Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, and Application" report has been added to ResearchAndMarkets.com's offering.
The traffic management market is projected to reach US$ 77,346.44 million by 2028 from US$ 39,756.74 million in 2022.
Traffic management is an important aspect of any city or country. It is a combination of measures undertaken to ensure smooth traffic flow while improving the safety of the overall road transport system. Traffic management measures vary from region to region, depending on the local laws, and thus, careful planning is required before their implementation.
With an increasing number of people moving to urban areas, the number of vehicles on the road is increasing significantly. Hence there is a growing requirement for efficient management of road traffic, which in turn is promoting traffic management market growth.
Additionally, the increasing sales of four-wheelers and two-wheelers suggest that the number of vehicles on the road will continue to rise at a good pace in the coming years. Despite a slowdown in car demand in the past few years, the growing interest in electric vehicles (EVs) is expected to exacerbate the traffic congestion in urban areas.
Recent vehicle miles traveled (VMT) stats, a measure that is used extensively for planning transportation movement, in several developed countries suggest the ever-increasing number of vehicles. Thus, managing traffic and ensuring a smooth commute are indispensable for the proper functioning of any city.
Traffic management systems can be installed on existing roads without the requirement of infrastructural modifications. Therefore, all such factors are expected to boost the traffic management market during the forecast period.
Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a crucial role in the future of the traffic management market. The application of AI and ML in traffic management is still quite nascent, and most countries are yet to adopt the same. However, this scenario is changing rapidly, primarily, due to the increasing number of connected cars on roads.
Additionally, the growing demand for electric vehicles (EVs) and autonomous vehicles (AVs) can help to accelerate the adoption of AI and ML in traffic management.
Most EVs and AVs are fitted with a host of sensors and collect multivariate data, which can significantly improve the knowledge base of a smart traffic management systems. Such developments are expected to boost the revenue generation by traffic management market players.
IBM Corporation; Cisco Systems, Inc.; Siemens AG; Hangzhou Hikvision Digital Technology Co., Ltd.; and Dahua Technology Co., Ltd. are a few key traffic management market players.
No. of Pages
2022 - 2028
Forecasted Market Value by 2028
Compound Annual Growth Rate
Key Market Dynamics
Increasing Urbanization Leading to Congestion
Growing Investment in Infrastructure
High cost of implementation
Growing Interest in Smart Cities and Roadways
Growing Application of AI and ML
Axis Communications AB
Cisco Systems, Inc.
Dahua Technology Co., Ltd.
Hangzhou Hikvision Digital Technology Co., Ltd.
Teledyne FLIR LLC
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