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Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, and Application
The traffic management market is projected to reach US$ 77,346. 44 million by 2028 from US$ 39,756. 74 million in 2022; it is expected to grow at a CAGR of 11. 7% from 2022 to 2028. Traffic management is an important aspect of any city or country.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Traffic Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, and Application" - https://www.reportlinker.com/p06295711/?utm_source=GNW
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.
Impact of COVID-19 Pandemic on Traffic Management Market Growth
The limitations imposed by governments to control the spread of COVID-19 during the initial stages of the crisis affected the traffic management hardware production in most countries due to restrictions of the employee count that could work on floors at a time.Stringent restrictions and supply chain disruptions resulted in the temporary suspension of most infrastructure projects.
Government agencies focused on containing the spread of SARS-CoV-2, which caused delays in the implementation of traffic management systems.The UAE, Egypt, Morocco, and Kuwait are the countries in the Middle East and Africa that have severely faced the ill effects of the COVID-19 pandemic.
Most operations in the region were suspended due to an increase in the number of cases; hence, the traffic levels were at an all-time low.Many countries in Africa also delayed the implementation of all traffic management systems indefinitely.
The UAE is a famous tourist place that receives numerous travelers annually. The tourism sector suffered considerable economic losses and the traffic rate decreased significantly in the country due to the international travel ban. This severely impacted the traffic management market growth. Moreover, the dependency of end users in the region on international suppliers, and bans on international trades and travel led to significant supply chain disruptions until the Q3 of 2020. These conditions caused delays in several high-tech projects, including those of smart cities. However, with the beginning of the Q4 of 2020, the demand for various electronic products, including traffic management systems, increased, owing to the re-initiation of the pending infrastructural projects.
China accounts for the largest share of the traffic management market in Asia Pacific.Additionally, the traffic management market in China is growing at one of the fastest pace across the globe.
Growing investments in infrastructure, coupled with rising ownership of private vehicles, are among the factors driving the market in the country.According to the 2018 Traffic Analysis Report of Major Cities in China, published by Amap, 61% of the 361 cities studied experienced poor driving speeds during peak hours.
Beijing had the greatest congestion mileage ratio during peak hours, followed by Guangzhou.Many Chinese cities have announced a number of initiatives to relieve traffic congestion in recent years.
The use of public transportation has progressively become a norm. Intelligent transportation systems have also played an important part in urban governance modernization. Such factors promote the growth of traffic management market size in the country.
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.
The overall traffic management market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast of the traffic management market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights.
Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the traffic management market.
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