By 2022, it is anticipated that the market for traffic management systems would be worth US$21.3 billion. Over the projection period from 2022 to 2032, the traffic management system market is projected to grow at a CAGR of around 12.1%, reaching a value of more than US$ 66.6 Bn. The ongoing advancement of traffic management technology will be the primary driver of the traffic management system market.
Some of the major drivers anticipated to increase market sales include the introduction of Mobility as a Service (MaaS), expanding Intelligent Traffic Management System (ITMS) installations, growing use of smart traffic management, and technical advancements in Air Traffic Management (ATM). Nearly 85% of the global market for intelligent transport systems are traffic management systems.
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Competitive Landscape
Traffic management solution players are increasing their investments in research and development to reduce costs and improve product quality. Apart from this, players are focusing on acquisition and partnerships with other companies to develop innovative traffic management system software. For instance:
- In November 2021, Efftronics partnered with WAGO, a supplier of electrical interconnection and automation products used in traffic management. The partnership was announced with vision to develop products and solutions that can improve the business process.
Key Companies Profiled
- IBM Corporation
- Metro Infrasys Pvt.Ltd
- Cisco Systems, Inc.
- Kapsch TrafficCom
- Blue Star Limited
- Cubic Corporation
- Siemens
- Omnitec Group
- Swarco
- MAV Systems Limited
- Atkins
- PTV Group
- Efftronics Systems Pvt. Ltd
2017-2021 Traffic Management System Market Historic Outlook Compared to 2022-2032 Forecast
Traffic management systems ensure the smooth mobility of individuals during their transportation by making use of various devices and software integrated on roads and traffic control centers.
These systems collect data from various sources, such as sensors, and CCTV cameras and further transmit the collected real-time data to control centers. These control centers further control the operation of traffic signals, variable message signs, and other elements on roads which directly control the traffic, ensuring smooth mobility.
The traffic management system demand is expected to grow at a 12.1% CAGR between 2022 and 2032, in comparison with a 9.2% CAGR registered during 2017-2021.
Technological Advancements To Trigger Adoption Rate Of Traffic Management Systems
With The Growing Traffic Congestion Levels Across Cities, The Implementation Of TMS Is Increasing Exponentially. This Growing Adoption Has Induced The Development Of Advanced Traffic Management System Devices As Well As Software To Provide Extraordinary Capabilities And Highly Improved Performances. For Instance, The Current Technologies In TMS Include Integrated Machine Learning, Wireless Charging Sensors, Integrated Toll Management Systems, Weather Monitoring Solutions, IOT Based ITS, ITS For Connected Vehicles, IOT For Autonomous Vehicles, And Many More.
Owing To The Numerous Benefits Of Traffic Management Systems, Governments Across Various Countries In The World Are Actively Engaging Themselves In The Deployment Of Smart Traffic Management Systems. This Is Being Done In Order To Smoothen Traffic Flow By Reducing Traffic Congestion And Reducing Pollution Levels Across Cities, By Prioritising Traffic In Accordance With Real-Time Traffic Information. For Instance, In July 2021, Miami-Dade County Signed A Smart Traffic Contract Of US$ 11.1 Mn With Econolite Control Products.
As Part Of This Contract, The Company Will Install 300 New Smart Traffic Signals That Will Work On A New Technology, Namely, Changing The Flow Of Vehicles. The Traffic Signals Cover Nearly 10% Of All Miami-Dade Traffic Lights. The Growing Initiatives For Successful Traffic Management And Increasing Investments Are Projected To Bode Well For The Global Traffic Management Systems Market In The Long Run.
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Traffic Management System Market Outlook by Category
By System:
- Speed Enforcement Systems
- Video Surveillance Systems
- Congestion Management Systems
- Variable Message Signs (VMS)
- Traffic Counters and Classifiers
- Incident Detection Systems
- Automatic Number Plate Recognition (ANPR)
- Others
By Component:
- Hardware
- Display Boards
- Signal Lights
- Cameras
- Sensors
- Controllers
- Others
- Software
- Control Room Software
- Video Management Software
- Traffic Signal Control Software
- ANPR Software
- Sign Control Software
- Others
- Services
- Installation & System Integration
- Engineering Services
- Support & Maintenance
- Consulting
By Application:
- Urban Traffic Management & Control
- Adaptive Traffic Control
- Dynamic Traffic Control & Management
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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