Report : Europe Traffic Management Market Forecast to 2028 – COVID-19 Impact and Regional 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)
At 12.0% CAGR, the Europe Traffic Management Market is speculated to be worth US$ 27,187.27 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe traffic management market was valued at US$ 13,756.83 million in 2022 and is expected to reach US$ 27,187.27 million by 2028, registering an annual growth rate of 12.0% from 2022 to 2028. Raising applications of AI and ML and heighten investment in infrastructure.
Artificial Intelligence (AI) and Machine Learning (ML) are expected to play a crucial role in the future of the traffic management market. The application of AI and ML in traffic management is still quite nascent, and most countries are yet to adopt the same. However, that scenario is changing fast, primarily due to the increasing number of connected cars. Additionally, the growing demand for electric vehicles (EVs) and autonomous vehicles (AVs) can help to accelerate the adoption of AI and ML in traffic management. Most EVs and AVs are fitted with a host of sensors and collect multivariate data, which can significantly improve the knowledge base of a smart traffic management system. Furthermore, an advanced driver assistance system (ADAS) is increasingly utilized in high-end vehicles. ADAS can aid the driver in parallel parking, warn about speed limits, or even autonomously drive the vehicle in certain conditions. While these technologies are also nascent and have a long way to travel, combining data from such technologies with the hardware of traffic management systems can significantly improve transportation systems in a city. Through AI and ML, the advanced traffic management systems can effectively understand and predict congestion at a juncture at a specific time point, survey road conditions, predict congestion on a specific stretch of road, alert emergency services in case of an accident or alert the driver of an available parking spot. Thus, as more connected vehicles become available on the road, AI and ML can be expected to shape the future of traffic management systems across the region.
On the contrary, increased cost of implementation.
Based on component, the Europe traffic management market is segmented into hardware, software, and services. The hardware superconductors segment held 39.5% market share in 2022, amassing US$ 5,437.76 million. It is projected to garner US$ 10,468.21 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on hardware, the Europe traffic management market is segmented into camera, display boards, and sensors. The camera segment held 43.4% market share in 2022, amassing US$ 2,360.39 million. It is projected to garner US$ 4,528.00 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on hardware, the Europe traffic management market is segmented into cloud and on-premise. The on-premise segment held 61.2% market share in 2022, amassing US$ 2,474.36 million. It is projected to garner US$ 4,936.82 million by 2028 to expand at 12.2% CAGR during 2022–2028.
Based on application, the Europe traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. The traffic signal management segment held 23.6% market share in 2022, amassing US$ 3,251.31 million. It is projected to garner US$ 6,169.09 million by 2028 to expand at 11.3% CAGR during 2022–2028
Based on country, the Europe traffic management market has been segmented into Germany, France, Italy, the UK, Russia, and Rest of Europe. Our regional analysis states that the UK captured 19.9% market share in 2022. It was assessed at US$ 2,735.89 million in 2022 and is likely to hit US$ 5,339.58 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.
Key players dominating the Europe traffic management market are AXIS COMMUNICATIONS AB; Cisco Systems, Inc.; Dahua Technology Co., Ltd.; IBM Corporation; Hangzhou Hikvision Digital Technology Co., Ltd.; SGS SA; Siemens AG; Teledyne FLIR LLC; Cubic Corporation; and SNC-Lavalin Group among others.
- In July 2021, Yunex, formerly known as Siemens intelligent traffic system, was launched by Siemens (ITS). This has a new brand name and will operate with a clear business emphasis and independence.
- In May 2021, the acquisition of FLIR Systems, Inc. by Teledyne Technologies Incorporated (NYSE: TDY) has been completed successfully (NASDAQ: FLIR).
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