The global traffic management market size is expected to reach USD 94.89 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising needs for real-time traffic information to the drivers and passengers, tied with the increasing penetration of the various novel technologies in automobiles, are the certain factors that are impelling the industry demand. Additionally, the escalating population is accelerating the demand for vehicles may increase traffic density as well as incidences of road accidents. Besides, efficient management of these vehicles and infrastructural development is positively influencing the demand for these management systems in the approaching years.
Based on the component, the solution segment is dominating the global industry with the highest revenue shares because these solutions present the guarantee of the integration of all traffic controls with their subsystems. Whereas the hardware segment is showing the significant growth rate that leads the market demand. This segment presents collected old & new information, as well as real-time data in traffic that assist in declining road accidents and traffic jamming cases. Accordingly, these features may foster the segment demand over the forthcoming years.
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The growing number of vehicles and inadequate infrastructural developments are anticipated to propel the industry demand in the approaching years. The increasing population majorly in urban areas leads the traffic congestion. Thereby, this blockage is the outcome of how contemporary civilization performs. The rising penetration of private automotive vehicles is because of two reasons population resides in low-density areas with limited access to public transport, or privately owned vehicles are more convenient and comfortable, which eventually leads to the cause of road blockage. Moreover, increasing disposable incomes and the proliferation of private vehicles are spurring the market demand. Developed regions like the US, the UK, and Germany, are taking various initiatives to promote the adoption of public transportation services. Hence, the demand for improving current transportation infrastructures as well as the development of ICT systems is likely to augment the market development across the globe.
Industry participants such as Atkins Group, Cellint, Accenture PLC, Cisco Systems, Inc., Citilog, EFKON AG, Esri, Cubic Corporation, FLIR Systems, Huawei, IBM Corporation, Inrix, Inc, PTV Group, Q Free, Kapsch Trafficcom Siemens, Swarco, Thales Groupare some of the key players operating in the global market.
Various market players are working on the development and introduction of their technologies to strengthen their market position in the global market. For instance, In January 2021, Huawei, and its partners developed connected vehicles for China for smooth management.
Polaris Market research has segmented the traffic management market report on the basis of component, deployment model, system, and region:
Traffic Management, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Traffic Management, Deployment Model Outlook (Revenue - USD Billion, 2018 - 2030)
Traffic Management, System Outlook (Revenue - USD Billion, 2018 - 2030)
Traffic Management, Regional Outlook (Revenue - USD Billion, 2018 - 2030)