According to a research report “Traffic Management Market by Component, System (Urban Traffic Management, Adaptive Traffic Control, Journey Time Management, Predictive Traffic Modeling, Incident Detection & Location, and Dynamic Traffic Management) & Region – Global Forecast to 2027″ published by MarketsandMarkets, the global traffic management market size is projected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027, at a compound annual growth rate (CAGR) of 12.5% during the forecast period.
Browse and in-depth TOC on “Traffic Management Market”
351 – Tables
56 – Figures
304 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1036
Among components, the services segment is projected to record the highest growth rate during the forecast period
Traffic management services are projected to form the fastest-growing market during the forecast period. The traffic management market is segmented into consulting, implementation, and support & maintenance services. Implementation of the traffic management system requires skill, and so does maintaining it. Any fault or error during the execution of the traffic management system hardware needs to be serviced. Therefore, the services segment is projected to witness fast growth.
By system, the incident detection & location system market is estimated to account for the largest share during the forecast period
The incident detection & location system is estimated to account for the largest market share during the forecast period. The traffic management market is segmented into the following categories: urban traffic management system, adaptive traffic control system, journey time management system, predictive traffic modeling system, incident detection & location system, and dynamic traffic management system. The rising demand for real-time information for drivers and passengers would drive the market. Also, increasing urban population, rising number of vehicles, and insufficient infrastructure to drive the market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1036
Europe is estimated to be the largest traffic management market
Europe is one of the prominent regions in the traffic management market. The region has witnessed the earliest adoption of cloud computing and mobile technologies and has been significantly responsive in adopting traffic management solutions and services. Also, the region’s governments and laws support technological advancements. Connecting Europe Facility for transport (CEF) is a funding instrument to realize European transport infrastructure policy. This supports the investment in building the new transport infrastructure in Europe and updating the existing infrastructure. The budget for CEF is EURO 24.05 billion for 2014–2020. CEF Transport focuses on cross-border projects aiming to remove bottlenecks or bridge missing links in various sections of the Core Network and on the Comprehensive Network (link). The presence of prominent traffic management vendors in Europe will drive the market’s growth.
Key and innovative vendors in the traffic management market are Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), SWARCO (Austria), Q-Free (Norway), Thales Group (France), PTV Group (Germany), Teledyne FLIR (US), Cubic (US), TomTom (Netherlands), Alibaba Cloud (China), TransCore (US), Chevron TM (England), Indra (Spain), LG CNS (South Korea), INRIX (England), Notraffic (Israel), Sensys Networks (US), Citilog (France), Bercman Technologies (Estonia), Valerann (Israel), Miovision (Canada), BlueSignal (South Korea), Telegra (Croatia), Oriux (US), Invarion (US), and Rekor (US).
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
MnM Blog: https://mnmblog.org/
Visit Our Website: https://www.marketsandmarkets.com
Mr. Aashish Mehra MarketsandMarkets INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441