Traffic Management Market Set to Top $75 Billion by 2029
According to the latest research published by Marketsandmarkets, the traffic management market is expected to reach USD 75.74 billion by 2029 from USD 43.53 billion in 2024, at a CAGR of 11.7 % during 2024–2029.
The research finds that governments worldwide envision 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 intelligent transportation initiatives have boosted the traffic management market. For instance, the Land Transport Authority (LTA), Singapore, along with Intelligent Transportation Society Singapore (TSS), has developed a master plan, Smart Mobility 2030, to enhance the travellers’ experience and the country’s transportation systems. Regional governments are encouraging private companies to develop and renovate road infrastructures. Governments are working with private organisations to finance and deliver traffic management projects.
The private enterprise end-user segment to see strong growth
Private enterprises use advanced traffic solutions to make their operations more effective and create better customer experiences while saving money. Businesses that run logistics, transportation, retail, and entertainment services depend on good traffic flow to ensure deliveries arrive on time and give customers easy access while running their operations well. Private companies use Intelligent Transportation Systems (ITS) and traffic data technology to plan better routes and control their vehicle fleets while offering automated parking systems to their customers. Big shopping malls, sports stadiums, and business campuses use traffic management systems to handle crowds during busy times. These solutions improve operations, benefiting the environment and boosting company profits.
Implementation services to contribute largest market share
The implementation services install and connect advanced solutions to improve traffic management while making roads safer and less congested. This involves installing ITS, traffic lights that adapt to conditions, video cameras for surveillance, and Vehicle-to-Everything (V2X) networking hardware. Service providers link new technology to current systems to solve problems at both urban and intercity traffic levels. Service providers configure systems and test operations while teaching authorities how to use the new systems. The implementation services segment helps update transportation systems to reach permanent mobility objectives through real-time monitoring and automated traffic management.
Regional analysis
Asia Pacific, home to nearly 40% of the world’s population, is witnessing diverse implementations of traffic management technologies. Fast urban growth and rising population numbers make traffic management difficult across the Asia Pacific. Densely populated countries such as China and India deal with severe traffic congestion problems. Asia holds six of the world’s top ten congestion hotspots, and Bengaluru and Manila stand out. The researchers found that various Asian nations are implementing major traffic management projects to solve transportation problems through initiatives such as Australia’s Gateway WA Perth Airport and India’s Smart City Kochi. These projects work to upgrade transportation systems and make traffic easier to handle. Modern sensors and internet connectivity help analyze real-time traffic data to develop advanced management systems while giving drivers accurate info to avoid traffic delays.
Key players
The report profiles some of the key players in this sector such as Cisco, Mundys SpA, Swarco, Siemens, IBM, Kapsch Trafficcom, Thales Group, Q-Free, PTV Group, Teledyne Flir Systems Inc., Cubic Corporation, Tomtom, Huawei, ST Engineering, Chevron, Indra Sistemas, and Econolite.
