The traffic management market 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%, owing to the globally ongoing smart cities initiatives and smart transportation projects.
The major players 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).These players have adopted various growth strategies, such as new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product launches and acquisitions were the 2 major strategies adopted by these players to achieve a strong foothold in the traffic management market.
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Cisco Systems is one of the prominent players in the traffic management market. It provides Smart+Connected traffic management solutions. Cisco’s solutions encapsulate an IP camera, sensors, applications, and digital network architecture. The solution enables transit agencies and governments to monitor the city traffic in real-time. It also provides detailed urban traffic insights for better decision-making and planning. The solution empowers traffic operators with traffic monitoring, incident detection and management, administration, and analytics features. Cisco has adopted various business strategies to enhance its offerings to its customers. For instance, in October 2015, Cisco opened an innovation center in France to promote and provide innovative solutions for smart cities. The innovation center aimed to promote Internet of Everything (IoE) and Artificial Intelligence (AI).
Cubic Corporation is another innovator catering to the traffic management market. The company provides various products and offers intelligent traffic and transportation management solutions. It has a breadth of offerings, wherein it bundles various solutions into one solution and offers an integrated traffic management system to its clients. For monitoring and controlling the urban and semi-urban traffic, the company integrates traffic and incident management, decision support, bus tracking, and passenger information with its traffic management system. The company resorts to strategic acquisitions for expanding its presence in the traffic management market. For instance, in November 2016, Cubic Corporation acquired Vocality International, a leading provider of embedded technology that unifies communications platforms, enhances voice quality, increases video performance, and optimizes data throughput.
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Traffic Management Market by Software (Smart Signaling, Route Guidance, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, Surveillance Cameras, and Others), Service, System, and Region - Global Forecast to 2022
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