The global 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, according to MarketsandMarkets.
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List of worldwide manufacturers in Traffic Management Market:
- Siemens (Germany),
- Huawei (China),
- IBM (US),
- Cisco (US),
- Kapsch TrafficCom (Austria),
- SWARCO (Austria),
- Q-Free (Norway),
- Thales Group (France),
- PTV Group (Germany)
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According to the EU, congestion costs Europe about 1% of its GDP annually. The per year cost of road congestion to the GDP is EURO 110 billion (USD 130.46 billion). The European government is taking initiatives to curb congestion and traffic jams on roads. It also framed a legal framework (Directive 2010/40/EU) on the 7th of July 2010 to increase the deployment of traffic management technologies across Europe. The directive aims at establishing multimodal and seamless transportation services.
The government in the UK focuses on investing in the traffic management market. The Central London Congestion Charging, FREVNUE, and Efficient Consumer Response are some of the associated traffic management programs run by the UK government. The country is also adopting new solutions to improve the management of traffic challenges across congested cities. For instance, England uses Mott McDonald's Osprey UTMC system to improve data exchange between highways in England and local highway authorities.
Germany is expected to lead the European market because of its robust economy. The country is one of the biggest technological hubs for smart transportation systems. It is primarily involved in developing strategies for applying smart transportation systems. This includes optimal utilization of roads, transportation, travel data, traffic management, traffic information services, system integration, and open data exchange. The government of Germany is collaborating with companies to provide smarter transport options. Under the 2030 Federal Transport Infrastructure Plan (FTIP), the federal government is expected to invest USD 147.6 billion toward reconstructing Germany's roads during 2016-2030, where USD 74.4 billion will be allocated for structural maintenance and replacement of existing transport infrastructures. By 2030, the country aims to spend USD 299.6 billion to renovate and interlink Germany's transport infrastructure to reduce traffic congestion.
The Traffic Management Market is gradually growing in the country due to the constant technological advancements in the transportatio Major challenges in implementing such technologies are the changes in traffic volume and the current type of traffic systems.
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