Traffic Management Market is expected to grow at an 11.7% CAGR from US$ 39,756.74 million in 2022 to US$ 77,346.44 million by 2028

COVID-19 Impact and Global Traffic Management Market Analysis By Component [Hardware (Cameras, Display Boards, and Sensors), Software (Cloud and On-Premise), and Services], and Application (Automatic Tolling, Lane Management, Parking Management, Surveillance, Traffic Signal Management, and Others)

Most countries have experienced rapid urbanisation, resulting in complex road networks and high congestion. The growing urban population, combined with increased private vehicle ownership, increases the number of vehicles on the road. Mumbai’s population increased from 18.5 million in 2011 to 20.4 million in 2020, while the number of private vehicles nearly doubled. The traffic management market is expected to grow as a result of these factors and efforts to address them. Furthermore, ride-hailing services from cab aggregators such as Uber, Grab, Ola, and Lyft have been rapidly expanding. Such services have largely replaced mass transit systems, resulting in an increase in the number of vehicles on the road.

These factors are compelling government officials to seek effective solutions from traffic management market players. A solid traffic management system, which includes software, sensors, cameras, and display boards, can effectively reduce traffic congestion. These systems can be installed on an existing road without requiring any infrastructure changes. Similarly, a lane management system can effectively manage traffic flow by opening or closing lanes based on the current traffic rate. Given the benefits provided by traffic management systems, rapid urbanisation is expected to significantly increase the size of the traffic management market.

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In 2020, the COVID-19 outbreak wreaked havoc on industries such as automotive, manufacturing, energy & power, aerospace & defence, and construction. The steady increase in the number of COVID patients compelled government officials in the United States and other countries to impose strict lockdowns in the first three quarters of 2020. This resulted in a significant decrease in transportation in all countries. Implementing containment measures such as trade bans, travel restrictions, and workforce restrictions had an impact on the manufacturing, supply, and sales activities of a variety of businesses, including those that provide traffic management hardware, software, and services. Due to temporary factory shutdowns and low production volumes, the manufacturing sector suffered significant losses, impeding the production of traffic management hardware systems.

The world is experiencing a surge in connected devices, and many countries are investing in the development of smart cities. Smart cities are technologically advanced urban areas that use a variety of sensors and electronic methods to collect and use data for the benefit of the community. Smart cities are planned with long-term traffic management strategies in mind, such as optimising transportation and logistics and reducing congestion. As a result, in addition to smart cities, countries are investing in smart roadways to provide a safer vehicle commute. On smart roads, various types of sensors and hardware collect multivariate data that is used for traffic monitoring. The information can also be shared with vehicles on the road, allowing divers and commuters to make more informed decisions.

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