MarketsandMarkets projects that the global traffic management market is 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%.
Governments worldwide have strong visions of improving traffic management across cities and fulfilling future mobility demands. They are undertaking several initiatives to provide better infrastructures, enhance security and safety, and offer seamless traffic flow. These factors are strong indicators of the economic development of a region. Smart city and smart transportation initiatives have boosted the traffic management market. For instance, through the smart city initiatives, the Government of Orissa, India, is upgrading its road infrastructure in Bhubaneshwar and implementing advanced traffic management systems. The Land Transport Authority (LTA), Singapore, along with Intelligent Transportation Society Singapore (ITSS), has developed a master plan, Smart Mobility 2030, to enhance the travelers’ experience and enhance the country’s existing transportation systems.
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Regional governments encourage private companies to develop and renovate road infrastructures. Governments are working in partnership with private organizations to finance and deliver traffic management projects. In the Cavite-Laguna Expressway, the Department of Public Works and Highways (DPWH) of the Philippines is working with MPCALA Holdings, a unit of the Metro Pacific Investments Corporation (MPIC), as per the PPP working model
Various globally established players, such as Siemens (Germany), Huawei (China), IBM (US), Cisco (US), Kapsch TrafficCom (Austria), and Thales Group (France), are dominating the traffic management market. In this market, strategies such as enhancements, partnerships, expansions, new product launches, collaboration, agreements, and acquisitions are adopted by the top key players.
Siemens and HDtraffic, a leading big data service provider for intelligent transportation and connected vehicles companies in China, signed a strategic cooperation agreement with Yutraffic Technologies to jointly develop and create systemic product-based solutions and collaborate with it on commercial projects and demonstration projects in the fields of transportation digitalization, Internet of Vehicles (IoV) and autonomous driving.
Cisco and XL Axiata, an Indonesia-based company, planned to deploy Cisco’s traffic management system for its 4G network in areas with high data traffic after trials showed the equipment increased the efficiency of its radio network.
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
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