The global traffic management market is expected to grow at a CAGR of nearly 11.5% during the forecast period (2021-2027). The major factors driving the growth of the global traffic management market include the increasing number of vehicles and road traffic injuries globally. According the World Health Organization (WHO), around 1.3 million individuals die every year due to road traffic accidents with 20 to 50 million non-fatal injuries. Additionally, the adoption of advanced technologies in vehicles and smart vehicles will propel the growth of the market.
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Traffic management is a vital area of logistics that includes controlling services, traffic planning, and the procurement of transportation services. Accidents have increased significantly in recent years, and the traffic management market has played an essential role in minimizing the rising number of incidents. The traffic management market is always changing and growing, and it is currently in that development phase when many discoveries and advancements are constantly taking place. Further advancements in new traffic management systems will drive the replacement of traditional traffic management approaches.
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The key players contributing to the growth of the global traffic management market by adopting various strategies such as product launches and developments, mergers and acquisition, partnerships, and agreements, include Cisco Systems Inc., SWARCO AG, Siemens AG, International Business Machines Corporation, Kapsch TrafficCom AG, among others. For instance, in April 2021, SWARCO AG introduced its MyCity?urban mobility management?software?to prevent traffic accidents. In addition, it aids to reduce the occurrence of accidents, form a green wave and prioritize specific types of vehicles?including buses or emergency vehicles, and make traffic flow smoother with fewer emissions.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Component
o By System
- Competitive Landscape- Cisco Systems Inc., SWARCO AG, Siemens AG, International Business Machines Corporation, Kapsch TrafficCom AG, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Traffic Management Market- Segmentation
By Component
- Hardware
- Solution
- Services
By System
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Journey Time Management System
- Predictive Traffic Modelling System
- Incident Detection and Location System
- Dynamic Traffic Management System
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