Europe leads the way in global traffic management market

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A new report published by Marketsandmarkets state that the global traffic management market size is projected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate of 12.5% during the forecast period.

Among components services to register highest growth

Traffic management services are projected to form the fastest-growing market during the forecast period. The traffic management market is segmented into consulting, implementation, and support & maintenance services. Implementation of the traffic management system requires skill, and so does maintaining it. Any fault or error during the execution of the traffic management system hardware needs to be serviced. Therefore, the services segment is projected to witness fast growth.

Largest market share held by incident detection & location systems

The incident detection & location systems arena is estimated to account for the largest market share during the forecast period. The traffic management market is segmented into the following categories: urban traffic management systems, adaptive traffic control systems, journey time management systems, predictive traffic modelling systems, incident detection & location systems, and dynamic traffic management systems. The analysts expect that the rising demand for real-time information for drivers and passengers should drive the market. Also, increasing urban population, rising number of vehicles, and insufficient infrastructure are additional market drivers.

Europe is strongest geographically

Europe is one of the prominent regions in the traffic management market. The region has witnessed the earliest adoption of cloud computing and mobile technologies and has been significantly responsive in adopting traffic management solutions and services. Also, the region’s governments and laws support technological advancements. Connecting Europe Facility for transport (CEF) is a funding instrument to realise European transport infrastructure policy. This supports the investment in building the new transport infrastructure in Europe and updating the existing infrastructure. The budget for CEF is EURO 24.05 billion for 2014–2020. CEF Transport focuses on cross-border projects aiming to remove bottlenecks or bridge missing links in various sections of the Core Network and on the Comprehensive Network (link). It is also expected that the presence of prominent traffic management vendors in Europe will drive the market’s growth.

Market players

Key and innovative vendors in the traffic management market, and named in the research, include Siemens, Huawei, IBM, Cisco, Kapsch Trafficcom, Swarco, Q-Free, Thales, PTV, Teledyne Flir, Cubic, Tomtom, Alibaba Cloud, Transcore, Chevron, Indra, LG CNS, Inrix, Notraffic, Sensys Networks, Citilog, Bercman Technologies, Valerann, Miovision, Bluesignal, Telegra, Oriux, Invarion, and Rekor.


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