The traffic management market size is expected to grow from USD 22.96 Billion in 2017 to USD 59.48 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period. This is according to the most recent report on the Traffic Management Market to 2022 just published by Marketsandmarkets.
The demand for traffic management market is driven by factors, such as high demographic growth and hyper urbanisation in developing countries, and government initiatives for traffic management under smart cities models. With the increase in the deployment of smart transportation solutions among the smart cities, the traffic management market is expected to gain a major traction during the forecast period.
The traffic management software segment is expected to hold the largest market share. The scope of this traffic management software covers smart signaling, route guidance, traffic analytics, and smart surveillance. There has been a tremendous increase in urban population, resulting in traffic congestion across the city, which has increased the need to manage and control the traffic. The traffic management software ensures streamlining of traffic information for predictive analytics and traffic enforcement.
The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market. The increasing requirement for upgrading traditional traffic management systems to support various smart cities and traffic management drives the deployment and integration services segment in the traffic management market.