The traffic management market is projected to grow from USD 42.3 billion in 2023 to USD 72.5 billion by 2028 at a CAGR of 11.4% during the forecast period. The increasing demand for real-time traffic information from drivers and passengers who seek informed decision-making for their travel routes. This demand is driving the creation and implementation of advanced traffic management systems that utilize data from sensors, cameras, and other sources to deliver timely traffic updates.
The adoption of traffic management has experienced a remarkable surge in recent years, as government initiatives worldwide are recognizing the significance of effective traffic management, leading to investments in technologies and the formulation of smart city transportation plans. These initiatives aim to enhance traffic flow, reduce congestion, and promote public transportation as part of a holistic approach to urban mobility challenges. The development of smart cities is leveraging various technologies such as sensors, cameras, data analytics, and artificial intelligence to revolutionize traffic management.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1036
The route guidance & route optimization segment contributed the largest market share in the traffic management market during the forecast period.
Route guidance systems leverage real-time data, including traffic conditions and congestion patterns, to provide dynamic and personalized navigation instructions to drivers. By offering optimal routes based on current traffic situations, these systems contribute to minimizing travel time, reducing congestion, and improving overall road network utilization. Additionally, route optimization algorithms play a crucial role in strategic traffic management planning, analyzing historical and real-time data to identify the most efficient paths for different types of vehicles. By considering factors such as traffic density, road capacity, and alternate routes, route optimization helps in proactively managing traffic flow, reducing bottlenecks, and promoting smoother journeys for commuters. Together, route guidance and optimization technologies play a pivotal role in creating intelligent and responsive traffic management solutions that contribute to enhanced mobility and a more sustainable urban environment.
Unique Features in the Traffic Management Market
Traffic signal control through the integration of machine learning (ML) and artificial intelligence (AI) to optimise signal timings depending on current traffic circumstances.
Adaptive traffic signal systems dynamically modify the timing of their signals to lessen congestion and enhance traffic flow.
Deployment of Vehicle-to-Everything (V2X) communication, which facilitates information exchange between automobiles and infrastructure in order to improve traffic efficiency and safety.
Gathering real-time data on vehicle movements through the use of sensors and communication technology, then sending this data to a central traffic management system.
Predicting traffic patterns, bottlenecks, and possible incidents with the use of predictive modelling and advanced analytics.
Deployment of technologies that forecast future events and enhance traffic control tactics using current and past data.
Including smart parking solutions, which minimise traffic from cars looking for parking by giving real-time information on spaces that are available.
To expedite the parking process, mobile apps for reservations and payment are being used.
Major Highlights of the Traffic Management Market
The development of smart cities is receiving more attention globally, which has resulted in large expenditures in intelligent traffic management systems.
Incorporating traffic management systems into more comprehensive frameworks for smart cities to improve sustainability and overall urban efficiency.
Increasing use of Internet of Things (IoT) technology for real-time data collecting and analysis in traffic control.
Connectivity for better traffic flow and safety between automobiles, infrastructure, and central traffic management systems.
Combining machine learning and artificial intelligence systems for adaptive signal control and predictive traffic analytics.
Artificial intelligence (AI)-driven systems for anomaly detection, traffic pattern analysis, and dynamic traffic management strategy optimisation.
The importance of eco-friendly and sustainable transportation options is rising.
Using traffic management techniques to encourage the use of electric vehicles, walking, cycling, and other alternative forms of transportation.
Top Key Companies in the Traffic Management Market
The major vendors covered in the traffic management market include Cisco (US), Mundys SpA (Italy), SWARCO (Austria), Siemens (Germany), IBM (US), Kapsch TrafficCom (Austria), Thales Group (France), Q-Free (Norway), PTV Group (Germany), Teledyne FLIR Systems Inc. (US), Cubic Corporation (US), TOMTOM (Netherlands), Huawei (China), ST Engineering (Singapore), ChevronTM (England), Indra Sistemas (Spain), and Econolite (US). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, collaborations, and new product launches, to expand their presence in the traffic management market.
Cisco is a prominent technology-based company renowned for designing, manufacturing, and distributing Internet Protocol-based networking and IT products worldwide. The company’s products and technologies are categorized into infrastructure platforms, applications, and security. It also provides services, such as technical support services and advanced services. It has a large customer base, including businesses of all sizes, public institutions, governments, and service providers. Cisco Connected Roadways helps secure and connect ITS, enabling vehicles, roadways, travelers, and traffic management centers to communicate in real-time. It eases the operation of cities and transportation agencies, enables smooth traffic flow, and reduces congestion with secondary collisions.
The company designs and sells various technologies across networking, security, collaboration, applications, and the cloud. It conducts business globally and manages it through various geographical regions, including Europe, Middle East & Africa (EMEA), Asia Pacific, Japan, and China (APJC).
Kapsch TrafficCom is a provider of ITS in tolling, traffic management, smart urban mobility, traffic safety and security, and connected vehicles. It provides end-to-end solutions from single components and project designs to install fully integrated turnkey systems, system operations, and ongoing maintenance.
The company has a portfolio of intelligent mobility solutions, products, and operations. It offers products, such as in vehicles, RF-field, and videos and sensors. It offers traffic management solutions for highways and cities. The EcoTrafiX, a traffic management system, is its core product, which provides comprehensive solutions for urban traffic control and management. The EcoTrafiX software is future-proof and accompanied by EcoTrafiX Command, EcoTrafiX Expert, EcoTrafiX Mobility, and EcoTrafiX Controller. The software empowers traffic management authorities to improve the mobility of city road traffic. Kapsch TrafficCom’s offers are accompanied by strong support and maintenance services.
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States