According to a new market research report titled ‘Traffic Management Systems Market by Offering (Hardware (Sensors, Cameras, Others), Solutions (Traffic Monitoring, Remote Enforcement, Others), Services), Deployment (Cloud, On-premise), Technology (IoT, AI, Others) & Geography—Forecasts to 2030’, the traffic management systems market is projected to reach $50.20 billion by 2030, at a CAGR of 13.3% from 2023 to 2030.

Nowadays, road congestion has become a paramount concern. With the increasing number of vehicles and growing urbanization, managing traffic is no longer an option but a necessity. This is where traffic management systems come into play. This system is used to detect and track vehicles as well as pedestrians, vehicles, pedestrians, and bicycles to reduce congestion and carbon emissions.

The growth of the traffic management systems market is driven by increasing government investments in improving road safety, the rising need to ease traffic congestion, and growing urbanization. However, the high capital and maintenance costs of traffic management systems restrain the growth of this market.

The growing reliance on real-time traffic information and the proliferation of smart cities are expected to generate growth opportunities for the stakeholders in this market. However, the lack of technology adoption in developing countries and the incompatibility and lack of interoperability among different traffic management systems are major challenges impacting market growth.

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Additionally, the integration of Artificial Intelligence (AI) in traffic management systems and the utilization of 5G technology for improved accuracy are prominent trends in the traffic management systems market.

The Rising Need to Ease Traffic Congestion is Expected to Drive the Growth of the Traffic Management Systems Market

Road traffic leads to longer commutes and decreased productivity. Traffic congestion has a tremendous rippling effect on cities, affecting travel and transport, and thus economic development. There is also an increased risk of road accidents due to traffic congestion. In cases of road rage, drivers engage in risky driving behaviors, including speeding, cutting off other motorists, or tailgating other vehicles out of frustration because of increased traffic congestion. In addition, there is a rise in air pollution, which poses environmental and health risks. Frequent stopping and starting reduces vehicles’ fuel economy and raises pollutant levels. Also, vehicles use more fuel when idle in queues, resulting in financial losses.

 

Countries are bearing huge costs due to traffic delays, congestion, stoppage of signals, losses in terms of time and fuel, and related factors. For instance, in 2023, annual traffic congestion costs in Bengaluru (India) reached INR 19,725 crores (USD 2,396.9 million). Also, according to the INRIX 2022 Global Traffic Scorecard, congestion cost U.S. drivers over USD 81 billion, U.K. drivers nearly EUR 9.5 billion (USD 10.0 billion), and German drivers EUR 3.9 billion (USD 4.1 billion) in 2022. Such costs can only be reduced by deploying traffic management systems across cities. Traffic management systems help progressively move vehicles through green lights, enable faster tolling of vehicles, make route planning more efficient, and reduce congestion.

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The global traffic management systems market is segmented by offering (hardware (surveillance cameras, sensors, display boards/digital signages, and other hardware) solutions (traffic monitoring (vehicle identification and tracking, overloaded vehicle detection, bicycle and pedestrian monitoring, congestion management & control, and vehicle speed monitoring), traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and other solutions), services (consulting services, deployment & integration services, and maintenance & support services)), deployment mode (on-premise deployments and cloud-based deployments), technology (IoT, AI, big data, cloud computing, and other technologies). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on offering, the global traffic management systems market is segmented into hardware, solutions, and services. In 2023, the hardware segment is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to the increasing deployment of surveillance cameras to identify vehicles, incidents, and traffic violators, the increasing need to install smart traffic signals due to growing traffic congestion incidents, and the rising focus of players operating in the market on development of hardware with advance facilities such as automatic number plate recognition.

For instance, in November 2021, Liverpool City Region (LCR) Combined Authority awarded a contract to Yunex GmbH (Germany), a provider of innovative mobility ecosystems and services, to supply and install 37 Zephyr air quality monitors for reviewing and analyzing environmental data. The data will be utilized to give immediate responses and enable the implementation of strategies based on real-time pollution, temperature, humidity data, and current air quality levels. However, the solutions segment is expected to record the highest CAGR during the forecast period.

Based on deployment mode, the global traffic management systems market is segmented into cloud-based deployments and on-premise deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the global traffic management systems market. The large market share of this segment is attributed to the increasing avenues for cloud-based deployments, superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based traffic management systems. Moreover, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period.

Based on technology, the global traffic management systems market is segmented into AI, big data, IoT, cloud computing, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to factors such as the increasing utilization of IoT devices among traffic operators for monitoring driving behavior, gathering information on traffic patterns, ensuring a safe driving experience, and addressing emergencies and among automotive manufacturers to enable navigation capabilities in their vehicles.

For instance, in July 2023, NLEX Corporation (Philippines), a company engaged in the development, design, construction, finance, operation, and management of toll road projects, installed 12 additional cameras on the toll roads it manages and operates in the Philippines to provide safe and hassle-free mobility on expressways. Moreover, the IoT segment is also projected to record the highest CAGR during the forecast period.

Based on geography, the traffic management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to the presence of densely populated cities, the growing deployment of traffic management systems in the region to handle traffic flow, and increased congestion problems across urban cities. For instance, in September 2020, Beijing, China, installed a smart crosswalk that can send audio alerts to pedestrians. It uses facial recognition to catch traffic violators and display their faces on public video screens. It is the first smart zebra crossing in Beijing that can alert pedestrians through voice alerts and lights.

Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. The growth of this market is driven by rapidly growing urbanization in the region and growing technology acceptance. In addition, factor such as governments of various countries taking initiatives to build robust road infrastructure to support countries' economies as well as to reduce traffic problems is driving segment growth. For instance, in 2021, China is in the process of finishing a number of significant infrastructure projects. In China, more than 8,000 km of new motorways and more than 4,000 km of new railway lines were constructed in 2021.

Key Players:

Some of the key players operating in the traffic management systems market are 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.), and 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 & Farings
  • 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

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