The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global traffic management market size to grow at a CAGR of 13.6% during the forecast period
The global traffic management market size is expected to grow from USD 30.6 billion in 2019 to USD 57.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Factors, such as the rising urban population and high demographic rates, growing government initiatives for traffic management, and Public Private Partnership (PPP) working models are expected to drive the growth of the market. According to the United Nations (UN) World Urbanization Prospects, 2018, 55% of the world’s population already resides in urban areas, and this rate is expected to reach 68% by 2050.
The population growth is expected to eventually increase the urban traffic congestion rate and generate the need for smart transportation and traffic management solutions. Emerging economies, such as China, Malaysia, Hong Kong, and India are investing a significant amount in the development of transportation infrastructure, as the transportation segment is one of the largest revenue generators across growing nations. Developed nations, such as the US, the UK, and Germany are adopting multiple initiatives to encourage the use of public transportation services. Thus, the upgradation of existing transportation infrastructure and the advancement of Information and Communications Technology (ICT) systems to meet the rising population needs are expected to drive investments in the traffic management market in the coming years.
Hardware segment to lead the traffic management market in 2019
The hardware segment includes display boards, sensors, and surveillance cameras. Hardware is an important aspect of traffic management. It is majorly used in data collection processes. The data collected through hardware devices form the base of the Intelligent Traffic System (ITS) functions. These devices include automatic vehicle identifiers, Global Positioning System (GPS)-based automatic vehicle locators, sensors, and cameras. The hardware mainly records data, such as traffic count, surveillance, travel speed and travel time, location, vehicle weight, and delays. The hardware devices are connected to the servers that are generally located at data collection centers, which store large amounts of data for further analysis.
Dynamic traffic management system segment to grow at the highest CAGR during the forecast period
The Dynamic Traffic Management System (DTMS) segment uses simulation models combined with real-time traffic and origin-destination information to predict the effects of various traffic management strategies. This enables users for more effective management and provision of traffic, enabling information to be shared in a better manner. Route choice, journey travel time, and departure time data are collected from several sources of real-time information, such as vehicle detection sensors, pedestrian presence sensors, speed sensors, and surveillance cameras. The travel information is then used along with simulation models to predict network flow patterns and travel times. This information is predicted with various combinations of management strategies, such as incident management, ramp metering, signal control, and traveler information. Based on these predictions, optimal strategies are selected, and travel time predictions and route recommendations are made available to travelers.
Asia Pacific to grow at the highest CAGR during the forecast period
APAC is expected to experience extensive growth opportunities during the forecast period. APAC is home to nearly 40% of the world’s population. The region is highly diverse in terms of implementing traffic management technologies. On one side, countries such as China, India, and South Korea, are rapidly growing and simultaneously dealing with congestion issues and population explosion, while on the other side, there are small and high-tech islands of Singapore and Japan. The citizens of Thailand are extremely dependent on cars for urban transportation, resulting in heavy traffic congestions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the traffic management market.
The following list provides the breakup of primary respondents’ profiles:
- By Company Type: Tier 1: 46%, Tier 2: 38%, and Tier 3: 16%
- By Designation: C-level Executives: 52%, Director Level: 34%, and Others: 14%
- By Region: North America: 38%, Europe: 28%, Asia Pacific (APAC): 25%, Middle East and Africa (MEA): 6%, and Latin America: 3%
Major vendors in the global traffic management market include Accenture (Ireland), Cellint (Israel), Cisco (US), Citilog (France), Cubic Corporation (US), EFKON (Austria), Esri (US), FLIR Systems (US), Garmin (Switzerland), IBM (US), Indra Sistemas (Spain), IMTAC (Oman), IntelliVision (US), Iteris (US), Global Traffic Technologies (US), Jenoptik (Germany), Kapsch TrafficCom (Austria), Lanner Electronics (Taiwan), LG CNS (South Korea), Metro Infrasys (India), PTV (Germany), Q-Free (Norway), Siemens (Germany), SWARCO (Austria), TransCore (US), Savari (US), Dahua Technology (China), Telegra Europe (Croatia), Telit (UK), Huawei (China), International Road Dynamics (Canada ), Rapid Flow Technologies (US), Advance Access (Ireland), Advantech (Taiwan), Redflex (Australia), TRL Software (England), INRIX (England), and TomTom (Netherland).
The report includes an in-depth competitive analysis of the key players in the traffic management market, along with their company profiles, recent developments, and key market strategies. The report segments the global traffic management market by solution, hardware, services system, and region.
Key benefits of buying the report:
- The report would provide market leaders/new entrants in the traffic management market, with information on the closest approximations of the revenue numbers for the overall traffic management market and subsegments.
- The report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It further helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, opportunities, and challenges.