Growing government initiatives for traffic management across cities and the rising need for real-time traffic information systems drives the demand for smart traffic management market
The global smart traffic management market size is anticipated to reach 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 very important part of efficient 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. 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.
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.
North America is projected to have the highest market share within the smart traffic management market owing to the 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 report also throws light on different aspects of global smart traffic management by assessing the industry using value chain analysis. The report includes several qualitative aspects of the smart traffic management industry in market drivers, market restraints as well as key industry trends. Furthermore, the report provides an in-depth assessment of the industry competition with company profiles of global as well as local vendors.
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.
Segment Overview of Global Smart Traffic Management Market
Component Overview, 2018-2025 (USD Billion)
- Display Boards
- Surveillance Cameras
- Smart Signalling
- Route Guidance and Route Optimization
- Traffic Analytics
- Smart Surveillance
- Integration and Deployment
- Support and Maintenance
System Overview, 2018-2025 (USD Billion)
- Adaptive Traffic Control System (ATCS)
- Dynamic Traffic Management System (DTMS)
- Incident Detection and Location System (IDLS)
- Journey Time Measurement System (JTMS)
- Predictive Traffic Modelling System (PTMS)
- Urban Traffic Management and Control (UTMC)
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America