Traffic Management Systems Market to be Worth $58.13 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 20, 2024 /PRNewswire/ -- According to a new market research report titled, 'Traffic Management Systems Market by Offering (Hardware (Sensors, Cameras, Others), Solutions (Traffic Monitoring, Remote Enforcement, Others), Services), Deployment (Cloud, On-premise), Technology (IoT, AI, Others) & Geography- Forecasts to 2031', the traffic management systems market is projected to reach $58.13 billion by 2031, at a CAGR of 14.1% from 2024 to 2031.

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Traffic management systems are used to detect and track vehicles as well as pedestrians, vehicles, pedestrians, and bicycles to reduce congestion and carbon emissions. These systems are used for various applications, including traffic monitoring, traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and parking management. Traffic management systems enable safe and smooth road transportation. Nowadays, road congestion has become a paramount concern. With the increasing number of vehicles and growing urbanization, managing traffic is no longer an option but a necessity. This is where traffic management systems come into play.

Some of the factors driving the growth of this market are increasing government investments in improving road safety, the rising need to ease traffic congestion, and growing urbanization. However, the high capital and maintenance costs of traffic management systems restrain the growth of this market.

The global traffic management systems market is segmented by offering (hardware (surveillance cameras, sensors, display boards/digital signages, and other hardware), solutions (traffic monitoring (vehicle identification and tracking, overloaded vehicle detection, bicycle and pedestrian monitoring, congestion management & control, and vehicle speed monitoring), traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and other solutions), services (consulting services, deployment & integration services, and maintenance & support services)), deployment mode (on-premise deployments and cloud-based deployments), technology (IoT, AI, big data, cloud computing and other technologies). The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on offering, the global traffic management systems market is segmented into hardware, solutions, and services. In 2024, the hardware segment is expected to account for the largest share of 53.8% of the traffic management systems market. However, the solutions segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the growing concern about traffic congestion and the rising need for remote enforcement solutions to identify and penalize traffic violations. In addition, several players operating in the market are focusing on developing advanced solutions to improve traffic flows and the increased adoption of adaptive traffic signal control. For instance, in July 2023, PTV Planung Transport Verkehr GmbH (Germany), a global market leader in mobility modeling and simulation software, launched a cloud-based tool that uses machine learning to predict traffic congestion up to two hours in advance.

Based on deployment mode, the global traffic management systems market is segmented into cloud-based deployments and on-premise deployments. In 2024, the cloud-based deployments segment is expected to account for the larger share of the global traffic management systems market. Moreover, the cloud-based deployments segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rapid evolution of new security and advanced capability avenues for cloud-based deployments. For instance, in July 2020, Econolite Group, Inc. (U.S.), a company engaged in developing mobility products and software, launched Centracs Mobility, a highly flexible cloud-based software solution platform designed to provide added value and actionable information, augmenting the traffic management software toolset.

Based on technology, the global traffic management systems market is segmented into AI, big data, IoT, cloud computing, and other technologies. In 2024, the IoT segment is expected to account for the largest share of 33% of the traffic management systems market. Moreover, the IoT segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the growing use of connected devices in smart cities and the increasing integration of IoT technology in traffic management systems to ensure safe and hassle-free mobility. In addition, the benefits of IoT in traffic management, such as enabling connectivity across and between traffic management systems, increasing safety across intersections and highways, and providing accident detection capabilities, also contribute to segment growth.

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Based on geography, the traffic management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024 Asia-Pacific is expected to account for the largest share of 30.4% of the traffic management systems market. The Asia-Pacific traffic management systems market is estimated to be worth USD 6.99 billion in 2024.

Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period.  The growth of this market is driven by stakeholders' focus on the development of traffic management systems, rapidly growing urbanization in the region and government initiatives for road infrastructure. For instance, in July 2020, Huawei Technologies Co., Ltd. (Japan), a leading global provider of information and communications technology (ICT) infrastructure and smart devices, launched an Intelligent Traffic Management Solution to address traffic problems. Huawei's Intelligent Traffic Management Solution harnesses advanced technologies, including big data, AI, cloud, 5G, and more, to address accidents and heavy congestion problems.

Key Players:

Some of the key players operating in the traffic management systems market are IBM Corporation (U.S.), Johnson Controls International plc (Ireland), TomTom N.V. (Netherlands), Q-Free ASA (Norway), Indra Sistemas, S.A. (Spain), Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), Cubic Corporation (U.S.), Yunex GmbH (Germany), Oriux (U.S.), Kapsch TrafficCom AG (Austria), SWARCO AG (Austria), TransCore (U.S.), Teledyne FLIR LLC (U.S.), PTV Planung Transport Verkehr GmbH (Germany), Chevron Traffic Management Limited (U.K.), Onnyx Electronisys Pvt. Ltd. (India), Miovision Technologies Incorporated (Canada), Econolite Group, Inc. (U.S.), and Bercman Technologies AS (Estonia).

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Scope of the report:

Traffic Management Systems Market Assessment, by Offering

• Hardware
  • Surveillance Cameras
  • Sensors
  • Display Boards/Digital Signages
  • Other Hardware
• Solutions
  • Traffic Monitoring
    • Vehicle Identification and Tracking
    • Overloaded Vehicle Detection
    • Bicycle and Pedestrian Monitoring
    • Congestion Management & Control
    • Vehicle Speed Monitoring
  • Traffic Signal Control
  • Tolling & Faring
  • Remote Enforcement
  • Route Planning & Optimization
  • Other Solutions
• Services
  • Consulting Services
  • Deployment & Integration Services
  • Maintenance & Support Services

Traffic Management Systems Market Assessment, by Deployment Mode

• Cloud-based Deployments
• On-premise Deployments

Traffic Management Systems Market Assessment, by Technology

• IoT
• AI
• Big Data
• Cloud Computing
• Other Technologies

Traffic Management Systems Market Assessment, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Latin America
• Middle East & Africa

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