Global Traffic Management Systems Market Analysis Report 2023-2030: Increased Proliferation of Smart Cities to Generate Lucrative Multi-Billion Opportunities

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Jan 19, 2024, 21:45 ET

DUBLIN, Jan. 19, 2024 /PRNewswire/ -- The "Traffic Management Systems Market by Offering, Deployment, Technology & Geography - Global Forecasts to 2030" report has been added to ResearchAndMarkets.com's offering.

The traffic management systems market is projected to reach $50.20 billion by 2030, at a CAGR of 13.3% from 2023 to 2030

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.

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.

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.

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.

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. The growth of this segment is driven by the rapid evolution of new security and advanced capability avenues for cloud-based deployments.

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.

The growth of this segment is driven by the growing use of connected devices in smart cities and the increasing integration of IoT technology in traffic management systems to ensure safe and hassle-free mobility. In addition, the benefits of IoT in traffic management, such as enabling connectivity across and between traffic management systems, increasing safety across intersections and highways, and providing accident detection capabilities, also contribute to segment growth.

However, the solutions segment is expected to record the highest CAGR during the forecast period.

The growth of this segment is driven by the growing concern about traffic congestion and the rising need for remote enforcement solutions to identify and penalize traffic violations.

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

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

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/asmrtf

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