Chicago, April 11, 2023 (GLOBE NEWSWIRE) -- The global Traffic Management Market size is projected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate (CAGR) of 12.5% during the forecast period, according to a new report by MarketsandMarkets™. Growth in urban population, rise in number of vehicles, and insufficient infrastructure will drive the market. Also, governments worldwide have strong visions to improve traffic management across cities and fulfill future mobility demands. They are undertaking several initiatives to provide better infrastructures, enhance security and safety, and offer seamless traffic flow. These factors are strong indicators of the economic development of a region. Smart city and smart transportation initiatives have boosted the traffic management market.
Browse in-depth TOC on "Traffic Management Market"
351 - Tables
56 - Figures
304 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market Size Value in 2022 | US$ 38.2 billion |
| Revenue Forecast Size Value in 2027 | US$ 68.8 billion |
| Growth Rate | 12.5% CAGR |
| Market Drivers | Rise in demand for real-time traffic information to drivers and passengers to drive the market |
| Market Opportunities | Evolving 5G to transform the traffic management market |
| Market size available for years | 2017–2027 |
| Base year considered | 2021 |
| Forecast period | 2022–2027 |
| Forecast units | Value (USD Million/Billion) |
| Market Segmentation | Component (Solutions, Hardware, Services), Systems and Region |
| Regions covered | North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America |
| Companies covered | Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), SWARCO (Austria), Q-Free (Norway), Thales Group (France), PTV Group (Germany), Teledyne FLIR (US), Cubic (US), TomTom (Netherlands), Alibaba Cloud (China), TransCore (US), Chevron TM (England), Indra (Spain), LG CNS (South Korea), INRIX (England), Notraffic (Israel), Sensys Networks (US), Citilog (France), Bercman Technologies (Estonia), Valerann (Israel), Miovision (Canada), BlueSignal (South Korea), Telegra (Croatia), Oriux (US), Invarion (US), and Rekor (US) |
By component, the solutions segment is estimated to account for the largest market share in the traffic management market. The component segment includes hardware, solutions, and services. The expansion and modernization of physical road infrastructure, road connectivity projects, electric charging infrastructure development, and maintenance will drive the market.
By hardware, the surveillance cameras segment is projected to account for the largest traffic management market. The hardware includes display boards, sensors, and surveillance cameras, used as integral parts of traffic management. Government initiatives about public safety, as well as an increase in the number of vehicles and insufficient infrastructure, are key factors driving the segment’s growth.
Asia Pacific is projected to be the fastest-growing market for traffic management. The increasing traffic congestion results in the strain on available mobility solutions and transportation infrastructure. The growing urbanization and rise of the urban population have driven the demand for traffic management safety solutions in emerging economies. Also, the number of underway traffic management projects across Asia Pacific is vast, owing to the growing need for replacing and upgrading existing conventional transportation systems, which will drive the region’s market.
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Key and innovative vendors in the Traffic Management Market are Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), SWARCO (Austria), Q-Free (Norway), Thales Group (France), PTV Group (Germany), Teledyne FLIR (US), Cubic (US), TomTom (Netherlands), Alibaba Cloud (China), TransCore (US), Chevron TM (England), Indra (Spain), LG CNS (South Korea), INRIX (England), Notraffic (Israel), Sensys Networks (US), Citilog (France), Bercman Technologies (Estonia), Valerann (Israel), Miovision (Canada), BlueSignal (South Korea), Telegra (Croatia), Oriux (US), Invarion (US), and Rekor (US).
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