Traffic Management Market Size, $ 77,346.44 Million by 2028 Led by On-Premises Deployment, 11.7% CAGR - Exclusive Research Report by The Insight Partners

The Insight Partners Published latest research study on "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Hardware (Cameras, Display Boards, and Sensors), Software (Cloud and On-Premise), and Services], and Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others) 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.

Most countries have witnessed drastic urbanization over the years, which has resulted in complex road networks and high congestion. The rising urban population, coupled with increasing ownership of private vehicles, increases the number of vehicles on road. The population in Mumbai, India, rose from 18.5 million in 2011 to 20.4 million in 2020, while the number of private vehicles nearly doubled during this period. Owing to such factors, and for remediating the same, traffic management market growth is estimated. Additionally, ride-hailing services from cab aggregators, such as Uber, Grab, Ola, and Lyft, have been increasing at a rapid pace. Such services have been substituting mass transit systems, leading to a surge in vehicles on the road. These factors are compelling government authorities to approach traffic management market players for effective solutions. Traffic congestion can be effectively reduced with a robust traffic management system, comprising software, sensors, cameras, and display boards. These systems can be installed on an existing road without the requirements of infrastructural modification. Similarly, a lane management system can effectively manage traffic flow by opening or closing lanes, depending on the traffic rate at each point in time. Considering the advantages offered by traffic management systems, the fast urbanization rate is expected to strongly boost the traffic management market size.

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Impact of COVID-19 Pandemic on Traffic Management Market Growth
The COVID-19 outbreak disrupted industry verticals such as automotive, manufacturing, energy & power, aerospace & defense, construction in 2020. The continuous growth in the number of COVID patients compelled government authorities in the US and other countries to impose stringent lockdowns in the first three quarters of 2020. This led to a significant decline in transportation across all countries. Implementing containment measures such as trade bans, travel restrictions, and workforce limitations impacted the manufacturing, supply, and sales activities of various businesses, including the companies providing traffic management hardware, software, and services. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which also hindered the production of traffic management hardware systems. In the US, the federal and state government focused more on tackling the pandemic; as a result, the installation of traffic management hardware and software was put on hold temporarily. The European traffic management industry was severely hit due to ~20% decrease in infrastructure project spending, resulting in delays and discontinuation of several smart cities and smart roadways projects. Higher semiconductor prices and disrupted supply chains further aggravated the situation. However, the traffic management market started experiencing positive growth in Q4 of 2020.

Market Insights - Traffic Management Market
The world is witnessing a boom in connected devices, and several countries are investing in developing smart cities. Smart cities are technologically advanced urban areas that employ a variety of sensors and electronic methods for gathering data and utilizing it for the betterment of the locality. Smart cities are designed with long-term plans for managing traffic by optimizing transportation & logistics and reducing congestion. Hence, along with smart cities, countries are also investing in developing smart roadways to provide a safer vehicle commute. On smart roadways, different types of sensors and hardware collect multivariate data that is used for monitoring traffic. The data can also be shared with vehicles traveling on the road, allowing the divers and commuters to make informed decisions. Hence, the growing adoption of smart cities and smart roadways can be expected to boost the traffic management market size.

Component-Based Insights
The traffic management market is segmented on the basis of component, application, and geography. The market, by component, is segmented into hardware, software, and services. The market for hardware is further segmented into camera, display boards, and sensors; further, the market for software is bifurcated into cloud and on-premise. Different government agencies have been investing in upgrading their traffic management hardware. The growing urbanization and increasing car ownership have been burdening urban roadways. Thus, authorities are relying on modern cameras for better maintenance of traffic flow and ensuring safety. Automatic Number Plate Recognition (ANPR) cameras are being increasingly deployed for identifying violators or for locating vehicles during incident investigations. They are often paired with laser sensors, for determining the speed of a vehicle.

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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.

Traffic Management Market-Company Profiles
• 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
• Teledyne FLIR LLC

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