The global traffic management market size is expected to grow from USD 30.6 billion in 2019 to USD 57.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13% during the forecast period. Traffic management integrates and coordinates the flow of traffic in various regions for the ease of commuters, i.e., vehicles as well as pedestrians. It helps develop better transportation as well as transport infrastructure. It also helps reduce traffic congestions and promotes a regulated flow of traffic. It is an economic and fuel-efficient solution. Traffic management also helps reduce carbon emissions from vehicles, thus providing an environment-friendly traffic solution.
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Traffic Management Market Segments
By Component:
• Solutions
• Hardware
• Services
By Solution:
• Smart Signaling
• Route Guidance and Route Optimization
• Traffic Analytics
• Smart Surveillance
By Hardware:
• Display Boards
• Sensors
• Surveillance Cameras
• Others (Traffic Controller and Intelligent Traffic Controller)
By Service:
• Consulting
• Integration and Deployment
• Support and Maintenance
By System:
• Urban Traffic Management and Control (UTMC)
• Adaptive Traffic Control System (ATCS)
• Journey Time Measurement System (JTMS)
• Predictive Traffic Modeling System (PTMS)
• Incident Detection and Location System (IDLS)
• Dynamic Traffic Management System (DTMS)
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