Wilmington, Delaware, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Traffic Management System Market by Component (Hardware, Software, and Services), Application (Urban Traffic Management & Control, Adaptive Traffic Control, Dynamic Traffic Control & Management, and Others), and Mode Deployment (Cloud-based Deployments, and On-premise Deployments): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the traffic management system market was valued at $24.1 billion in 2023, and is estimated to reach $71.0 billion by 2033, growing at a CAGR of 11.6% from 2024 to 2033.
Prime determinants of growth
The global traffic management systems market has experienced growth due to several factors such as urbanization, increase in road congestion, government initiatives for smart city development, and rise in concerns over road safety & environmental impact. However, high Implementation costs of traffic management systems and outdated systems infrastructure and interoperability challenges hinder market growth to some extent. Moreover, increase in public-private partnerships (PPPs) and surge in adoption of intelligent transportation systems (ITS) offer remunerative opportunities for the expansion of the global traffic management systems market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $24.1 billion |
| Market Size in 2033 | $71.0 billion |
| CAGR | 11.6% |
| No. of Pages in Report | 350 |
| Segments Covered | Component, Application, Mode Deployment, and Region. |
| Drivers | Urbanization and increase in road congestion |
| Government initiatives for smart city development | |
| Rise in concerns over road safety and environmental impact | |
| Opportunities | Increase in public-private partnerships (PPPs) |
| Surge in adoption of intelligent transportation systems (ITS) | |
| Restraints | High implementation costs of traffic management systems |
| Outdated systems Infrastructure and Interoperability Challenges |
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Segment Highlights
Based on the component, the software segment held the highest market share in 2022. Since it includes crucial applications for traffic monitoring, data analysis, and adaptive traffic control, which are essential for efficient traffic management. Moreover, the hardware sector of the traffic management systems industry has grown steadily due to rise in demand for sensors, cameras, and traffic signal devices. Advancements in hardware technologies, such as introduction of accurate and reliable sensors, drive market expansion. In addition, the proliferation of smart city initiatives and urban infrastructure projects fuel demand for hardware components that enable real-time monitoring and control of traffic flow.
Based on the application, the urban traffic management & control segment held the highest market share in 2022. The urban traffic management & control segment has experienced tremendous growth due to urbanization and increased traffic jams in global cities. This has led to investments by municipal authorities and transport systems companies in sophisticated traffic management systems aimed at enhancing road network, reducing congestion, and improving safety for road users in urban areas. Some of the trends that shape this sector include the adoption of intelligent transportation system (ITS) , smart traffic signal control, and real-time traffic information solutions.
Based on the mode of deployment, the cloud-based deployments segment held the highest market share in 2022 as they offer scalability, flexibility, and cost-effectiveness. Municipalities with high requirements on data privacy and security prefer to use on-premise deployments as their traffic management system. In such cases, organizations manage their own data as well as infrastructure, thus customizing it to meet particular needs. On the other hand, cloud-based deployments have become popular. However, some organizations still prefer on-premise solutions, where they maintain full control over their traffic systems and data, including all management aspects.
Regional Outlook
Based on region, North America held the highest market share in terms of revenue in 2022, owing to its advanced infrastructure, high adoption rate of new technologies, and significant investments in smart city projects. Traffic management system markets in North America, Europe, and Asia-Pacific have flourished due to urbanization, population growth, and transportation infrastructure investments. In North America, for example, smart city programs such as those that involve intelligent transport systems and connected vehicles are promoted by the government to enhance road safety and mobility.
In contrast, Europe is at the forefront of traffic management systems, prioritizing road safety, reducing emissions, and enhancing urban mobility with advanced technologies and multi-modal solutions. Meanwhile, increased resources have been directed toward intelligent transportation systems such as real-time traffic monitoring and smart cities that have witnessed rapid growth in the Asia Pacific region due to government initiatives aimed at reducing traffic congestion. These trends indicate a worldwide shift toward more efficient and sustainable transportation methods, contributing to market growth across different regions.
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Players: -
- IBM Corporation
- Metro Infrasys Pvt.Ltd
- Cisco Systems, Inc.
- Kapsch TrafficCom
- Blue Star Limited
- Cubic Corporation
- Siemens
- Omnitec Group
- Swarco
- MAV Systems Limited.
The report provides a detailed analysis of these key players in the global traffic management system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In November 2021, Efftronics partnered with WAGO, a major provider of electrical interconnection and automation products for traffic management. This partnership aims to develop innovative products and solutions geared towards enhancing business processes.
- In August 2023, Derq Inc., a leading developer of Artificial Intelligence (AI) analytics solutions for road safety and traffic management, partnered with Dubai Silicon Oasis (DSO) , a special economic zone for knowledge and innovation under the Dubai Integrated Economic Zones Authority (DIEZ) . Together, they deployed 14 AI Smart Pedestrian Crossing Systems across Dubai Silicon Oasis.
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