Smart Traffic Management Market 2023 - Global Outlook, Growth Rate, Demand Factor And Future Prospects To 2032 | Cisco, Citilog, Cubic Corporation, EFKON, Esri, FLIR Systems, Garmin, IBM, Indra Sistemas, IMTAC, IntelliVision, Iteris

Smart Traffic Management is a system that monitors and manages traffic flow using cutting-edge technology including surveillance cameras, traffic controllers, and video walls. By tracking, analysing, and reacting to traffic conditions, it is intended to lessen congestion and increase the effectiveness of transportation networks. The demand for safe and effective transportation options is expected to increase along with expenditures in road infrastructure, leading to significant growth in the market for smart traffic management in the upcoming years.

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Numerous factors, such as growing investments in urban infrastructure, the need for increased traffic safety and efficiency, and the rising demand for connected mobility solutions, all contribute to this expansion. Additionally, the market for smart traffic management is expanding as governments become more aware of the need to reduce air pollution and traffic congestion.

It is projected that among the solutions, the Traffic Monitoring System will command the biggest market share. This is because there is a growing need for linked mobility solutions as well as for improved traffic efficiency and safety. Urban areas have implemented intelligent traffic management techniques, including Intelligent Transport Systems (ITS) and Advanced Smart Parking, to improve traffic flow and reduce congestion (ATMS).

Due to the increasing adoption of traffic management solutions to ease the flow of vehicles, as well as an increase in government funding and investments in smart city projects, the infrastructure enterprises and PPPs segment of spender type is anticipated to grow at the fastest rate during the forecast period. Furthermore, it is projected that the implementation of 5G Devices and the increased popularity of connected cars will fuel this market's growth.

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Because governments throughout the world are increasingly adopting traffic control solutions, the traffic controllers and signals sector is anticipated to hold the greatest market share among the components. To track, direct, and manage the flow of traffic, many people employ traffic controllers and signals. The segment's growth is also anticipated to be aided by the growing deployment of automatic traffic management systems.

Due to the existence of rising economies like China and India, which are investing more and more in the development of urban infrastructure, the traffic control systems market is anticipated to grow at the quickest rate in the Asia Pacific over the forecast period. Governments in the Asia-Pacific region are concentrating on the installation of traffic management systems to enhance vehicle flow, ease traffic congestion, and minimise traffic accidents.
In an effort to control road traffic in a safer, more economical, and more effective manner, the Indian government introduced its Smart Traffic Management Programme in January 2022. The initiative was created to encourage the use of technologically based solutions such automated traffic control systems, smart parking systems, traffic controllers and signals, and automated traffic control systems.

The Road Infrastructure Investment Fund (RIIF), established by the government in March 2022, would provide the financing required for the creation of smarter traffic management infrastructure throughout India. The government was able to give numerous communities financial assistance through the fund in order to improve their traffic management systems using cutting-edge technology.

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