The Traffic Management Market size is expected to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.
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According to a new market research report "Traffic Management Market by Solution (Smart Signaling, Route Guidance and Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System, and Region - Global Forecast to 2023", published by MarketsandMarkets™,
The major factors driving the Traffic Management Market include high demographic growth and hyper-urbanization in developing countries and the government initiatives for traffic management under smart cities models.
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Route guidance and route optimization segment holds the largest market share
The route guidance and optimization software helps in regulating traffic flows to make efficient use of the existing road infrastructures. Furthermore, it reduces the traveling time and distance for drivers.
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It shows the best possible route that has less traffic congestion and disruptions. It also enables drivers to get real-time information about the traffic congestion, accidents, and other such events on the roads they plan to drive on.
The route guidance and optimization software uses automatic feedback controls from a real-time traffic situation. The software offers features, such as static guidance, dynamic guidance, and dynamic guidance with prediction
Surveillance cameras segment is expected to hold the largest market share
The surveillance cameras segment is expected to gain the highest traction in the Traffic Management Market during the forecast period. Surveillance cameras are an innovative and extremely useful video surveillance technology in traffic monitoring and control.
Further, the cameras record traffic patterns for future studies, observe and monitor traffic flow, and issue tickets in case someone violates traffic rules. Traffic cameras are an extremely popular form of video surveillance.
Surveillance cameras offer several advantages to the commuters. They provide valuable data of traffic and vehicles, which is maintained by the state departments of transportation.
Deployment and integration segment is estimated to hold the largest market share
The deployment and integration segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time of the traffic management solutions.
These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the Traffic Management Market.
Dynamic Traffic Management System (DTMS) segment is expected to hold the largest market size
The DTMS segment is expected to have the fastest growth rate during the forecast period. There has been an increasing demand for traffic management systems, specifically for the dynamic traffic management that simulates various traffic data gathered by multiple sensors, cameras, and software.
In addition, with the growing deployment of traffic management systems among the traffic control and management operators, the demand for DTMS has grown exponentially. This system helps traffic operators to control and manage traffic more dynamically, eliminating any security risk and logistical cost associated with traditional traffic management systems.
North America is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period due to the fastest technology-adopting region. North America is one of the largest contributors to the IoT space, and this achievement can be attributed to the factor that it is technologically developed. Moreover, the startup culture in North America is growing more rapidly in comparison to the other regions.
The rapid digitalization across transportation, the increasing adoption of smart connected devices, and the rising technological advancements have further fueled the growth of Traffic Management Market in this region.
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The major vendors covered in the Traffic Management Market include Accenture PLC (Accenture), Cellint (Cellint), Cisco Systems, Inc. (Cisco), Ciitilog (Citilog), Cubic Corporation (Cubic), EFKON INDIA PRIVATE LIMITED (EFKON),Esri (Esri),FLIR Systems, Inc.
(FLIR),Garmin Ltd. (Garmin), IBM Corporation (IBM), Indra Sistemas, S.A. (Indra), Industrial Management Technology & Contracting LLC (IMTAC), IntelliVision (IntelliVision), Iteris, Inc (Iteris),Jenoptik AG (Jenoptik), Kapsch TrafficCom (Kapsch TrafficCom), Lanner Electronics Inc.
(Lanner Electronics), LG CNS (LG CNS), Metro Infrasys Pvt. Ltd. (Metro Infrasys), PTV Planung Transport Verkehr Group (PTV Group), Q-Free A.S.A (Q-Free), Siemens AG (Siemens), SWARCO AG (SWARCO), and TransCore (TransCore).
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