SecurityWorldMarket

19/08/2021

Traffic management market to almost double to $61.9 billion by 2026

Northbrook, Il (USA)

According to a research report, on the traffic management market including a global forecast to 2026, published by Marketsandmarkets, this sector is predicted to grow from USD 35.3 billion in 2021 to USD 61.9 billion by 2026, at a CAGR of 11.9% during the forecast period.

The presence of various key players in the ecosystem has led to a competitive and diverse market say the analysts. The market includes a high growth rate for the adoption of eco friendly automobile technology and the introduction of MaaS in the market. A growing need for operational efficiency, and recent government mandates also plays a major role in the high growth rate of the market.

However, there are significant growth opportunities for traffic management vendors. The researchers found that small firms and start-ups are also marking their presence in the market by providing their offerings across the world, and that the traffic management industry is gradually adopting advanced technologies which integrate and coordinate the flow of traffic in various regions for the benefit of both vehicles and pedestrians, to reduce environmental impact and to increase the overall traffic efficiency.

In the traffic management market by solution, the route guidance and route optimisation segment is expected to record a higher growth rate over the forecast period. Traffic management solutions ensure that every traffic control centre becomes coupled with a subsystem, such as traffic light systems and other detection devices, to establish a proper integration of traffic control. The hardware and software systems are in conformity with international standards. The application allows smooth monitoring and instantly replies to events.

Incident detection and location systems hold the largest share

By system type, it is the incident detection and location systems field that is expected to hold the largest market size. This technology detects, verifies, and resolves incidents quickly, as video analysis is a well-established technology in the traffic management sector for traffic incident monitoring. The real-time camera images detect a variety of incidents; and thus, lives are saved. Video Incident Detection Systems (VIDS) consists of a network of cameras that automatically detect events and ensure appropriate responses. Traffic management systems assist in organising, managing, and coordinating traffic operations from a centralised information system.

European market is the strongest

Europe is expected to hold the largest market size in the global traffic management market during the forecast period.  According to the analysts, this is because the European market has diverse business needs. Enterprises in this region have a strong technical expertise and analysts suggest that they also have bigger IT budgets. In addition, there are many traffic management vendors in this region, and so Europe is the largest regional market in terms of revenue. The UK is the most developed economy, contributing significantly to the growth of the traffic management market.

The key and emerging market players in the traffic management market as cited by the research and included in the report are companies such as, Cisco, Siemens, IBM, Thales, Kapsch Trafficcom, Flir Systems, Huawei, Chevron, Invarion, Sensys, Telegra, Citilog and Bercman.

The research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the traffic management ecosystem, and how these players have adopted various strategies to grow in the market.


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