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Smart Roads, Smarter Cities: The Future of Traffic Management Systems
Traffic management systems are used to detect and track vehicles as well as pedestrians, vehicles, pedestrians, and bicycles to reduce congestion and carbon emissions. These systems are used for various applications, including traffic monitoring, traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and parking management. Traffic management systems enable safe and smooth road transportation.Meticulous Research®, in its latest publication on its traffic management systems market, states that this market is projected to reach $50.20 billion by 2030, at a CAGR of 13.3% from 2023 to 2030. The growth of the traffic management systems market is driven by increasing government investments in improving road safety, the rising need to ease traffic congestion, and growing urbanization. However, the high capital and maintenance costs of traffic management systems restrain the growth of this market.
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The growing reliance on real-time traffic information and the proliferation of smart cities are expected to generate growth opportunities for the stakeholders in this market. However, the lack of technology adoption in developing countries and the incompatibility and lack of interoperability among different traffic management systems are major challenges impacting market growth.
Additionally, the integration of Artificial Intelligence (AI) in traffic management systems and the utilization of 5G technology for improved accuracy are prominent trends in the traffic management systems market.
The global traffic management systems market is segmented by offering (hardware (surveillance cameras, sensors, display boards/digital signages, and other hardware) solutions (traffic monitoring (vehicle identification and tracking, overloaded vehicle detection, bicycle and pedestrian monitoring, congestion management & control, and vehicle speed monitoring), traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and other solutions), services (consulting services, deployment & integration services, and maintenance & support services)), deployment mode (on-premise deployments and cloud-based deployments), technology (IoT, AI, big data, cloud computing, and other technologies). The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on technology, the global traffic management systems market is segmented into AI, big data, IoT, cloud computing, and other technologies. In 2023, the IoT segment is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to factors such as the increasing utilization of IoT devices among traffic operators for monitoring driving behavior, gathering information on traffic patterns, ensuring a safe driving experience, and addressing emergencies and among automotive manufacturers to enable navigation capabilities in their vehicles. For instance, in July 2023, NLEX Corporation (Philippines), a company engaged in the development, design, construction, finance, operation, and management of toll road projects, installed 12 additional cameras on the toll roads it manages and operates in the Philippines to provide safe and hassle-free mobility on expressways.
Moreover, the IoT segment is also projected to record the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing use of connected devices in smart cities and the increasing integration of IoT devices in traffic management systems to improve safe and hassle-free mobility.
Based on geography, the traffic management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global traffic management systems market. The large market share of this segment is attributed to the presence of densely populated cities, the growing deployment of traffic management systems in the region to handle traffic flow, and increased congestion problems across urban cities. For instance, in September 2020, Beijing, China, installed a smart crosswalk that can send audio alerts to pedestrians. It uses facial recognition to catch traffic violators and display their faces on public video screens. It is the first smart zebra crossing in Beijing that can alert pedestrians through voice alerts and lights.
Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by rapidly growing urbanization in the region and growing technology acceptance. In addition, factor such as governments of various countries taking initiatives to build robust road infrastructure to support countries' economies as well as to reduce traffic problems is driving segment growth. For instance, in 2021, China is in the process of finishing a number of significant infrastructure projects. In China, more than 8,000 km of new motorways and more than 4,000 km of new railway lines were constructed in 2021.
Key Players:
Some of the key players operating in the traffic management systems market are IBM Corporation (U.S.), Johnson Controls International plc (Ireland), TomTom N.V. (Netherlands), Q-Free ASA (Norway), Indra Sistemas, S.A. (Spain), Cisco Systems, Inc. (U.S.), Huawei Investment & Holding Co., Ltd. (China), Cubic Corporation (U.S.), Yunex GmbH (Germany), Oriux (U.S.), Kapsch TrafficCom AG (Austria), SWARCO AG (Austria), TransCore (U.S.), Teledyne FLIR LLC (U.S.), PTV Planung Transport Verkehr GmbH (Germany), Chevron Traffic Management Limited (U.K.), Onnyx Electronisys Pvt. Ltd. (India), Miovision Technologies Incorporated (Canada), Econolite Group, Inc. (U.S.), and Bercman Technologies AS (Estonia).
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