Report : South & Central 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 8.2% CAGR, the South & Central America Traffic Management Market is speculated to be worth US$ 4,493.83 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America traffic management market was valued at US$ 1,930.19 million in 2022 and is expected to reach US$ 3,093.86 million by 2028, registering an annual growth rate of 8.2% from 2022 to 2028. Upsurging urbanization leading to congestion and increased investment in infrastructure.
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. Multiple 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 South & Central America traffic management market is segmented into hardware, software, and services. The hardware superconductors segment held 44.5% market share in 2022, amassing US$ 855.92 million. It is projected to garner US$ 1,338.93 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on hardware, the South & Central America traffic management market is segmented into camera, display boards, and sensors. The camera segment held 52.3% market share in 2022, amassing US$ 447.11 million. It is projected to garner US$ 697.95 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on hardware, the South & Central America traffic management market is segmented into cloud and on-premise. The on-premise segment held 68.9% market share in 2022, amassing US$ 354.59 million. It is projected to garner US$ 580.07 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on application, the South & Central 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 24.2% market share in 2022, amassing US$ 627.19 million. It is projected to garner US$ 1,037.33 million by 2028 to expand at 8.7% CAGR during 2022–2028.
Based on country, the South & Central America traffic management market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 42.2% market share in 2022. It was assessed at US$ 818.93 million in 2022 and is likely to hit US$ 1,351.40 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players dominating the South & Central 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; and Teledyne FLIR LLC among others.
- In December 2021, 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.
- 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.
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