps); Component (Antenna, Connector, Interface Cable, Wiring Harness, Control, Display Unit and Audio System); and Vehicle (Passenger Car and Commercial Vehicle)
Photogrammetry Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Method (Aerial Photogrammetry, Terrestrial (Close Range) Photogrammetry, Satellite Photogrammetry, Macro Photogrammetry); Style (Point-and-Shoot Photogrammetry, Multi Camera Photogrammetry, Video-To-Photogrammetry); Application (3d Printing, Drones and Robots, Topographic Maps, Culture Heritage and Museum, Films and Games, Traffic Management, Other Applications) and Geography
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