The COVID-19 pandemic disruption is estimated to transform the traffic management market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the traffic management market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
The traffic management market 2020 is on track to reach a valuation of roughly USD 65 Billion by 2023, confirms Market Research Future (MRFR). MRFR also reveals that the market size can expand at a striking rate of 20% between 2017 and 2023, which is the appraisal period.
Primary Boosters and Main Deterrents
The exploding global population has boosted the number of vehicles that are plying on the roads, leading to more traffic-density as well as road accidents. These factors have pushed the need for a sound traffic management system, especially with the industrialization rate speeding up across countries. The surge in employment also increases the need for traffic management systems, wherein people are better able to manage their time.
The traffic management market across the globe benefits from the surge in urbanization, increasing government initiatives to improve traffic infrastructure, and the mounting public concern with regard to safety. The sped up urbanization has booted the traffic density levels, making commuting arduous for people.
While developed nations are increasingly improving their traffic infrastructure, more and more emerging countries are incorporating modifications to enhance the quality of their traffic management systems. The market also involves the use of cloud services that help drivers by providing them with all the necessary data and information. With the soaring number of smart cities, the growth potential of the traffic management market is also increasing.
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The market for traffic management has been considered for component and systems.
The traffic management market segments, with respect to component, include hardware, service and software. The types of hardware are surveillance cameras, sensors, display boards, and others. Software-based market segments are route guidance, smart signaling, smart surveillance and traffic analytics. Services listed in the report are consulting, deployment and integration and support and maintenance. The hardware-based segment, surveillance cameras, can note incredible growth in the coming years, as they are used extensively in almost every traffic management-related activity, including identifying violations, monitoring of traffic flow and more. These cameras also help operators in detecting and verifying incidents via real-time monitoring as well as evaluation.
Systems-wise market segmentation comprises Adaptive Traffic Control System (ATCS), Incident Detection and Location System (IDLS), Predictive Traffic Modelling System (PTMS), Journey Time Measurement System (JTMS), Dynamic Traffic Management System (DTMS) and Urban Traffic Management and Control System (UTMC).
The geographical distribution of the traffic management market covers Europe, North America, APAC or Asia Pacific, and RoW or Rest-of-the-World.
With the growing number of traffic management projects in Europe, and the continuous advancements in the Information and Communication Technology sector, the traffic management market in Europe can take the lead in the years to come. Surging deployment of smart traffic management software, such as smart signaling and route guidance, the regional market is all set to note further success in the following years. Considerable investments in smart transportation and smart city projects paired with the mounting need for sound traffic management as well as control mechanism also facilitates market expansion in the region. Moreover, top players are striving to get a better position in the region, by adopting marketing hacks like partnerships and collaborations and more. To illustrate, in August 2019, Costain (construction and engineering firm based in the UK) collaborated with SWARCO to build road message signs across the country.
APAC is on track to rank among the top markets for traffic management, on account of the escalating traffic congestion and the surge in measures to improve the situation. The region can achieve the highest growth rate over the coming years, given the strong backing from the government in the form of Smart City initiatives in India and China. Apart from this, massive interest in owing more number of vehicles among the people due to their increasing disposable income indirectly boosts the growth of the traffic management market in the region.
Leading competitors studied are Accenture PLC (Ireland), Citilog (France), Atkins Group (U.K.), Cellint (Israel), Cisco Systems Inc. (U.S.), to list a few.
Zain Kuwait is planning to deploy traffic management services from Enea to enhance its 4G and 5G network posts, and also support the expanding demand for mobile technology across Stockholm.
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Traffic Management Market, By Component (Hardware, Services), By Systems (Adaptive Traffic Control System, Dynamic Traffic Management System, Urban Traffic Management and Control System, Journey Time Measurement System) – Forecast 2023
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