DUBLIN–(BUSINESS WIRE)–The “Traffic Management Systems Market by Offering, Deployment, Technology & Geography – Global Forecasts to 2030” report has been added to ResearchAndMarkets.com’s offering.
The latest comprehensive analysis of the global traffic management systems market reveals significant growth projections, with the market poised to reach a staggering $50.20 billion by the year 2030 – expanding at a compound annual growth rate (CAGR) of 13.3% from 2023 to 2030. Drivers behind this robust growth include escalating government initiatives aimed at bolstering road safety, the necessity to mitigate traffic congestion, and widespread urbanization.
The burgeoning rise of real-time traffic data and the acceleration of smart city projects are slated to open new avenues of opportunity for market stakeholders. Conversely, challenges such as high initial investment and maintenance costs, slow adoption rates in certain regions, and issues surrounding system compatibility may impede growth to an extent.
Technological Advancements Spearhead Market Evolution
Technological advancements are transforming the traffic management sector. The integration of cutting-edge Artificial Intelligence (AI), proliferation of 5G technology for heightened precision in traffic monitoring, and a growing inclination towards the Internet of Things (IoT) are reshaping industry trends.
Based on offerings, the market is dissected into hardware, solutions, and services, with the hardware segment predicted to dominate in 2023 due to the surging need for sophisticated surveillance and smart traffic signals. On the other hand, the solutions segment is anticipated to experience the highest CAGR through to 2030, underscored by the emphasis on remote enforcement and congestion management solutions.
Rapid Growth in Cloud-Based Deployment
When considering deployment modes, cloud-based solutions are asserting dominance, with the segment projected to maintain a larger share within the market in 2023. Factors such as flexibility, cost-effectiveness, and the ongoing adoption rate are driving this segment’s growth, not to mention the swift advancements in cloud security and capabilities.
From a technological standpoint, IoT is leading the charge in 2023, favored for its role in improving road safety and traffic pattern analysis. Moreover, its adoption is set to skyrocket during the forecast period, fuelled by increasing smart city initiatives and smart device connectivity that enhance traffic management systems’ efficiency.
Asia-Pacific Emerges as the Market Leader
Geographically, the Asia-Pacific region commands the largest market share currently and is also slated to grow at an accelerated CAGR through 2030. The market growth can be attributed to the rapidly surging urban population, governmental infrastructure initiatives, and openness to adopting technology in the region.
Global Market Dynamics and Forecasts
- The thorough analysis delivers insights on high-growth segments by offering, deployment, and technology, providing a comprehensive understanding of market dynamics.
- Sector growth is propelled by key factors such as AI and IoT, while also detailing drivers, restraints, and lucrative prospects.
- Coverage extends across multiple geographies, examining trends and growth potential in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
- Strategic analysis of market competitiveness is provided, alongside recent developments within the sector.
- Profiles of prominent market players offer insights into their growth strategies and market positioning.
Case Studies
- Q-Free ASA Helped the City of Gold Coast Implement Its Transport Strategy
- SWARCO AG Helped the Colorado Department of Transportation Replace Traditional Traffic Solutions with An Adaptive Traffic Solution
- TransCore Helped the New York City Department of Transportation Reduce Travel Time by Integrating Traffic Management Solutions
- PTV Planung Transport Verkehr GmbH Improved Traffic Flow in Stellenbosch, South Africa
Key questions answered in the report:
- Which are the high-growth market segments based on offering, deployment mode, and technology?
- What was the historical market for traffic management systems?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, and opportunities in the traffic management systems market?
- Who are the major players in the traffic management systems market?
- How is the competitive landscape in the traffic management systems market?
- What are the recent developments in the traffic management systems market?
- What are the different strategies adopted by the major players in the traffic management systems market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global traffic management systems market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Government Investments in Improving Road Safety Driving the Implementation of Traffic Management Systems
- Increasing Traffic Congestion Boosting the Need for Traffic Management Systems
- Rising Urbanization Supporting Market Growth
- High Capital and Maintenance Costs Limiting the Adoption of Traffic Management Systems
- Growing Reliance on Real-Time Traffic Information Increasing the Utilization of Traffic Management Systems
- Proliferation of Smart Cities Creating Market Growth Opportunities
- Lack of Technology Adoption in Developing Countries Impacting Market Growth
- Compatibility and Interoperability Concerns Limiting the Implementation of Traffic Management Systems
Trends
- Integration of Artificial Intelligence (AI) In Traffic Management Systems
- Utilization of 5G Technology for Improved Accuracy
Companies Mentioned
- 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.)
- Bercman Technologies AS (Estonia).
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
- U.S.
- Canada
- 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
For more information about this report visit https://www.researchandmarkets.com/r/97adx8
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