According to a research report "Traffic Management Market by Solution (Smart Signaling, Route Guidance and Route Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System and Region - Global Forecast to 2024", published by MarketsandMarkets, the global traffic management market size is expected to grow from USD 30.6 billion in 2019 to USD 57.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Driving factors of the traffic management market include the rising urban population and high demographic rates, government initiatives for traffic management and the Public Private Partnership (PPP) working model, growing need for real-time information systems, and regulatory frameworks and government policies to reduce the growing carbon emissions. The opportunities in the traffic management market include the emergence of Internet of Things (IoT) and sensor technologies in traffic management and penetration of analytics in traffic management network systems.
Browse 114 market data Tables and 56 Figures spread through 215 Pages and in-depth TOC on "Traffic Management Market - Global Forecast to 2023"
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By component, the services segment to grow at the highest CAGR during the forecast period
Increasing adoption of the latest traffic management systems powered with technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT), foster the need for effective deployment of traffic management systems and solutions. Vendors in the traffic management market offer several services, including design and consulting, system integration and deployment, and support and maintenance.
By hardware, the surveillance cameras segment to hold the largest market size during the forecast period
Cameras require intelligent capabilities to make decisions related to traffic conditions. They are mounted on the top of traffic signals or placed along the busiest roads, intersections, and highways. Surveillance cameras help perform traffic management-related activities, such as monitoring of traffic flow and identifying violations. They enable operators to detect and verify incidents based on real-time monitoring and evaluation, thus providing information on traffic conditions based on the information gathered. There are two major types of surveillance cameras: Internet Protocol (IP) Camera and Analog Cameras.
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Europe to account for the highest market share during the forecast period
Europe accounts for the highest market share in the traffic management market. The European market has diverse business needs, and similar to North America, enterprises in this region have the strong technical expertise and bigger IT budgets. In addition, there are many traffic management vendors in this region. Europe is the largest regional market in terms of revenue, and the UK is the most developed economy, contributing significantly to the growth of the traffic management market. Europe has a very conducive environment for the implementation of traffic management systems, as the government has planned investments to improve public transportation modes in this region. The budget allocated by the European Commission for the smart, green, and integrated transport challenge is USD 6,684 million for 2014–2020. The challenge aims at improving mobility, lessening instances of congestion, and enhancing safety and security. Traffic management projects that are currently underway in the region include Amsterdam Smart City, Amsterdam; Vilnius Traffic Management System, Lithuania; and Athens Traffic Management System, Greece.
Market Players
Major vendors in the traffic management market include Accenture (Ireland), Cellint (Israel), Cisco (US), Citilog (France), Cubic Corporation (US), EFKON (Austria), Esri (US), FLIR Systems (US), Garmin (Switzerland), IBM (US), Indra Sistemas (Spain), IMTAC (Oman), IntelliVision (US), Iteris (US), Global Traffic Technologies (US), Jenoptik (Germany), Kapsch TrafficCom (Austria), Lanner Electronics (Taiwan), LG CNS (South Korea), Metro Infrasys (India), PTV (Germany), Q-Free (Norway), Siemens (Germany), SWARCO (Austria), TransCore (US), Savari (US), Dahua Technology (China), Telegra Europe (Croatia), Telit (UK), Huawei (China), International Road Dynamics (Canada ), Rapid Flow Technologies (US), Advance Access (Ireland), Advantech (Taiwan), Redflex (Australia), TRL Software (England), INRIX (England), and TomTom (Netherland).
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