At a CAGR of 12.5%, the traffic management market is worth $68.8 billion
Traffic Management Market Trends
According to a research report “Traffic Management Market by Component, System (Urban Traffic Management, Adaptive Traffic Control, Journey Time Management, Predictive Traffic Modeling, Incident Detection & Location, and Dynamic Traffic Management) & Region – Global Forecast to 2027” published by MarketsandMarkets, the global traffic management market size is expected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate (CAGR) of 12.5% during of the forecast period. Download the PDF brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1036
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Among the components, the service segment is expected to register the highest growth rate during the forecast period
Traffic management services are expected to form the fastest growing market over the forecast period. The traffic management market is segmented into consulting, implementation, support and maintenance services. The implementation of the traffic management system requires skills, as does its maintenance. Any failure or error in running the traffic management system hardware must be repaired. Hence, the service segment is expected to grow rapidly.
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By system, the incident detection and location systems market is estimated to account for the largest share during the forecast period
Incident detection and location system is estimated to account for the largest market share during the forecast period. The traffic management market is segmented into the following categories: urban traffic management system, adaptive traffic control system, travel time management system, predictive traffic modeling system, traffic detection and location system. incidents and dynamic traffic management system. Growing demand for real-time information for drivers and passengers would drive the market. Also, increasing urban population, increasing number of vehicles and insufficient infrastructure to drive the market.
Europe is estimated to be the largest traffic management market
Europe is one of the most important regions in the traffic management market. The region has witnessed early adoption of cloud computing and mobile technologies and has been very responsive in adopting traffic management solutions and services. Additionally, governments and laws in the region support technological advancements. The Connecting Europe Transport Facility (CEF) is a financing instrument for implementing European transport infrastructure policy. This supports investment in the construction of new transport infrastructure in Europe and the modernization of existing infrastructure. The CEF budget is 24.05 billion euros for 2014-2020. CEF Transport focuses on cross-border projects to remove bottlenecks or fill missing links in various sections of the core network and on the comprehensive network (link). The presence of prominent traffic management vendors in Europe will boost the market growth.
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The key and innovative vendors in the traffic management market are Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), SWARCO (Austria), Q -Free (Norway), Thales Group (France), PTV Group (Germany), Teledyne FLIR (US), Cubic (US), TomTom (Netherlands), Alibaba Cloud (China), TransCore (US) States), Chevron TM (England), Indra (Spain), LG CNS (South Korea), INRIX (England), Notraffic (Israel), Sensys Networks (United States), Citilog (France), Bercman Technologies (Estonia) , Valerann (Israel), Miovision (Canada), BlueSignal (South Korea), Telegra (Croatia), Oriux (USA), Invarion (USA) and Rekor (USA).
Mr. Aashish Mehra
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