Traffic Management Systems Market 2022 | Current scenario and growth prospects 2028
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 launched a transportation management solution for the New Jersey Turnpike Authority (NJTA). The launch aims to reduce traffic congestion and improve traffic flow by using an improved 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.
According to the report, the global traffic management systems market is expected to grow at a CAGR of 18.2% from 2022 to 2028. The market is expected to reach a value of US$14,178.4 million in 2022 and touch a valuation of 75 228.8 US dollars. Mn by the end of 2028.
Technological Advancements to Trigger the Rate of Adoption of Traffic Management Systems
With increasing levels of traffic congestion in cities, the implementation of TMS is growing exponentially. This growing adoption has driven the development of advanced traffic management system devices as well as software offering 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, and many more.
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 smooth traffic flow by reducing traffic jams and pollution levels in cities, by prioritizing traffic based on 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.
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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 run.
Budgetary constraints to hinder 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 hardware
- traffic management software
- Traffic management services
- Urban traffic management systems
- Adaptive traffic control systems
- Travel time management systems
- Incident detection and localization systems
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- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA and others from APAC
- Middle East and Africa (MEA)
Key Questions Answered by the Report
- Which region is expected to show high growth in the Traffic Management Systems market?
- What are some of the top companies offering traffic management systems?
- What is the value of the Global Traffic Management System Market?
- What will be the demand outlook/sales forecast for traffic management system?
- What has been the CAGR of the market over the past 9 years?