Traffic Management Market Size (2022-2028) worth US$ 77,346.44 Million | Exhibiting a CAGR of 11.7%

Increasing Urbanization, Leading to Congestion, Drives Traffic Management Market Growth

The traffic management market is projected to reach US$ 77,346.44 million by 2028 from US$ 39,756.74 million in 2022; it is expected to grow at a CAGR of 11.7% from 2022 to 2028.

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The global population is increasing on a daily basis, and so is the number of people migrating to urban areas. As per the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the global population resided in urban areas in 2020, compared to 51.6% in 2010. The percentage of urban dwellers was above 79% in developed countries, such as the US and UK. Such a growing urban population increased the stress on roadways. Additionally, the ownership of private vehicles is increasing proportionally among the urban population, thus increasing the burden on existing roadways, which is underlining the necessity of better traffic management systems to reduce congestion on existing road networks and offer a smoother transit for commuters. Furthermore, modern traffic management systems can assist authorities in reducing pollution, efficiently removing broken down vehicles, reducing queues at toll booths, and aiding drivers in efficient car parking, among others.

Top Companies Mentioned:

Axis Communications AB; Cisco Systems, Inc.; Cubic Corporation; Dahua Technology Co., Ltd.; Hangzhou Hikvision Digital Technology Co., Ltd.; IBM Corporation; SGS SA; Siemens AG; SNC-Lavalin Group; and Teledyne FLIR LLC are among the key traffic management market players profiled during this study. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the market and its ecosystem.

Traffic management market players are mainly focused on the development of advanced and efficient products.

• In 2021, Dahua Technology announced the development of a comprehensive smart traffic management solution that was developed by combining video surveillance with AI, ANPR, image fusion, AR, and other cutting-edge technologies to meet the diverse needs of modern traffic enforcement departments.

• In 2021, Hikvision, an IoT solution provider specializing in cameras, unveiled the All-Rounder ITS camera, its newest traffic product meant to improve road safety and traffic flow. The camera combined a variety of talents and abilities, including speed detection, traffic violation detection, automated plate identification, and vehicle attribute analysis all in one package.

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The APAC traffic management market is segmented into Australia, China, India, Japan, and South Korea. The region's economy is performing well due to numerous technological and infrastructural developments. Several government authorities in the region are taking smart city initiatives that are significantly contributing to the traffic management market growth. Thus, in addition to the rapid urbanization in developing countries in this region, increasing smart city projects are generating high demand for superior traffic management solutions to minimize congestions, which is likely to drive the traffic management market growth in APAC during the forecast period.

The global traffic management market ecosystem comprises the following stakeholders: component providers, hardware manufacturers, software providers, service providers, and end users. The component providers offer components such as lenses, memory modules, and chips. Hardware manufacturers include Axis, Hikvision, and Dahua. These companies offer different types of cameras, sensors, and display boards. Software solutions developed by developers enable hardware systems to collect data, analyze it, and derive meaningful insights from the collected and analyzed data. Service providers are uniquely positioned in the traffic management market's ecosystem and offer their service to all other stakeholders. End users are mostly government authorities and infrastructure development companies that are responsible for the proper functioning of roadways.

Key Elements that the report acknowledges:
• Growth rate and market size over the analysis timeframe.
• Key factors stimulating and hindering market expansion.
• Leading vendors and suppliers of the market.
• Exhaustive SWOT analysis of each company.
• Detailed PEST analysis by region.
• Opportunities and threats faced by the existing vendors in Traffic Management market.
• Strategic initiatives undertaken by leading players.

Additionally, the report includes an exhaustive analysis of the market and concludes with precise estimates of the revenue generation by each segment, country, region and company. Every detail that might prove to be essential for making strategic decisions is mentioned along with solutions and suggestions from expert analysts. Each segment of the market is studied extensively to provide reliable knowledge for supplementary market investments.

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