Traffic Management Market Forecast to 2028

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The traffic management market is expected to reach USD 77,346. 44 million by 2028 from $39,756. 74 million in 2022; it is expected to grow at a CAGR of 11.7% from 2022 to 2028. Traffic management is an important aspect of any city or country.

New York, July 20. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Traffic Management Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, and Application” – https://www. reportlinker.com/p06295711/?utm_source=GNW
It is a combination of measures taken to keep traffic flowing while improving the safety of the entire road transport system.

Traffic management measures vary from region to region, depending on local laws, and therefore careful planning is required before implementation. With an increasing number of people moving to urban areas, the number of vehicles on the road is increasing dramatically.

Hence the increasing requirement for effective road traffic management, which in turn is driving the growth of the traffic management market. Additionally, the growing sales of four- and two-wheeled vehicles suggests that the number of vehicles on the road will continue to increase at a healthy pace in the years to come.

Despite a slowdown in car demand in recent years, growing interest in electric vehicles (EVs) is expected to worsen traffic congestion in urban areas. Recent statistics on Vehicle Miles Traveled (VMT), a metric widely used to plan transport movements, in several developed countries suggest the ever-increasing number of vehicles. Thus, traffic management and the fluidity of travel are essential to the proper functioning of any city. Traffic management systems can be installed on existing roads without the need for infrastructure changes. Hence, all these factors are expected to drive the traffic management market over the forecast period.

Impact of COVID-19 Pandemic on Traffic Management Market Growth
Limitations imposed by governments to control the spread of COVID-19 during the early stages of the crisis have affected the production of traffic management equipment in most countries due to restrictions on the number of employees who can work on the floors at a time. Strict restrictions and supply chain disruptions have led to the temporary suspension of most infrastructure projects.

Government agencies focused on containing the spread of SARS-CoV-2, which led to delays in implementing traffic management systems. of the COVID-19 pandemic.

Most operations in the region have been suspended due to an increase in the number of cases; therefore, traffic levels were at a historically low level. Many countries in Africa have also indefinitely delayed the implementation of all traffic management systems.

The United Arab Emirates is a famous tourist place that receives many travelers every year. The tourism sector has suffered considerable economic losses and the rate of traffic has dropped significantly in the country due to the ban on international travel. This has severely affected the growth of the traffic management market. In addition, the dependence of end users in the region on international suppliers and international trade and travel bans have led to significant supply chain disruptions through the third quarter of 2020. These conditions have caused delays in several high-tech projects, including those for smart cities. However, with the start of the fourth quarter of 2020, the demand for various electronic products, including traffic management systems, has increased, due to the relaunch of pending infrastructure projects.

China accounts for the largest traffic management market share in Asia-Pacific. Moreover, the traffic management market in China is growing at one of the fastest rates in the world.

Growing investments in infrastructure coupled with rising number of private vehicle owners are some of the factors driving the market in the country. rush hour driving speeds.

Beijing had the highest rush hour congestion mileage ratio, followed by Guangzhou. Many Chinese cities have announced a number of initiatives to reduce traffic congestion in recent years.

The use of public transport gradually became the norm. Intelligent transport systems have also played an important role in modernizing urban governance. These factors are supporting the growth of the traffic management market size in the country.

Artificial intelligence (AI) and machine learning (ML) are expected to play a crucial role in the future of the traffic management market. The application of AI and ML in traffic management is still quite nascent, and most countries have yet to adopt the same.

However, this scenario is rapidly changing, mainly due to the increasing number of connected cars on the roads. Additionally, the growing demand for electric vehicles (EVs) and autonomous vehicles (AVs) can help accelerate the adoption of AI and ML in traffic. management.

Most EVs and AVs are equipped with a multitude of sensors and collect multivariate data, which can significantly improve the knowledge base of an intelligent traffic management system. Such developments are expected to boost revenue generation by the traffic management market players.

IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd. ; and Dahua Technology Co., Ltd. are some key players in the traffic management market.

The overall traffic management market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves to obtain an overview and forecast of the traffic management market size with respect to all market segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights.

Participants in this process include vice presidents, business development managers, market intelligence managers, national sales managers and external consultants, such as valuation experts, research analysts and leaders. opinion leaders specializing in the traffic management market.
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