The increasing number of vehicles and insufficient infrastructure are key factors driving market revenue growth
According to the most recent analysis by Emergent Research, the traffic management market had a value of USD 36.40 billion in 2021 and is projected to grow at a rate of 11.6% over the forecast period. The market is expanding as a result of an increase in automobiles and inadequate infrastructure. Major market participants should benefit from several opportunities brought on by the development and introduction of several smart vehicles by automotive juggernauts. Additionally, automakers are gradually building the market for autonomous vehicles by releasing linked and partially automated automobiles. Autonomous vehicles can sense their surroundings with the use of GPS and sensor technology like radar and ultrasonic. These vehicles include cutting-edge control systems that evaluate sensory data to find the optimum navigational paths, as well as blind spots, obstacles, and relevant signage.
Driver: Growing car population and inadequate infrastructure
Traffic congestion in urban areas rises along with population growth. The way that modern civilization functions are what has led to this congestion. For instance, the vast majority of people in the United States drive their cars for two reasons. One is that the majority of Americans live in sparsely populated areas with little access to public transportation. Additionally, privately owned vehicles are cozy and practical. The use of private transportation by 87.9% of Americans eventually results in the issue of congested roads. More and more people switch from slower, less expensive modes of transportation to privately owned vehicles and trucks as family incomes rise around the world.
Developed nations are implementing numerous measures to promote the use of public transit, including the US, the UK, and Germany. Thus, it is anticipated that investments in the traffic management market would increase over the next several years as a result of the need to upgrade current transportation infrastructures and enhance ICT systems.
Restraint: Slow infrastructure sector growth
For real-time data analysis, the traffic control system requires a fast data speed. The infrastructure required to deliver the new technology is not expanding as quickly due to this necessity. Due to the high expense of replacing current equipment, significant investments are needed. The ability of many nations to invest in road infrastructure is constrained. Existing infrastructure gives traffic management firms the chance to get in touch with governments of other nations about upgrading their country’s transportation system and reducing traffic congestion. The deployment of new infrastructure and ongoing system upgrades are also necessary for the traffic control system.
Some major companies operating in the market report include Cisco, Tomtom, Chevron, Siemens, IBM, Atkins, BioEnable, Omnitec Group, Cubic Corporation, and Kapsch TrafficCom.
Some Key Highlights From the Report
- It is anticipated that the solution sector would experience significant market revenue growth. It is anticipated that the solution sector will maintain its larger market size because vendors of traffic management solutions give businesses the ability to make sure each traffic control center is connected to other systems, such as traffic light systems and other detection devices, and to properly integrate traffic control systems. Computer hardware and software are compliant with global standards. The application streamlines monitoring and reacts to incidents fast. The two methods that are most frequently utilized are route guidance and route optimization. Users can choose the most practical and cost-effective path for their travel with the aid of route optimization.
- The adaptive traffic control system market is anticipated to expand consistently. Gradually advancing cars through green signals, significantly reduces travel time and boosts flow efficiency, which lowers traffic congestion. Real-time reactions from adaptive traffic control systems consider the traffic patterns and vehicle movements of developing nations. To make daily operations possible, it leverages downstream detection and offers a user-friendly interface. To accomplish junctions’ green-green synchronization over the entire deployment region, traffic data from junctions are linked into a central traffic system, and an adaptive traffic control system algorithm generates perfect red-green phases of traffic lights.
- The Asia Pacific market is anticipated to grow at a significant rate. Greater traffic management in the Asia-Pacific area has resulted from the presence of more refineries, particularly in important nations like China and India. Additionally, governments in Asia-Pacific nations including Vietnam, China, and Japan are looking toward cleaner and more environmentally friendly methods of producing hydrogen.
Emergen Research has segmented the traffic management market based on component, system, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- System Outlook (Revenue, USD Billion; 2019–2030)
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Predictive Traffic Modelling System
To get leading market solutions, visit the link