According to the new research report on "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 77,346.44 million by 2028, registering a CAGR of 11.7% from 2022 to 2028.
Europe is home to several well-established economies, including France, Germany, Russia, the UK, and Italy. Many industries in the region are increasingly focused on adopting advanced technologies to maintain their global technological leadership and enhance competitiveness across different sectors. To support R&D, the European Commission (EC) collaborates with industry, member states, and public authorities, providing funding to global technological organizations. Advanced traffic monitoring solutions are being heavily invested in by the EC, contributing to the growth of the traffic management market in Europe. The UK is a leader in implementing traffic management systems due to congestion and parking being top priorities for authorities in many of the country's centuries-old cities. Modern traffic management systems are being adopted in several UK cities to manage the growing number of vehicles. The adoption of AI-controlled smart traffic junctions by Transport for Greater Manchester (TfGM) in collaboration with Vivacity Labs is a prime example of such developments. With sensors and AI integrated into the system, it can identify different types of road users and control traffic signals at selected junctions. Similar developments are being observed in North America and APAC, among other regions, which are expected to contribute to the growth of the traffic management market in the coming years.
The COVID-19 pandemic caused a significant decline of over 20% in the traffic management market, as delays and cancellations of smart cities and roadways projects led to a decreased demand for traffic management solutions. This situation was further exacerbated by higher semiconductor prices, disrupted supply chains, shortage of labor, risk of contamination, and lack of funds. The European governments' focus on combating the pandemic resulted in limited progress in the traffic management market in 2020. However, since the fourth quarter of 2020, pending infrastructure projects have resumed, leading to a growing application of traffic management products and services. In 2021, traffic management market players such as SGS SA and SNC Lavalin reported high revenue growth in sales of their products and services.
The traffic management market can be categorized into two main segments, based on component and application. The component segment comprises hardware, software, and services. The hardware segment can be sub-segmented into camera, display boards, and sensors, while the software segment can be divided into cloud and on-premises. On the other hand, the application segment includes automatic tolling, lane management, parking management, surveillance, traffic signal management, and other related areas.
IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; and Dahua Technology Co., Ltd. were the top traffic management market players in 2021. The positioning of these "Five Key Players" is derived by specifically considering the following key performance parameters-overall revenue, segment revenue, geographic reach, customer base, new product launches, market initiatives, investments in technology upgrades, R&D investments, mergers & acquisitions, etc. Various other notable market players profiled in the global traffic management market are Axis Communications AB, Cubic Corporation, SGS SA, SNC-Lavalin Group, and Teledyne Flir LLC.
Key Findings of Market Study:
In the traffic management market ecosystem, various stakeholders play critical roles in ensuring the effective functioning of the industry. These stakeholders include component providers, hardware manufacturers, software providers, service providers, and end users. Component providers offer essential elements such as lenses, memory modules, and chips. Hardware manufacturers such as Axis, Hikvision, and Dahua provide a wide range of products such as cameras, sensors, and display boards. Software developers are responsible for designing software that facilitates the collection, analysis, and interpretation of data from hardware systems. Service providers offer their services to all stakeholders involved in the traffic management market. Finally, end users primarily comprise government authorities and infrastructure development companies that focus on maintaining the proper functioning of roadways.
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