Traffic Management Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Solution, Services), By Deployment Model (On Premise, Cloud); By System; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 110
- Format: PDF
- Report ID: PM2201
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global traffic management market was valued at USD 35.40 billion in 2021 and is expected to reach grow at a CAGR of 12.1% during the forecast period. The traffic management system presents real-time data and is skilled to scrutinize and enhance the overall efficiency and safety of the transportation systems. The objective of this system is to offer the safe, orderly, well-organized movement of persons and goods and improve the quality of the environment and contiguous with traffic management services for cut-downing the accidents rates. Thereby, these characteristics of the management systems are gaining huge popularity among the population. Moreover, various vendors are continuously introducing their innovations, along with the rapid growth of the internet & communication sector, also fueling the traffic management market demand around the world.
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The onset of the COVID-19 pandemic has shown a huge impact on every sector of the economy. Accordingly, the imposition of lockdowns and mandatory social distancing norms for eradicating the spread of the coronavirus is affecting the global market. During this period, overall outside traffic was declined because of lockdown, which hampered the market growth. Though, the gradual opening of lockdowns, as well as growing market demand for innovative and superior technologies, is anticipated to foster the market demand of this management system in the forthcoming scenario.
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Industry Dynamics
Growth Drivers
The introduction and development of smart vehicles compatible with advanced technologies are act as a major driving factor for the global traffic management market demand. Carmakers are gradually building the market for autonomous cars by initially introducing connected and partially automated cars. These cars can sense their environment with the help of GPS and other sensor technologies like radar and ultrasonic. Thereby, these superior management systems are proficient in interpreting the sensory data for categorizing suitable navigation paths; as well as these cars can also identify obstacles, blind spots, and appropriate signage. As a result, autonomous driving is projected to rise as driver assistance systems are gaining more prominence in the market development of these management systems.
Furthermore, numerous technology-leading vendors, such as Microsoft and Google, along with chief car manufacturers like Tesla, Daimler, Volkswagen, BMW, Audi, and Volvo, are anticipated to introduce fully automated cars by the end of 2025. ZF Friedrichshafen is working on launching an advanced vehicle, compact and sub-compact transport.
Traffic management and mobility as a service are the two foremost systems, which can arrange and manage the system more competently. The execution of the incorporated multimodal traffic management in the MaaS world facilitates the management system to perform with its maximum capability and with an optimized mobility system that is based on multimodal, flawless, flexible, reliable, user-friendly, comprehensive, cost-effective, and environmentally sustainable traveling. Hence, these factor is likely to create lucrative opportunities for traffic management market growth over the foreseen years.
Report Segmentation
The market is primarily segmented on the basis of component, deployment model, system and region.
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By Component |
By Deployment Model |
By System |
By Region |
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Insight by Component
The solution segment accounted for the largest share in the global market and is likely to dominate the market with the highest number of shares in the near future. This segment enables enterprises to ensure that every traffic management center gets incorporated into its subsystems like traffic light systems and further detection devices. Additionally, it also set up the proper integration of traffic management systems, which facilitates seamless monitoring and quick response replies to events.
Among solution segment, route optimization and route guidance is the leading sub-segment. Route optimization assists the consumers in finding out the best route to travel. The system measures some factors, like the location and number of the essential stops on the route. Other factors comprise traffic jamming of the present time, the number of turns or crossroads along the route, and the top approach to a stop on the route. Thus, these factors are creating lucrative opportunities across the global market.
However, the hardware segment accounts for a significant share in the overall market. This segment presents surveillance cameras that help in monitoring encoded video streams of cameras on roads for identifying incidents and gathering real-time traffic data. Also, this facilitates certain data, which assists in making immediate decisions on incident alerts and demonstrable. Moreover, it offers information on bridges, highways, and tunnels as well. Moreover, these segments also provide store data and real-time data in traffic management that assist in decreasing traffic jamming and road accidents. Therefore, these characteristics may accelerate the penetration of the segment globally.
Geographic Overview
The European market has varied business requirements because companies across the region have the availability of technical professionals and are accounted with big IT budgets. In addition, implementation of the up-graded management system solutions under the smart city projects, as well as the presence of leading vendors in the region is also boosting the market demand. Several countries in Europe, such as the UK, are focusing on improving and strengthening their transportation infrastructure to facilitate smart transportation facilities for consumers.
For instance, in July 2019, the Netherlands announced the partnership with Beijer Automotive BV and SmartwayZ.NL mobility program, which is intended to utilize information of the vehicles to improve regional roadway management. Thus, these investments and enhancements in road transportation infrastructure will support the traffic management system adoption in the regional market.
Moreover, the Asian-Pacific fire-stopping materials market is anticipated to grow with the highest CAGR among all other regions rapidly. The growing penetration of advanced technologies, coupled with the huge investments in research and development activities, is stimulating market growth in the region. Additionally, the rising focus on improving the overall physical infrastructure majorly among the countries such as South Korea, India, China, and Japan are projected to drive the market demand. Furthermore, growing awareness regarding driver safety, increasing cases of accidents, and growth of the transport & logistics sector also significantly fuels the market growth in the near future.
Competitive Insight
Some of the major players operating in the global market include Accenture PLC, Atkins Group, Cellint, Cisco Systems, Inc., Citilog, Cubic Corporation, EFKON AG, Esri, FLIR Systems, Huawei, IBM Corporation, Inrix, Inc., Kapsch Trafficcom, PTV Group, Q Free, Siemens, Swarco, Thales Group.
Traffic Management Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 35.40 billion |
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Revenue forecast in 2030 |
USD 94.89 billion |
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CAGR |
12.1% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Application, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Accenture PLC, Atkins Group, Cellint, Cisco Systems, Inc., Citilog, Cubic Corporation, EFKON AG, Esri, FLIR Systems, Huawei, IBM Corporation, Inrix, Inc., Kapsch Trafficcom, PTV Group, Q Free, Siemens, Swarco, Thales Group |
