REDDING, Calif., May 20, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Traffic Management Systems
Market by Offering (Hardware (Sensors, Cameras, Others), Solutions
(Traffic Monitoring, Remote Enforcement, Others), Services),
Deployment (Cloud, On-premise), Technology (IoT, AI, Others) &
Geography- Forecasts to 2031', the traffic management
systems market is projected to reach $58.13
billion by 2031, at a CAGR of 14.1% from 2024 to 2031.
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Traffic management systems are used to detect and track vehicles
as well as pedestrians, vehicles, pedestrians, and bicycles to
reduce congestion and carbon emissions. These systems are used for
various applications, including traffic monitoring, traffic signal
control, tolling & faring, remote enforcement, route planning
& optimization, and parking management. Traffic management
systems enable safe and smooth road transportation. Nowadays, road
congestion has become a paramount concern. With the increasing
number of vehicles and growing urbanization, managing traffic is no
longer an option but a necessity. This is where traffic management
systems come into play.
Some of the factors driving the growth of this market are
increasing government investments in improving road safety, the
rising need to ease traffic congestion, and growing urbanization.
However, the high capital and maintenance costs of traffic
management systems restrain the growth of this market.
The global traffic management systems market is segmented by
offering (hardware (surveillance cameras, sensors, display
boards/digital signages, and other hardware), solutions (traffic
monitoring (vehicle identification and tracking, overloaded vehicle
detection, bicycle and pedestrian monitoring, congestion management
& control, and vehicle speed monitoring), traffic signal
control, tolling & faring, remote enforcement, route planning
& optimization, and other solutions), services (consulting
services, deployment & integration services, and maintenance
& support services)), deployment mode (on-premise deployments
and cloud-based deployments), technology (IoT, AI, big data, cloud
computing and other technologies). The study also evaluates
industry competitors and analyses the market at the regional and
country levels.
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Based on offering, the global traffic management systems
market is segmented into hardware, solutions, and services. In
2024, the hardware segment is expected to account for the largest
share of 53.8% of the traffic management systems market.
However, the solutions segment is expected to record the highest
CAGR during the forecast period. The growth of this segment is
driven by the growing concern about traffic congestion and the
rising need for remote enforcement solutions to identify and
penalize traffic violations. In addition, several players operating
in the market are focusing on developing advanced solutions to
improve traffic flows and the increased adoption of adaptive
traffic signal control. For instance, in July 2023, PTV Planung Transport Verkehr GmbH
(Germany), a global market leader
in mobility modeling and simulation software, launched a
cloud-based tool that uses machine learning to predict traffic
congestion up to two hours in advance.
Based on deployment mode, the global traffic management
systems market is segmented into cloud-based deployments and
on-premise deployments. In 2024, the cloud-based deployments
segment is expected to account for the larger share of the global
traffic management systems market. Moreover, the cloud-based
deployments segment is expected to record the highest CAGR during
the forecast period. The growth of this segment is driven by the
rapid evolution of new security and advanced capability avenues for
cloud-based deployments. For instance, in July 2020, Econolite Group, Inc. (U.S.), a
company engaged in developing mobility products and
software, launched Centracs Mobility, a highly flexible
cloud-based software solution platform designed to provide added
value and actionable information, augmenting the traffic management
software toolset.
Based on technology, the global traffic management
systems market is segmented into AI, big data, IoT, cloud
computing, and other technologies. In 2024, the IoT segment is
expected to account for the largest share of 33% of the
traffic management systems market. Moreover, the IoT segment is
projected to record the highest CAGR during the forecast period.
The growth of this segment is driven by the growing use of
connected devices in smart cities and the increasing integration of
IoT technology in traffic management systems to ensure safe and
hassle-free mobility. In addition, the benefits of IoT in traffic
management, such as enabling connectivity across and between
traffic management systems, increasing safety across intersections
and highways, and providing accident detection capabilities, also
contribute to segment growth.
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Based on geography, the traffic management systems market
is segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024
Asia-Pacific is expected to account for the largest share of
30.4% of the traffic management systems market. The
Asia-Pacific traffic management
systems market is estimated to be worth USD 6.99 billion in 2024.
Moreover, Asia-Pacific is
expected to record the highest CAGR during the forecast period.
The growth of this market is driven by stakeholders' focus on
the development of traffic management systems, rapidly growing
urbanization in the region and government initiatives for road
infrastructure. For instance, in July
2020, Huawei Technologies Co., Ltd. (Japan), a leading global provider of
information and communications technology (ICT) infrastructure and
smart devices, launched an Intelligent Traffic Management Solution
to address traffic problems. Huawei's Intelligent Traffic
Management Solution harnesses advanced technologies, including big
data, AI, cloud, 5G, and more, to address accidents and heavy
congestion problems.
Key Players:
Some of the key players operating in the traffic management
systems market are IBM Corporation (U.S.), Johnson
Controls International plc (Ireland), TomTom N.V. (Netherlands), Q-Free ASA (Norway), Indra Sistemas, S.A. (Spain), Cisco Systems, Inc. (U.S.), Huawei
Investment & Holding Co., Ltd. (China), Cubic Corporation (U.S.), Yunex GmbH
(Germany), Oriux (U.S.), Kapsch
TrafficCom AG (Austria), SWARCO AG
(Austria), TransCore (U.S.),
Teledyne FLIR LLC (U.S.), PTV Planung Transport Verkehr GmbH
(Germany), Chevron Traffic
Management Limited (U.K.), Onnyx Electronisys Pvt. Ltd.
(India), Miovision Technologies
Incorporated (Canada), Econolite
Group, Inc. (U.S.), and Bercman Technologies AS (Estonia).
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Scope of the report:
Traffic Management Systems Market Assessment, by
Offering
- Hardware
- Surveillance Cameras
- Sensors
- Display Boards/Digital Signages
- Other Hardware
- Solutions
- Traffic Monitoring
- Vehicle Identification and Tracking
- Overloaded Vehicle Detection
- Bicycle and Pedestrian Monitoring
- Congestion Management & Control
- Vehicle Speed Monitoring
- Traffic Signal Control
- Tolling & Faring
- Remote Enforcement
- Route Planning & Optimization
- Other Solutions
- Services
- Consulting Services
- Deployment & Integration Services
- Maintenance & Support Services
Traffic Management Systems Market Assessment, by Deployment
Mode
- Cloud-based Deployments
- On-premise Deployments
Traffic Management Systems Market Assessment, by
Technology
- IoT
- AI
- Big Data
- Cloud Computing
- Other Technologies
Traffic Management Systems Market Assessment, by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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