A new survey is predicting the traffic management market is expected to grow from USD 22.96 Billion in 2017 to USD 59.48 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.0%.
MarketsandMarkets says high demographic growth and hyperurbanisation in developing countries, and government initiatives for traffic management under smart cities models are some of the driving factors for this market.
It says the traffic management market report has been broadly classified on the basis of software into smart signaling, route guidance, traffic analytics, and smart surveillance; on the basis of hardware into display boards, sensors, surveillance cameras, and others (intelligent traffic controller, networking components, and linked traffic controller); on the basis of services into consulting, deployment and integration, and support and maintenance; on the basis of systems into Urban Traffic Management and Control (UTMC) system, Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modeling System (PTMS), Incident Detection and Location System (IDLS), and Dynamic Traffic Management System (DTMS); and on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The DTMS segment is expected to have the fastest growth rate during the forecast period. There has been an increasing demand for traffic management systems, specifically for the dynamic traffic management that simulates various traffic data gathered by multiple sensors, cameras, and software. In addition, with the growing deployment of traffic management systems among the traffic control and management operators, the demand for DTMS has grown exponentially. This system helps traffic operators to control and manage traffic more dynamically, eliminating any security risk and logistical cost associated with traditional traffic management systems.
Surveillance camera is expected to gain the highest traction in the traffic management market during the forecast period. Surveillance camera is an innovative and extremely useful video surveillance technology in traffic monitoring and control. Further, the cameras record traffic patterns for future studies, observe and monitor traffic flow, and issue tickets in case anybody violates the rule. Traffic cameras are an extremely popular form of video surveillance. Surveillance cameras offer several advantages to the commuters. They provide valuable data of traffic and vehicles, which is maintained by the state departments of transportation.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market.
