Home > Automotive > Automotive Technology > Parking Management > Traffic Management System Market
Traffic Management System Market Size
Traffic Management System Market size surpassed USD 20 billion in 2019 and is anticipated to grow at over 5% CAGR between 2020 and 2026. Growing demand to reduce traffic congestion and ease traffic flow for commuters is driving the industry growth.
Increasing need for route guidance & optimization solutions to reduce carbon footprint is being witnessed. Rapid urbanization and congestion in cities globally have led to several government administrations to invest in smart city projects with an aim to provide proper infrastructure and smart transportation systems to all its citizens.
The industry had observed decline in 2020 owing to the coronavirus (COVID-19) pandemic. The scale of the pandemic can be compared to 9/11 or the 2008 financial crisis that impacted the global economy. The coronavirus pandemic has caused global trade tensions, financial disruptions, and sharp downturns in major economies.
| Report Attributes | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | 20 Billion (USD) |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 5% |
| 2026 Value Projection: | 25 Billion (USD) |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 472 |
| Segments covered: | Component, Deployment Model, Application and Region |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
Traffic Management System Market Analysis
The U.S. traffic management analytics market is forecast to register growth rate of around 9% through 2026 propelled by rapid usage among government authorities to reduce traffic congestion and offer real-time traffic alert to commuters.
Cloud-based traffic management system market accounted for more than 30% of the deployment model segment share in 2019. Through cloud computing, the systems can gather information from multiple sources & locations to let vehicles make effective decisions in real-time. The virtualization capability of cloud computing enables the effective integration of different systems with a small number of physical computers, allowing simpler management through a single interface.
The adoption of vehicle connectivity and automation solutions has significantly contributed to market growth. Industry players are launching innovative cloud-based solutions for real-time traffic updates to commuters.
In the UAE, the dynamic traffic management segment is poised to witness 2% gains till 2026 due to rising volume of freight transport on roads. Freight transportation increases traffic congestion issues, increasing the chances of accidents and delayed travel time for commuters.
Europe traffic management system market size captured nearly 25% of the revenue share in 2019. Implementation of advanced traffic management system solutions in smart city projects will fuel the regional market demand. Several countries in the region are focusing on enhancing and expanding their transportation infrastructure to enable smart transportation.
Traffic Management System Market Share
The competition in the industry is characterized by R&D investments by market players in the development and commercialization of innovative solutions. Companies are focusing on securing contracts for deploying small, medium, and large-scale deployment projects for installing their solutions in smart city projects. For instance, in June 2020, Siemens AG received a contract worth USD 150 million by Miami-Dade County, Florida, U.S. Siemens AG will provide traffic management system solutions and upgrade 2,900 traffic corridors and intersections.
Key traffic management system market players are:
- Accenture PLC
- Cisco Systems, Inc
- Citilog S.A. (Axis AB)
- Cubic Corporation
- FLIR Systems
- Garmin Ltd
- IBM Corporation
- Iteris Inc
- Global Traffic Technologies LLC
- Jenoptik AG
- Kapsch TrafficCom AG
- Lanner
- Siemens AG
- Dahua Technology.
This market research report on traffic management system includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2026 for the following segments:
Click here to Buy Section of this Report
Market, By Component
- Hardware
- Sensors
- Surveillance camera
- Display boards
- Others
- Software
- Route guidance
- Smart signaling
- Traffic analytics
- Video analytics software
- Video management software
- Services
- Integration service
- Maintenance & support service
- Consulting services
Market, By Deployment Model
- On-Premise
- Cloud
Market, By Application
- Adaptive traffic control system
- Dynamic traffic management system
- Incident detection and location system
- Journey time measurement system
- Predictive time modelling system
- Urban traffic management and control system
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Asia Pacific
- China
- India
- Japan
- Singapore
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- MEA
- Saudi Arabia
- UAE
- Israel
- South Africa
Frequently Asked Questions (FAQ) :