Advanced Traffic Management for Smart Cities Market Global Size, Growth and Demand 2020 to 2027

 

Advanced Traffic Management for Smart Cities Market: Introduction

  • Advanced traffic management for smart cities is meant to provide services, solutions, and products to ease traffic congestion, in order to improve quality of life. Advanced traffic management for smart cities uses advance technologies such as artificial intelligence to bolster traffic signals, to obtain data on real- time traffic conditions.
  • Furthermore, collecting data about traffic and vehicle, since there is rise in automobiles, across the developed and developing economies especially in urban areas, is expected to enhance the demand of advanced traffic management for smart cities market. Thus, advanced traffic management for smart cities helps traffic authorities to acquire the details of traffic analytics. Smart cities have started to adopt adaptive traffic control and traffic analytics solutions, in order to decrease traffic congestion. Additionally, some cities worldwide have also adopted decentralized systems in various intersections that uses a combination of video detection and radar which help in detecting traffic and also adjusts signals in real-time using AI-driven software.
  • The COVID-19 outbreak has been the main catalyst for the growth and adoption of advanced traffic management for smart cities. Advanced traffic management for smart cities during the pandemic outbreak has helped governments across various countries to improve traffic congestion after the lockdown. Real- data intelligence actions, is used by the government agencies in smart cities for public safety monitoring. This helps them to monitor, control, optimize, and operate traffic in urban areas.

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Global Advanced Traffic Management for Smart Cities Market: Dynamics

Global Advanced Traffic Management for Smart Cities Market: Key Drivers and Restraints

  • Rising concerns about traffic congestion and motor accidents worldwide is expected to boost the growth of the advanced traffic management for smart cities market.
  • Growing adoption of Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) to control traffic congestion is expected to drive the demand for advanced traffic management for smart cities across the world.
  • Increasing investment for smart city development from government bodies and private construction companies across developed and developing countries, is expected to trigger the demand for advanced traffic management for smart cities over the forecast period, 2020- 2030.
  • Detecting traffic jams, predictive optimization of traffic, and evidence in accidents or traffic law violations are some of the factors which drive the advanced traffic management for smart cities market.
  • However, high initial setup cost of advanced traffic management in smart cities across the globe, and threat of hacking the system are factors that can restrain the advanced traffic management for smart cities market.
  • Rising awareness among legal bodies worldwide about detecting the data related to traffic management in smart cities, in order to develop mitigation strategies and make operational improvements to existing traffic signal timing systems is expected to enhance the market growth.

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North America to Account for Major Share of the Global Advanced Traffic Management for Smart Cities Market

  • In terms of region, the global advanced traffic management for smart cities market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • North America is anticipated to lead the global advanced traffic management for smart cities market, due to government initiatives and investment for smart city development in the U.S and Canada, which in turn is expected to accelerate the growth of the advanced traffic management for smart cities market in the region.
  • The advanced traffic management for smart cities market in Asia Pacific is expected to hold significant share due to rising investments by governments for infrastructure for smart cities in developing countries. The China government has launched an initiative called ‘Made in China 2025,’ to promote industrial growth. In the same way, India launched the ‘Make in India’ initiative, all of which are factors expected to fuel the growth of the advanced traffic management for smart cities market across Asia Pacific.

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Global Advanced Traffic Management for Smart Cities Market: Competitive Landscape

Key Players Operating in the Global Advanced Traffic Management for Smart Cities Market

Local, regional, and international players are active in the advanced traffic management for smart cities market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global advanced traffic management for smart cities market are:

  • Alphabet Inc.
  • Cisco Systems, Inc.
  • Cubic Corporation
  • Econolite
  • IBM Corporation
  • INRIX.
  • Microsoft Corporation
  • Q-Free
  • Rapid Flow Technologies
  • Siemens AG
  • Telefonaktiebolaget LM Ericsson
  • Verizon Communications

Global Advanced Traffic Management for Smart Cities Market: Research Scope

Global Advanced Traffic Management for Smart Cities Market, by Component

  • Hardware
  • Software
  • Services
    • Professional
      • Training and Consulting
      • Integration and Deployment
      • Support and Maintenance
    • Managed

Global Advanced Traffic Management for Smart Cities Market, by Application

  • Intelligent Transportation Systems (ITS) Solutions
  • Vehicle to-infrastructure (V2I) Communications
  • Traffic Controlling Systems

Global Advanced Traffic Management for Smart Cities Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • U.A.E.
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

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