MarketsandMarkets forecasts the global Traffic Management Market size to grow from USD 35.3 Billion in 2021 to USD 61.9 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. The market include a high growth rate for the adoption of eco friendly automobile technology and introduction of MaaS in the market. A growing need for operational efficiency and recent government mandates also plays a major role for the high growth rate of the market. However, there are significant growth opportunities for Traffic Management vendors. Small firms and startups are also marking their presence in the Traffic management market by providing their offerings across the world. The Traffic management industry is gradually adopting advanced technologies which integrates and coordinates the flow of traffic in various regions for the ease of commuters, i.e., vehicles and pedestrians, reduce environmental impact and increase the overall Traffic efficiency.
The Route Guidance and Route Optimization segment to record a higher growth rate during the forecast period
In the Traffic management market by solution, the Route guidance and route optimization is expected to record a higher growth rate during the forecast period. Traffic management solutions ensure that every traffic control center gets coupled to subsystems, such as traffic light systems and other detection devices, to establish a proper integration of traffic control systems. The hardware and software systems are in conformity with international standards. The application allows smooth monitoring and instantly replies to events.
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Incident detection and location system are expected to hold a larger market share during the forecast period
By system, Incident detection and location system is expected to hold the largest market size. It detects, verifies, and resolves incidents quickly. Video analysis is a well-established technology in the traffic management system 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 assists in organizing, managing, and coordinating Traffic operations from a centralized information system.
Technology represents huge opportunities for Traffic managers to access the data anytime and anywhere. It helps in prioritizing, shaping, and routing traffic to ensure the availability of critical transport services. It also provides guidance to commuters and haulers about road congestions and suggests the best possible route. This involves the use of ICT to control and manage the flow of road traffic, intersection control, and ramp metering; enforce speed limits; detect incidents and emergencies and implement response strategies for ensuring the safe and efficient use of road networks by optimizing the existing infrastructure.
The key and emerging market players in the Traffic Management market include Cisco Systems, Inc. (Cisco) (US), SWARCO AG (SWARCO) (Austria), Siemens AG (Siemens) (Germany), International Business Machines Corporation (IBM) (US), Kapsch TrafficCom AG (Kapsch TrafficCom) (Austria), Thales Group (THALES) (France), Q-Free A.S.A. (Q-Free) (Norway), Planung Transport Verkehr Group (PTV Group) (Germany), FLIR Systems, Inc. (FLIR) (US), Cubic Corporation (Cubic) (US), TomTom N.V. (TOMTOM) (Netherlands), Alibaba Group Holding Limited (Alibaba) (China), Huawei Technologies Co., Ltd. (Huawei) (China), TransCore (TransCore) (US), Chevron Corporation (Chevron) (England), Oriux (Oriux) (US), Invarion Inc. (Invarion) (US), Waycare Technologies Ltd (Waycare) (US), NOTRAFFIC (NoTraffic) (Israel), INRIX, Inc. (INRIX) (England), Sensys Networks, Inc. (Sensys Networks) (US), BlueSignal Inc (BlueSignal) (South Korea), Telegra d.o.o (Telegra Europe) (Croatia), Citilog (Citilog) (France), and Bercman Technologies AS (Bercman Technologies) (Estonia). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the Traffic Management ecosystem. These players have adopted various strategies to grow in the global Traffic Management market.
Siemens provides Traffic Management Solution such as SiTraffic SX and Silux2. SiTraffic is an intelligent and sustainable solution for traffic signal control. These are operating configuration traffic parameters that are quick and flexible. This operates via a web GUI on a secured and fast connection, which meets the standards to achieve maximum availability. Silux2 is a family of signal headlights with latest LED technology and low power consumption. This saves about 90% of the energy consumption and is equipped with second-generation LED light sources.
Siemens focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in March 2021, Siemens and BioNTech have extended their long-standing strategic partnership and plan to intensify their collaboration for the rapid expansion and the creation of capacity for the COVID-19 vaccine. In the same year, Siemens collaborated with Andorra Government to create an intermodal mobility platform for Forces Elèctriques d’Andorra (FEDA). The applications included features, such as mobile ticketing, payment, and comprehensive MaaS solutions, from traffic management to train planning systems and mobility data analytics.
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Huawei is one of the prominent players in the Traffic Management market. The firm intends to provide an online platform for efficient Traffic management with an extensive view that helps the efficient management of traffic. It provides intelligent traffic management solution to build a safe, orderly and smooth traffic environment. This is empowered by new technologies, such as artificial intelligence (AI), big data, cloud computing, and 5G. Huawei’s Intelligent Traffic Management Solution provides traffic management with “Sharp Eyes” and a “Powerful Brain,” combined with greatly simplified Operations and Maintenance (O&M) to help transportation departments build an ICT-enabled urban road environment.
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