Traffic Management Market Size, Share and Global Trend By Component (Software, Hardware, Services) and Regional Forecast, 2024-2032

In cities where the amount of cars continuously increases faster than the traffic infrastructure available, congestion is a hard problem to handle, and in the event of car accidents, it becomes even worse. This issue impacts many elements of contemporary culture, including economic development, traffic accidents, and leads to an increase in greenhouse emission and cause damage to health.

Thus assuming the continuous population growth and increase in several vehicles, traffic management systems are essential. The mobility of individuals and products will continue to suffer without traffic management, leading to congestion in metropolitan regions. This, in turn, will hinder manufacturing and services, productivity, work creation, and other social advances. Traffic management systems is an integrated system of various application and management instruments to enhance transportation systems 'and security.

The traffic management system collects data from heterogeneous sources like CCTV, uses this data to analyze risks that could degrade traffic effectiveness, and offer traffic control facilities. The traffic management system is a multi-sectoral and multidimensional issue. It magnifies the working of multiple sectors like road infrastructure construction and management, vehicle provision, laws and law enforcement, mobility planning, health and hospital facilities, child safety, urban land use planning, etc.

Demand for efficient traffic management alternatives is anticipated to increase at a promising rate in the coming years, owing to the massive increase in car ownership worldwide and increased understanding of the social and financial losses in countries caused by traffic jams. The incorporation of IT technology such as IoT, AI, machine learning, into traffic management systems will lead to the growth of sophisticated systems with more advanced capacities and improved efficiency, which will dramatically improve the traffic management.

The growing interest in developing intelligent technological solutions for smart traffic management is a key factor driving the growth of global traffic management system market, increasing smart city initiatives and the rapid deployment of smart and intelligent transport systems also contribute in driving the traffic management system market. However, lack of standardized technology norms and safety-related issues, are some of the problems that limit the development of the market for the traffic management system.

Key Players Covered

Key Players in Global Traffic Management Market Include, Accenture PLC, Cisco Systems Inc., Cellint, IBMCorporation, Intellivision, India private limited, Siemens, FLIR Systems, Inc., Garmin Ltd., and TomTom International BV.

SEGMENTATION

Regional Analysis

As North America is one of the most significant contributors to the IoT space and technological development, it remains the frontier of the market for smart traffic management systems. Traffic management systems and services are developing in the U.S., U.K., Germany, Japan, Australia, and South Korea. Significant investments in smart city and urban traffic management initiatives have led to the development of demand in these industries for traffic management systems.

Due to the fast increase in the number of cars over the previous few years, the need for traffic management alternatives in Europe is expected to boost. Europe is regarded as the hub for renowned automotive companies with the presence of producers such as VW Group, BMW, and Daimler. UK, France, and Germany are expected to be the region's leading contributors.

Due to fast urbanization and increasing investment, Asia Pacific is anticipated to be the fastest growing region in the forecast period due to the initiation of developing nations such as India and China in smart city projects which will contribute a huge share in the global traffic management market.

Because of the growing demand for cars in the UAE, Qatar, and Saudi Arabia, the Middle East and African region are expected to record significant market growth in the forecasted period. Saudi Arabia is expected to be the main attraction for producers of vehicles as new car sales.

Key Industry Developments

• July 2019- Intelight, the leading brand of Q-Free's America Urban Solutions division, has made its award-winning MaxTime local traffic signal control software openly available to the MIBs (management data bases) which provides the organizations a central traffic management system and local control software to communicate with each other.
• June 2019 – TomTom, a specialist in location technology, announced that its traffic information service is now accessible to car manufacturers with increased flexibility that can be used to further optimize and decrease data consumption.