Traffic management market accelerates to 2023

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The latest published report on the traffic management market to 2023 predicts that the market size is estimated to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a CAGR of 13.7% during the forecast period. The major factors driving the traffic management market, according to researchers Marketsandmarkets, include high demographic growth and hyper-urbanisation in developing countries and the government initiatives for traffic management under the smart cities model.

The report suggests that the route guidance and route optimisation segment holds the largest market share. Route guidance and optimisation software helps in regulating traffic flows to make efficient use of the existing road infrastructures. Furthermore, it reduces the travelling time and distance for drivers. It shows the best possible route that has less traffic congestion and disruption. It also enables drivers to get real-time information about the traffic congestion, accidents, and other such events on the roads they plan to drive on. The route guidance and optimisation software uses automatic feedback controls from a real-time traffic situation. The software offers features, such as static guidance, dynamic guidance, and dynamic guidance with prediction

According to the analysts, the surveillance cameras segment is expected to gain the highest traction in the traffic management market during the forecast period. Surveillance cameras are an innovative and extremely useful video surveillance technology in traffic monitoring and control. Further, the cameras record traffic patterns for future studies, observe and monitor traffic flow, and issue tickets in case someone violates traffic rules. Traffic cameras are an extremely popular form of video surveillance. Surveillance cameras offer several advantages to the commuters. They provide valuable data of traffic and vehicles, which is maintained by the state departments of transportation.

The deployment and integration segment is predicted to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time of the traffic management solutions. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market.

The area of dynamic traffic management systems (DTMS) is expected to hold the largest market size and the fastest growth rate during the forecast period. There has been an increasing demand for traffic management systems, specifically for the dynamic traffic management that simulates various traffic data gathered by multiple sensors, cameras, and software. In addition, with the growing deployment of traffic management systems among the traffic control and management operators, the demand for DTMS has grown exponentially. This system helps traffic operators to control and manage traffic more dynamically, eliminating any security risk and logistical cost associated with traditional traffic management systems.

As per the geographic analysis, North America is estimated to hold the largest market share during the forecast period as it is the fastest technology-adoption region. North America is one of the largest contributors to the IoT space, and this achievement can be attributed to the factor that it is technologically developed. Moreover, the startup culture in North America is growing more rapidly in comparison to the other regions. The rapid digitalisation across transportation, the increasing adoption of smart connected devices, and the rising technological advancements have further fuelled the growth of traffic management market in this region.

A few of the major vendors covered in this traffic management market report include Accenture, Cellint, Cisco, Ciitilog, Flir, Garmin, IBM, Intellivision, Kapsch Trafficcom, Lanner, Siemens and Transcore.


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