The global smart traffic management market size is anticipated to reach at USD 47 billion by 2025. Traffic management coordinates and integrates the flow of traffic in different regions to enable ease of commuters such as pedestrians and commuters. It facilitates improved transportation along with better transport infrastructure. It also promotes regulated traffic flow and reduced traffic congestions.
Traffic management is a crucial branch of logistics. It includes planning, control as well as procurement of transport solutions & services required to physically move vehicles (such as road vehicles, aircraft, watercraft, and rolling stock) and freight.
The Smart Traffic Management market is expected to grow at a CAGR of 10.6 % to reach USD 25.80 Billion in 2030.
It is a fuel-efficient and economic solution. Smart traffic management solutions also enable reduce carbon emissions through the vehicles, hence offering an environment-friendly traffic management solution.
Smart Traffic Management Market Scope
|Revenue forecast in 2030
|USD 25.80 Billion
|CAGR of 10.6 % during 2020-2030
|By Solution, By Spender Type, By Components, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Cubic, SWARCO, Siemens, THALES, IBM, Fujitsu, Q-Free, Imtech, SICE, and Iteris
Key Segment Of The Smart Traffic Management Market
By Solution (USD Billion)
• Traffic Monitoring System
• Traffic Signal Control System
• Traffic Enforcement Cameras
• Integrated Corridor Management
• Intelligent Driver Information System
By Spender Type, (USD Billion)
• Infrastructure Enterprises & PPPs
• Federal and Provincial Government
• Industries & Commercial Enterprise
By Components, (USD Billion)
• Traffic Controllers and Signals
• Surveillance Cameras
• Video Walls
• Detectors & Sensors
• 3D Simulators
Regional Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Demand for intelligent traffic management market is expected to grow significantly in the next five years owing to the rising need for smart transportation solutions to improve pedestrian and vehicle safety and reduce commute time. Government organizations of various nations are collaborating with the smart traffic management solution providers to transform their mobile technology and city transportation systems. Additionally, enhancing road infrastructure, backed with the growing demand for self-driven vehicles for traffic management, is anticipated to further augment the industry growth. Technological developments and unceasing R&D to connect vehicles with traffic management systems to get precise real-time data about traffic congestion while driving is growing. However, huge capital investments are among the restraining factor that may restrict industry growth. Furthermore, lack of knowledge within the people about the system usage and initiatives is another factor that may limit the smart traffic management growth in the developing as well as underdeveloped countries.
The global smart traffic management market contains hardware, solutions, and services segments. The hardware segment has a maximum revenue share within the global point of sale market in 2019. However, the solutions segment is anticipated to grow at a staggering CAGR over the forecast period. The demand for traffic management solutions is growing in nations such as India, Singapore, Vietnam, Thailand, etc. where there is a mixed vehicle flow including buses, heavy transport vehicles, and motorcycles. An increase in the disposable income of the people in these nations is projected to rise in vehicle procurement for the personal commute.
Based on the system, the market is segmented into adaptive traffic control system (ATCS), dynamic traffic management system (DTMS), incident detection and location system (IDLS), journey time measurement system (JTMS), predictive traffic modeling system (PTMS), urban traffic management and control (UTMC). Urban Traffic Management and Control (UTMC) is expected to grow at a substantial CAGR from 2020 to 205. UTMC is a part of intelligent traffic management technology whose main purpose is to forecast congestion states of a particular urban transport network and suggest alterations within the traffic networks.
North America is projected to have the highest market share within the smart traffic management market owing to an outsized presence of an organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the personal cloud market in North America. There are various traffic management projects undergoing in the region, and with the developments in the Information & Communication Technology (ICT), the smart traffic management systems are now fortified to enable real-time information, reduce congestion, enforce traffic rules and speed limit, avoid accidents, and decrease revenue losses.
The major players of the global Smart Traffic Management market are Cisco, Citilog, Cubic Corporation, EFKON, Esri, FLIR Systems, Garmin, IBM, Indra Sistemas, IMTAC, IntelliVision, Iteris, Global Traffic Technologies, Jenoptik, Kapsch TrafficCom, Lanner Electronics, LG CNS, Metro Infrasys, PTV, and more. The smart traffic management market is fragmented with the existence of well-known global and domestic players across the globe.