Traffic Management Market 2022 Major Impacting Facts, Prominent Investment, Future Scenarios, Growth And Forecast 2027
MarketsandMarkets projects that the global Traffic Management Market is 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%.
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Among components, the services segment is projected to record the highest growth rate during the forecast period
Traffic management services are projected to form the fastest-growing market during the forecast period. The traffic management market is segmented into consulting, implementation, and support & maintenance services. Implementation of the traffic management system requires skill, and so does maintaining it. Any fault or error during the execution of the traffic management system hardware needs to be serviced. Therefore, the services segment is projected to witness fast growth.
By system, the incident detection & location system market is estimated to account for the largest share during the forecast period
The incident detection & location system is estimated to account for the largest market share during the forecast period. The traffic management market is segmented into the following categories: urban traffic management system, adaptive traffic control system, journey time management system, predictive traffic modeling system, incident detection & location system, and dynamic traffic management system. The rising demand for real-time information for drivers and passengers would drive the market. Also, increasing urban population, rising number of vehicles, and insufficient infrastructure to drive the market.
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Governments worldwide have strong visions of improving traffic management across cities and fulfilling 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. For instance, through the smart city initiatives, the Government of Orissa, India, is upgrading its road infrastructure in Bhubaneshwar and implementing advanced traffic management systems. The Land Transport Authority (LTA), Singapore, along with Intelligent Transportation Society Singapore (ITSS), has developed a master plan, Smart Mobility 2030, to enhance the travelers’ experience and enhance the country’s existing transportation systems.
Regional governments encourage private companies to develop and renovate road infrastructures. Governments are working in partnership with private organizations to finance and deliver traffic management projects. In the Cavite-Laguna Expressway, the Department of Public Works and Highways (DPWH) of the Philippines is working with MPCALA Holdings, a unit of the Metro Pacific Investments Corporation (MPIC), as per the PPP working model
Various globally established players, such as Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), and Thales Group (France), are dominating the traffic management market. In this market, strategies such as enhancements, partnerships, expansions, new product launches, collaboration, agreements, and acquisitions are adopted by the top key players.
Siemens and HDtraffic, a leading big data service provider for intelligent transportation and connected vehicles companies in China, signed a strategic cooperation agreement with Yutraffic Technologies to jointly develop and create systemic product-based solutions and collaborate with it on commercial projects and demonstration projects in the fields of transportation digitalization, Internet of Vehicles (IoV) and autonomous driving.
Cisco and XL Axiata, an Indonesia-based company, planned to deploy Cisco’s traffic management system for its 4G network in areas with high data traffic after trials showed the equipment increased the efficiency of its radio network.
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