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Traffic Management Market Trends

ID: MRFR//2308-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Traffic Management Market Overview:

Traffic Management Market Size was valued at USD 14.3 billion in 2021. The traffic management market industry is projected to grow from USD 17.2 billion in 2022 to USD 61.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.10% during the forecast period (2022 - 2030). Congestion is a result of the increase of personal and commercial small and heavy cars on the road worldwide. As a result, there is a growing need for efficient traffic control using these vehicles to maximize the efficiency, effectiveness, and dependability of traffic management, which serves as a key market driver for the market's expansion.Global Traffic Management Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Traffic Management Market Trends

  • Rising number of vehicles on the road to propel market growth

The number of vehicles on the road has increased due to the expanding urban population and the quick industrialization, which has led to severe traffic congestion. As a result, urban planners' concerns about safety and high CO2 emissions are anticipated to have a big impact on the development of the traffic management market. Road congestion in Europe costs about 1% of the region's Gross Domestic Product, according to the European Joint Research Centre (JRC) (GDP). The majority of organisations in the region that design and manage urban infrastructure have made mitigation their top priority. Additionally, traffic management makes it possible for smart mobility solutions, which can be crucial in addressing all of these problems and providing answers while also fostering market expansion.

Utilizing a network of technologies, real-time traffic management systems control traffic behaviors in real-time. Sensors, GPS, smart cameras, and Bluetooth/Wi-Fi are some of these technologies. These innovations aid in easing traffic congestion and other serious problems. Alternate routes can be suggested using real-time data. Additionally, decision-makers in traffic control can benefit greatly from real-time data. Increased road density is directly contributing to population growth, which is generating traffic congestion. Therefore, real-time information is necessary for passengers and drivers to know which road is completely congested. A comprehensive picture of the entire network can be created with the aid of real-time data. Thus, this factor is driving the market CAGR.

Additionally, in the market for traffic management, 5G technology improves connectivity between people, cars, and traffic management authority. Furthermore, reduced latency results in little time passing between messages, enabling traffic control authorities to immediately provide crucial data insights. Traffic management authorities can enhance overall traffic operations and help with real-time traffic congestion thanks to real-time communication driven by 5G. More data can be used by traffic management authorities to make informed decisions in real time that shorten time to value. The traffic management ecosystem benefits from visibility, risk prediction analytics, forecasting, and easily accessible reports when data is synthesized and contextualized. These details can be used by traffic managers to choose better routes. Thus, it is anticipated that this aspect will accelerate traffic management market revenue globally.

Traffic Management Market Segment Insights:

Traffic Management Component Insights

The Traffic Management Market segmentation has been segmented by type into hardware and services. The hardware segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Traffic management multifunctional boards, vehicle identification sensors, analogue cameras, and speed sensors are just a few examples of the hardware components employed. In order to increase on-site data gathering and field data communication equipment, as well as to implement an intelligently controlled control method of flash lamp duration to neighboring each capture apparatus violating rules by field data communication equipment, the multipurpose board of the current invention uses switchboard of an existing traffic intersection.

Figure 2: Traffic Management Market by Capacity, 2021 & 2030 (USD Billion)Traffic Management Market by Capacity, 2021 & 2030Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Traffic Management Systems Insights

The Traffic Management Market segmentation, based on systems is divided into Adaptive Traffic Control System, Dynamic Traffic Management System, Urban Traffic Management and Control System and Journey Time Measurement System. The adaptive traffic control system segment dominated the traffic management market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The adaptive traffic control system adapts to current traffic patterns to maximize traffic flow by dynamically changing the timing of green splits. The ATCS algorithm continuously adjusts traffic signal timings based on the volume of traffic at junctions and anticipated arrivals from surrounding intersections.

Traffic Management Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe traffic management market accounted for USD 6.2 billion in 2021 and is expected to exhibit a 43.20% CAGR during the study period because businesses in the area can easily find technical professionals and have substantial IT budgets. The market demand is also being boosted by the smart city projects' installation of upgraded management system solutions and the presence of top vendors in the area.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Traffic Management Market SHARE BY REGION 2021 (%)Traffic Management Market SHARE BY REGION 2021Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America traffic management market accounts for the fastest growing market share. The introduction of improved safety systems, such as vehicle-to-infrastructure and vehicle-to-vehicle communication, technologies relating to collision avoidance, and the use of autonomous vehicles, including cellular technology-based systems, are anticipated to drive the regional market. Moreover, US traffic management market held the largest market share, and the Canada traffic management market was the fastest-growing market in this region

Asia Pacific traffic management market is expected to grow at a substantial CAGR from 2022 to 2030. In numerous countries in the region, traffic congestion are still a major problem that cause long delays, more fuel waste, and monetary losses. Geographical terrain is always changing, which leads to poorly planned road networks. Further, the China traffic management market held the largest market share, and the India traffic management market was the fastest-growing market in the region.

Traffic management Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the traffic management industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global traffic management industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, traffic management industry has provided medicine with some of the most significant benefits. The traffic management market major player such as Atkins Group (U.K.), Cisco Systems Inc. (U.S.), Accenture PLC (Ireland), Cellint (Israel), Cubic Corporation (U.S.), Citilog (France), Esri (California U.S.), EFKON AG (Austria), IBM Corporation (U.S.) and FLIR Systems Inc. (U.S.).

The International Business Machines Corporation (IBM), sometimes known as Big Blue, is an American multinational technology company with operations in more than 175 nations with a headquarters in Armonk, New York. It offers hosting and consulting services in a variety of fields, including mainframe computers and nanotechnology, and is an expert in computer hardware, middleware, and software. In October 2019, the Stockholm city government hired IBM to reduce traffic in the city. To lessen traffic in the city, IBM would plan, construct, and run the traffic management system.

Cisco Systems, Inc., also known simply as Cisco, is a worldwide firm with its main offices in San Jose, California, that specializes in digital communications technologies. In January 20q9, together with Iteris, a leading global provider of solutions for managing smart mobility infrastructure, Cisco deployed an edge-processing LoT solution with the City of Las Vegas. The Internet of Things (IoT) solution combines data feeds from the Iteris Vantage Next video detection platform with the Cisco Kinetic software solution to analyze multimodal data from cars, bicycles, and pedestrians for a number of high-value use cases to enhance traffic flow and relieve congestion.

Key companies in the traffic management market includes

  • Atkins Group (U.K.)

  • Cisco Systems Inc. (U.S.)

  • Accenture PLC (Ireland)

  • Cellint (Israel)

  • Cubic Corporation (U.S.)

  • Citilog (France)

  • Esri (California U.S.)

  • EFKON AG (Austria)

  • IBM Corporation (U.S.)

  • FLIR Systems Inc. (U.S.)

Traffic Management Industry Developments

July 2019: The award-winning MaxTime local traffic signal control software from Intelight, the flagship brand of Q-America Free's Urban Solutions division, is now freely available to MIBs (management data bases), giving organisations access to both a centralised traffic management system and local control software that can communicate with one another.

June 2019: Location technology expert TomTom recently stated that car manufacturers may now access its traffic information service with greater flexibility, which can be used to better optimise and reduce data consumption.

Traffic Management Market Segmentation:

Traffic Management Component Outlook (USD Billion, 2018-2030)

  • Hardware

  • Services

Traffic Management Systems Outlook (USD Billion, 2018-2030)

  • Adaptive Traffic Control System

  • Dynamic Traffic Management System

  • Urban Traffic Management and Control System

  • Journey Time Measurement System

Traffic Management Regional Outlook (USD Billion, 2018-2030)

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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