Traffic Management Market Size, opportunity, and Industry statistics 2028

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)

Publication Month : Jun 2022

  • Report Code : TIPTE100000196
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 204
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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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Traffic Management Market: Strategic Insights

traffic-management-market
Market Size Value inUS$ 39,756.74 Million in 2022
Market Size Value byUS$ 77,346.44 Million by 2028
Growth rateCAGR of 11.7% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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– Traffic Management Market

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.

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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.

By application, the traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; and Dahua Technology Co., Ltd. are among the key traffic management market players.

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is the estimated global market size for traffic management market?

The global traffic management market was estimated to be USD 39,756.74 Million in 2021, and is expected to grow at a CAGR of 11.7%, during the forecast period 2022 - 2028.

What are the driving factors impacting the global traffic management market?

Traffic management market is being driven by the rising urbanization, increasing congestion and growing investment in infrastructure development. Traffic management systems can be installed on an existing road without the requirements of infrastructural modification and thus can greatly aid in reducing congestion.

What are the future trends for traffic management market?

Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a crucial role in the future of the traffic management market. The application of AI and ML in traffic management is still quite nascent, and most countries are yet to adopt the same. However that scenario is changing fast, primarily due to the increasing number of connected cars.

Which are the key players holding the major market share of traffic management market?

The key players, holding majority shares, in traffic management market includes IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; and Dahua Technology Co., Ltd.

Which is the fastest growing regional market?

Asia Pacific is the fastest growing regional market, followed by Europe.

Which countries are registering a high growth rate during the forecast period?

India, China and Italy are expected to register high growth rates during the forecast period.

Which country is holding the major market share of traffic management market?

The US held the largest market share in 2021, followed by Germany.

Which is the leading component segment in the traffic management market?

The hardware segment led the traffic management market with a significant share in 2021. It is further expected to dominate the market share over the forecast period. However, software segment is expected to be the fastest growing.

What will be the global market size for traffic management market by 2028?

The traffic management market is expected to reach US$ 77,346.44 million by 2028.

What is the incremental growth of the traffic management market during the forecast period?

The incremental growth, expected to be recorded for the traffic management market during the forecast period, is US$ 37,589.70 million.

The List of Companies - Traffic Management Market

  1. Axis Communications AB
  2. Cisco Systems, Inc.
  3. Cubic Corporation
  4. Dahua Technology Co., Ltd.
  5. Hangzhou Hikvision Digital Technology Co., Ltd.
  6. IBM Corporation
  7. SGS SA
  8. Siemens AG
  9. SNC-Lavalin Group
  10. Teledyne FLIR LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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