Report : North America 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 11.6% CAGR, the North America Traffic Management Market is speculated to be worth US$ 22,182.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America traffic management market was valued at US$ 11,500.63 million in 2022 and is expected to reach US$ 22,182.96 million by 2028, registering an annual growth rate of 11.6% from 2022 to 2028. Broadening investment in infrastructure and burgeoning urbanization leading to congestion.
With the fast-growing population count, demand for better transportation facilities is also rising proportionally. It includes better road conditions, smooth traffic flow, and connectivity between different areas. Thus, different government agencies are focusing on developing their road infrastructure. The Infrastructure Investment and Jobs Act of 2021 in the US sanctioned nearly US$ 100 billion for improving the existing roadways, highways, and bridges. Similar projects are being regularly undertaken, across the region, to reduce connectivity woes, and are expected to include appropriate traffic management systems. Additionally, several nations focus on developing smart cities and smart roadways. The smart roadways concept brings harmonization between the road and the vehicle. The roads are planted with different sensors, which will collect multivariate data. Such data will be exchanged with the vehicles traveling on the road, thus ensuring a safer and smoother ride. For example, sensors from the road can alert a driver about a pothole, while data from vehicles can be used to gauge the traffic level at each time point. Such multivariate data can be used to anticipate traffic disruptions, pollution levels, road conditions, and reporting accidents. Smart roadways can aid traffic management, vehicular and pedestrian safety, and environmental monitoring. Considering the rising expenditure on infrastructure, growing demand for safety, and increasing integration of IoT-enabled devices inside vehicles, the traffic management market can be expected to grow quickly during the forecast period.
On the contrary, heavy cost of implementation.
Based on component, the North America traffic management market is segmented into hardware, software, and services. The hardware superconductors segment held 40.2% market share in 2022, amassing US$ 4,625.90 million. It is projected to garner US$ 8,688.79 million by 2028 to expand at 11.1% CAGR during 2022–2028.
Based on hardware, the North America traffic management market is segmented into camera, display boards, and sensors. The camera segment held 46.1% market share in 2022, amassing US$ 2,132.84 million. It is projected to garner US$ 4,028.83 million by 2028 to expand at 11.2% CAGR during 2022–2028.
Based on hardware, the North America traffic management market is segmented into cloud and on-premise. The on-premise segment held 59.5% market share in 2022, amassing US$ 1,806.63 million. It is projected to garner US$ 3,466.69 million by 2028 to expand at 11.5% CAGR during 2022–2028.
Based on application, the North America traffic management market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. The traffic signal management segment held 25.2% market share in 2022, amassing US$ 2,899.13 million. It is projected to garner US$ 5,407.02 million by 2028 to expand at 10.9% CAGR during 2022–2028
Based on country, the North America traffic management market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 69.3% market share in 2022. It was assessed at US$ 7,968.21 million in 2022 and is likely to hit US$ 15,552.47 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.
Key players dominating the North America 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 January 2022, after studies indicated the equipment boosted the effectiveness of its radio network, XL Axiata, based in Indonesia, announced plans to use Cisco's traffic management system for its 4G network in areas with significant data traffic.
- In December 2021, for instance, Dahua Technology has developed a comprehensive Smart Traffic Management Solution that combines video surveillance with AI, ANPR, image fusion, AR, and other cutting-edge technologies to meet the diverse needs of modern traffic enforcement and significantly improve their operation and management.
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