Pune, India, June 21, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Traffic Management Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Geography,” the market is projected to grow from $39.75 billion in 2022 to $77.34 billion by 2028; it is estimated to record a CAGR of 11.7% from 2022 to 2028.
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Global Traffic Management Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 39.75 Billion in 2022 |
| Market Size Value by | US$ 77.34 Billion by 2028 |
| Growth rate | CAGR of 11.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 204 |
| No. of Tables | 115 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments covered | Component and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; and Dahua Technology Co., Ltd. |
Browse key market insights spread across 204 pages with 115 list of tables & 79 list of figures from the report, "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component [Hardware (Cameras, Display Boards, and Sensors), Software (Cloud and On-Premise), and Services], and Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/traffic-management-market
Global Traffic Management Market: Competitive Landscape and Key Developments
IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; Dahua Technology Co., Ltd; Axis Communications AB; SGS SA; SNC-Lavalin Group; Teledyne FLIR LLC; and Cubic Corporation are among the leading traffic management market players profiled in the report. Several other essential traffic management market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In September 2022, Indra announced that in partnership with Cintra, they are working on the development of a pioneering traffic information platform. This next-generation traffic management solution will enhance motorist safety by providing real-time and accurate information.
In December 2021, Genetec Inc. announced the launch of its first traffic enclosure management solution. This solution will allow traffic managers and engineers to remotely manage, monitor, and secure traffic enclosures. This Cloud Link Roadrunner is a highly secure solution that can help to remotely protect enclosures and help traffic managers reduce costs, improve efficiencies, and enhance security.
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Rising Demand for Real-Time Traffic Management Systems in Developing Countries is Driving the Growth of Traffic Management Market During Forecast Period:
The growing population in urban areas has led to an increase in the number of vehicles on the roads. This is raising the need for real-time traffic management systems to ensure traffic flow, road safety, and mobility. Also, this real-time data will help improve traffic efficiency, allowing transportation authorities to respond quickly in emergencies. Thus, to gather accurate traffic data, the market players are focusing on incorporating new technologies like artificial intelligence (AI) to further enhance their traffic management solutions. For instance, in March 2020, Lilin launched its new Aida traffic management system at the International Security Conference & Exposition (ISC West 2020).
This new Aida traffic management system can provide accurate AI traffic object recognition. It can provide data regarding parking violations, parking spot detection, left and right turn violations, number plate recognition, truck, motorbike, and pedestrian violations, average speed detection, queuing detection, and loitering detection. Thus, the growing innovations by the market players to provide real-time traffic management systems is boosting the traffic management market growth in the forecasted period.
Global Traffic Management Market: Industry Overview
The traffic management market is segmented on the basis of component, application, and geography. The market is segmented into hardware, software, and services based on components. The hardware segment is further sub-segmented into cameras, display boards, and sensors. Also, the software segment is sub-segmented into cloud and on-premise. The market is segmented by application into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. The market is segmented by geography into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The traffic management market in Europe is projected to witness significant market growth from 2022 to 2028. The growing population and urbanization in the region and high levels of dependence on private cars are some of the major factors driving the regional market growth. In addition, growing digitization and the rising adoption of new technologies to manage road traffic in European countries are further fueling the adoption of traffic management systems.
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Moreover, the presence of leading market players in the region, including Axis Communications AB, SGS SA, Siemens AG, and others, is anticipated to propel the market growth during the forecast period as they are continuously working on providing intelligent transportation systems. Further, in June 2022, to accelerate the European Union’s transition to a digital economy, the Council agreed on the deployment of Intelligent Transport Systems proposed by the European Commission. This proposal aims to take account of technological developments, such as on-demand mobility applications, connected and automated mobility, and multimodal transport. Thus, such initiatives by the European Union will further fuel the Europe traffic management market growth.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Commercial Air Traffic Management Market - The Global commercial air traffic management market is expected to reach US$ 10,279.46 million by 2030; it is estimated to grow at a CAGR of 7.8% from 2022 to 2030.
Unmanned Traffic Management Market - The Global Unmanned traffic management market is expected to grow from US$ 872.54 million in 2022 to US$ 3,234.28 million by 2030; it is estimated to grow at a CAGR of 17.8% from 2022 to 2030.
Adaptive Traffic Control System Market - The Global adaptive traffic control system market is expected to grow from US$ 4,773.59 million in 2021 to US$ 15,214.09 million by 2028. The Adaptive traffic control system market is expected to grow at a CAGR of 18.0% during the forecast period of 2020 to 2028.
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