The traffic management systems market is expected to grow at a CAGR of 12.1% to reach US$66.6 billion during the forecast period 2022-2032
The global traffic management systems market is expected to reach US$21.3 billion by 2022. The traffic management systems market is expected to grow at a CAGR of approximately 12.1% during the forecast period from 2022 to 2032, totaling more than US$66.6 billion by 2032.
NEWARK, Del, June 23, 2022 (GLOBE NEWSWIRE) — The traffic management systems market is estimated to be worth US$21.3 billion in 2022, likely to grow at a vigorous CAGR of 12.1% during the evaluation period 2022-2032
Future Market Insights (IMF) has released a new report on the global traffic management systems market. The report was titled “Traffic Management Systems Market: Global Industry Analysis (2013-2021) and Opportunity Assessment (2022-2032)”. The global traffic management systems market is likely to predict significant growth during the forecast period.
This growth can be attributed to soaring congestion levels which offer huge potential for traffic management systems. The market for traffic management systems is also growing owing to the growing government focus on enhancing security as well as expanding smart city initiatives alongside the rapid advancements in technology.
In order to capitalize on this opportunity, the players operating in the market are launching new products and entering into mergers and acquisitions in order to acquire new technologies and stay competitive in the market. For example, in May 2015, IBM Corporation released a transportation management solution for the New Jersey Turnpike Authority (NJTA).
The launch aims to reduce traffic congestion and improve traffic flow using an enhanced system that assimilates the Internet of Things to provide advanced analytics and predictive capabilities. Additionally, the system offers centralized management of approximately 900 devices, including drum and portable signs, variable messages, traffic cameras and hybrid displays. Other companies operating in the market are Siemens AG, Thales Group Ad, Mitsubishi Electric Corporation, Kapsch Trafficcom, Iskra, Telegra, SWARCO, and SICE, among several others.
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Technological advances To Trigger Adoption Rate Of Traffic management systems
With the increasing levels of traffic congestion in cities, the implementation of TMS is increasing exponentially. This growing adoption has driven the development of advanced traffic management system devices as well as software to provide extraordinary capabilities and greatly improved performance. For example, current TMS technologies include embedded machine learning, wireless load sensors, embedded toll management systems, weather monitoring solutions, IOT-based ITS, ITS for connected vehicles , IOT for autonomous vehicles, etc.
Due to the many benefits of traffic management systems, governments in various countries around the world are actively engaging in the deployment of intelligent traffic management systems. This is done in order to make traffic smoother by reducing traffic congestion and reducing pollution levels in cities, by prioritizing traffic in accordance with real-time traffic information. For example, in July 2021, Miami-Dade County signed a US$11.1 million smart traffic contract with Econolite control products.
Under this contract, the company will install 300 new smart traffic lights that will operate on a new technology, namely the modification of the flow of vehicles. Traffic lights cover nearly 10% of all traffic lights in Miami-Dade. Growing initiatives for successful traffic management and increasing investments are expected to bode well for the global traffic management systems market in the long term.
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Budget constraints To Restrict market development
Despite all the advantages offered by traffic management systems, the restricted budgets allocated to the traffic industry remain a serious problem. Local authorities usually have limited budgets and try to reduce costs by avoiding the adoption of advanced traffic management systems. In addition, authorities in some developing and underdeveloped regions do not have sufficient budgets to implement the systems in some countries.
Moreover, the additional costs associated with the installation, repairs and maintenance of these systems will increase the overall expenses, possibly worsening the situation. Hence, budget restraints and high costs associated with advanced traffic management systems are negatively impacting the market, thereby hampering the growth of the market.
Traffic Management System Outlook by Category
By Making up:
Traffic management hardware
traffic management software
Traffic management services
Urban traffic management systems
Adaptive traffic control systems
Travel time management systems
Incident detection and localization systems
By End User:
Table Of Contents
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
Check the report For Detailed Contents…
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