Traffic Management Market: Emerging Opportunities, Trends and Forecast Analysis (2023-2029) By Component Type, Application, Service Type and Region

The Traffic Management Market was valued at US$ 39.11 Bn. in 2022 and expected to grow at a CAGR of 10.8% during the forecast period 2023-2029, thanks to the growing trend of software based system use, which has boosted demand for Aircraft engines.
Traffic Management Market Overview:
Global Traffic Management is defined as the systematic way of controlling and regulating traffic to ensure road safety, security, and reliability of the overall transport system. It can be achieved by using smart cameras, GPS systems, sensors, and AI technology, etc in traffic management systems. It helps in the free movement of people, goods, and supplies, reduces travel time, controls traffic signals, reduces road accidents, restriction of speed, and improves the efficiency of transportation. As a result, the global traffic management market is expected to reach US$ of 65.32 Bn. during the forecast period.

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Traffic Management Market Dynamics:
Factors attributing to the Traffic Management market growth are increasing urbanization, rising global population and safety concerns, reduction of road accidents through better monitor and control because India’s fatality rate due to road accidents is 17.4 deaths per 100,000 people. It helps in reduction of travel time, provide real-time data update, up-gradation in transportation infrastructure and emerging smart cities, Ex- The “Government of India” launched smart city mission on 25 June 2015 which contains “SMART MOBILITY” as a domain, boosting the  market so fastly.

Use of emerging technologies such as AI, big data, Io T to eliminate the issue of traffic adding an advantage to market growth. Route guidance, government policies to reduce carbon emission ie the use of the “Urban Traffic Control System”(TRANSYT, SCOOT, MOVA) to manage traffic lights in the city are the major driving factors of the  market.

Some of the factors affecting the  market are the high cost of implementation, delay in the movement of traffic, rear-end vehicle collision, risk of unemployment, data security problems, lack of technological development, etc. Environmental impacts due to  are emission, noise, vibration. The presence of traffic management increases the stop-start journey so that an increase in fuel consumption results in exhaust emission polluting the environment.
Traffic Management Market Segmentation:
Based on the Component Type, The  market is segmented as hardware and software. By 2029, Software-based components is expected to hold the maximum share of more than 56% in the market and handle a wide range of operations such as route guidance, collection of toll, detection of traffic, etc which help in improving public transportation and reducing road fatality. Use of emerging software “GIS- powered map recording”, Networked video recorder(NVRs), Video Management Systems(VMS), Extended Floating Car Data(xFCD), etc expected to boost the traffic management market in the forecast year.

The hardware component is the second dominating segment in the  market which consist of display boards, CCTV, sensors, traffic system detector, etc.

Based on the Application, The Traffic Management market segmented as urban traffic management system, journey time management system, location, and incident detention system, etc. The urban traffic management system held market share of more than 60% and attracts the global market because of the rising population and urban settlement of the people. Increasing infrastructure projects of developed countries, Ex- Xi’an city of China using road traffic violation monitoring, improved vehicle flow capacity with intelligent sign control technologies.

Journey time management system holds second place in the market by application segment. It helps to know the potential traffic build-up on roads and changes in journey time so that users can make a well-informed decision.

Based on the Service Type, The Traffic Management market segmented as integration, maintenance, and support. Integrated traffic management system dominates the market. Its main focus is to solve the traffic congestion and improve the movement of the vehicles. It monitors the traffic with the help of connected vehicles and also reduces the travel time by up to 10%. “Computerised Road Maintenance Management System” is used for the systematic approach and planning of road maintenance works.
Regional insights:
Asia-Pacific is the dominating region of the global traffic management market and is expected to grow at a CAGR of 6.4% during the forecast period. One of the main factors attributing is large scale rise of population and interest of people to have a private vehicle, the number of active cars in china and India are 19.94 Cr and 12.6 Cr respectively. Increased investment in smart city and infrastructure projects such as “Ministry of Housing and Urban Affairs”, The Government of India investing US$ 96 Bn in smart city projects, and Chinese investment of US$ 70 Bn in-ground infrastructure development, etc driving the  market positively.

Europe is the second dominating region of the global traffic management market. Because of EU promotion to use digital technology in road travel and transport, investment in smart transportation, presence of global key players, focus to reduce congestion and carbon emission. As a result, the  market is expected to grow at CAGR of 5.5% in Europe during the forecast period.

The objective of the report is to present a comprehensive analysis of the global  market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Traffic Management market dynamics, structure by analyzing the market segments and projecting the Traffic Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Traffic Managementmake the report investor’s guide.
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Traffic Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $  39.11 Bn.


Forecast Period 2023 to 2029 CAGR:
10.8%
Market Size in 2029:
US $ 80.19 Bn.


 Segments Covered:
by Component Type
Hardware
Software


by Applicaton
Urban Traffic Management System
Journey Time Management System
Location and Incident detention System


by Service
Integration
Management and Support



Traffic Management Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.Cisco Systems, Inc
2.Siemens AG
3.Thales Group
4.Planung Transport Verkehr Group
5.Cubic Corporation
6.Chevron Corporation
7.INRIX, Inc
8.Sensys Networks, Inc
9.BlueSignal Inc
10.Bercman Techonologies AS
11.SWARCO AG
12.International Business Machines Corporation
13.Kapsch TrafficCom AG
14.Thales Group
15.Q-Free A.S.A.
16.Planung Transport Verkehr Group
17.FLIR Systems, Inc.
18.Cubic Corporation
19.TOMTOM N.V.
20.IBM Corporation
Frequently Asked Questions:
1. Which region has the largest share in Traffic Management market?
Ans: Asia-Pacific held the largest share in 2022.

2. What is the growth rate of the Traffic Management market?
Ans: The Traffic Management market is growing at a CAGR of 10.8% during the forecasting period 2023-2029.

3. What segments are covered in Traffic Management market?
Ans: Traffic Management market is segmented into Component Type, By Application, By Services.

4. Who are the key players in Traffic Management market?
Ans: Cisco Systems, Inc ,Siemens AG, Thales Group, Planung Transport Verkehr Group, Cubic Corporation, Chevron Corporation, INRIX, Inc, Sensys Networks, Inc, BlueSignal Inc, Bercman Techonologies AS.

5. What is the study period of this market?
Ans: The Traffic Management market is studied from 2022 to 2029.