Traffic Management Market worth $57.9 billion by 2024

Traffic Management Market

According to a new research report Traffic Management Market by Solution (Smart Signaling, Route Guidance and Route Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Traffic Management Market size is expected to grow from USD 30.6 billion in 2019 to USD 57.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period.

Driving factors of the Traffic Management Market include the rising urban population and high demographic rates, government initiatives for traffic management and the Public Private Partnership (PPP) working model, growing need for real-time information systems, and regulatory frameworks and government policies to reduce the growing carbon emissions. The opportunities in the Traffic Management Market include the emergence of Internet of Things (IoT) and sensor technologies in traffic management and penetration of analytics in traffic management network systems.

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Smart signaling solution to account for the largest market size during the forecast period

The smart signaling software collects event-based, high-resolution traffic data simultaneously from various connections placed on signals, and produces real-time signal performance measures, including probable travel time and intersection delay. This data could then be analyzed to provide simultaneous performance measures, overall travel time, and traffic congestion rates. The information is used to predict and respond to traffic demands and conditions with optimal signal timings, thus improving the traffic flow on roads. Smart signaling significantly can also help reduce the cost of network monitoring and increase the control and flexibility of traffic. The smart signaling software empowers traffic managers to optimize the existing road capacities, based on which they can take measures to reduce traffic congestions.

Journey time measurement system to account for the largest market size during the forecast period

Journey Time Measurement System (JTMS) identifies vehicles at two or more points in a road network and calculates the journey time for each defined segment. JTMS are coupled with Automatic Number Plate Recognition (ANPR) systems or capture points to find the journey time of a vehicle. ANPR cameras or automatic vehicle identifiers are connected to local processors, which are then connected to the JTMS server. JTMS is mainly used to study the traffic of a region, find congested routes, and prepare a design of road network improvements. It is helpful for traffic engineers to understand how the road network is operating at a given time. JTMS also carries out various data processing functions, such as providing graphical outputs and offering compiled data for web browser access or historical analysis. If JTMS is integrated with a variable message board alongside a roadway, the traffic situation on the route ahead can be displayed to the driver. This can help lower the congestion by alerting drivers about possible delays. JTMS is an important tool for drivers and traffic managers to provide insights into the current and future road activities. It displays real-time journey time intelligence that can be fed directly to road users via display boards, such as variable message signs, websites, and mobile apps. The data enables commuters to make informed decisions, taking the efficiency and predictability of their onward journey into their own hands. JTMS is used by traffic operators to detect and identify early signs of possible congestions by comparing flows and journey times at various points along a route with the typical patterns at the same time of day.

Europe to account for the highest market share during the forecast period

Europe accounts for the highest market share in the Traffic Management Market. The European market has diverse business needs, and similar to North America, enterprises in this region have the strong technical expertise and bigger IT budgets. In addition, there are many traffic management vendors in this region. Europe is the largest regional market in terms of revenue, and the UK is the most developed economy, contributing significantly to the growth of the Traffic Management Market. Europe has a very conducive environment for the implementation of traffic management systems, as the government has planned investments to improve public transportation modes in this region. The budget allocated by the European Commission for the smart, green, and integrated transport challenge is USD 6,684 million for 2014–2020. The challenge aims at improving mobility, lessening instances of congestion, and enhancing safety and security. Traffic management projects that are currently underway in the region include Amsterdam Smart City, Amsterdam; Vilnius Traffic Management System, Lithuania; and Athens Traffic Management System, Greece.

Market Players

The major Traffic Management Market vendors include Accenture (Ireland), Cellint (Israel), Cisco (US), Citilog (France), Cubic Corporation (US), EFKON (Austria), Esri (US), FLIR Systems (US), Garmin (Switzerland), IBM (US), Indra Sistemas (Spain), IMTAC (Oman), IntelliVision (US), Iteris (US), Global Traffic Technologies (US), Jenoptik (Germany), Kapsch TrafficCom (Austria), Lanner Electronics (Taiwan), LG CNS (South Korea), Metro Infrasys (India), PTV (Germany), Q-Free (Norway), Siemens (Germany), SWARCO (Austria), TransCore (US), Savari (US), Dahua Technology (China), Telegra Europe (Croatia), Telit (UK), Huawei (China), International Road Dynamics (Canada ), Rapid Flow Technologies (US), Advance Access (Ireland), Advantech (Taiwan), Redflex (Australia), TRL Software (England), INRIX (England), and TomTom (Netherland).

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