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(USGovernment-News.Com, November 03, 2022 ) 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.
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.
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.
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