North America Traffic Management Market Forecast to 2028 – COVID

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)

Report Code : BMIRE00026319 | Region : North America | Industry : Technology, Media and Telecommunications | Published Date : 26/Sep/2022

The traffic management market in North America is expected to grow from US$ 11,500.63 million in 2022 to US$ 22,182.96 million by 2028; it is estimated to grow at a CAGR of 11.6% from 2022 to 2028.

In most developing nations, the migration of people from rural to urban areas is increasing at a steady pace. The percentage of urban dwellers was above 79% in developed countries, such as the US. Such growth in the urban population puts stress on the roadways. Several other factors are also directly linked with rising congestion in urban areas, which leads to an increased requirement for better traffic management systems.

At first, the rising urban population increases the number of vehicles on the road, leading to congestion. The number of private vehicles nearly doubled during that period. Second, ride-hailing services from cab aggregators, such as Uber, Grab, Ola, and Lyft, have rapidly increased. Such services have been substituting mass transit systems, leading to a surge in vehicles on the road. Third, growing urbanization positively impacted the growth of e-commerce and on-demand platforms. According to the US Department of Commerce, internet-based purchasing was 0.3% of retail purchases in 1998 and rose to 8.4% in 2014 in the US alone.

In 2021, e-commerce commanded 14.7% of the overall retail sales. Delivery vehicles, including two-wheelers, witnessed rapid demand due to such growth in internet-based purchases since e-commerce deliveries include movement between warehouses, missed deliveries, and returns, among other trips. Lastly, the relatively low effectiveness of specific policies leads to a further buildup of congestion. For example, banning roadside parking without an alternative parking area can confuse traffic buildup. Similarly, investment in creating separate lanes for buses and high occupancy vehicles (HOV) can increase congestion if not planned well. These lanes are often designed to smoothen the public transit system and reduce dependence on private vehicles. However, several densely populated cities are quite old and hence not developed in a planned manner. Thus, owing to operational issues and challenges in implementing such projects, congestion gets exacerbated instead of reduced. All the factors mentioned above are strongly driving the traffic management systems market.

With robust traffic management systems, comprising software, sensors, cameras, and display boards, congestion can be effectively reduced. These systems can be installed on an existing road without the requirements of infrastructural modification and, thus, can significantly aid in reducing congestion. Parking management systems can provide information to the driver regarding space availability and reduce confusion and congestion arising from the same. Similarly, a lane management system can effectively manage traffic flow by opening or closing lanes, depending on the traffic rate at each point in time. Considering the advantages of traffic management systems, the fast urbanization rate is expected to boost the traffic management market during the forecast period.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America traffic management market at a substantial CAGR during the forecast period.

North America Traffic Management Market Revenue and Forecast to 2028 (US$ Million)

North America Traffic Management Market Segmentation

The North America traffic management market is segmented by component, application, and country. Based on component, the market is segmented into hardware, software, and services. In 2022, the hardware segment held a larger market share. On the other hand, the software superconductors segment is expected to register a higher CAGR during the forecast period.

Based on hardware, the market is segmented into camera, display boards, and sensors. In 2022, the camera segment held a larger market share. On the other hand, the sensors segment is expected to register a higher CAGR during the forecast period.

Based on software, the market is segmented into cloud and on-premise. In 2022, the on-premise segment held a larger market share. On the other hand, the cloud is expected to register a higher CAGR during the forecast period.

Based on application, the market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. The traffic signal management segment held the largest share in 2022. The surveillance segment is expected to register the highest CAGR in the market during the forecast period.

Based on country, the market is segmented into the US, Canada, and Mexico. In 2022, the US held a larger market share and is expected to register a higher CAGR during the forecast period.

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 are the leading companies in the North America traffic management market.

At 11.6% CAGR, the North America Traffic Management Market is speculated to be worth US$ 22,182.96 million by 2028, says The Insight Partners

According to The Insight Partners’ 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. Contact Us

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 North America Traffic Management Market – By Component

1.3.2 North America Traffic Management Market – By Application

1.3.3 North America Traffic Management Market- By Country

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America Traffic Management Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. North America Traffic Management Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Burgeoning Urbanization Leading to Congestion

5.1.2 Broadening Investment in Infrastructure

5.2 Market Restraints

5.2.1 Heavy cost of implementation

5.3 Future Trends

5.3.1 Boosting Application of AI and ML

5.4 Impact Analysis of Drivers and Restraints

6. North America Traffic Management Market Analysis

6.1 North America Traffic Management Market Overview

6.2 North America Traffic Management Market, Revenue and Forecast to 2028 (US$ Million)

7. Traffic Management Market Analysis – By Component

7.1 Overview

7.2 North America Traffic Management Market Breakdown, By Component

7.3 Hardware

7.3.1 Overview

7.3.2 Hardware: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

7.3.2.1 Camera

7.3.2.1.1 Overview

7.3.2.1.2 Camera: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

7.3.2.2 Display Boards

7.3.2.2.1 Overview

7.3.2.2.2 Display Boards: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

7.3.2.3 Sensors

7.3.2.3.1 Overview

7.3.2.3.2 Sensors: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

7.4 Software

7.4.1 Overview

7.4.2 Software: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

7.4.2.1 Cloud

7.4.2.1.1 Overview

7.4.2.1.2 Cloud Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

7.4.2.2 On-Premise

7.4.2.2.1 Overview

7.4.2.2.2 On-Premise: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

7.5 Services

7.5.1 Overview

7.5.2 Services: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

8. North America Traffic Management Market Analysis – By Application

8.1 Overview

8.2 North America Traffic Management Market Breakdown, By Application

8.3 Automatic Tolling

8.3.1 Overview

8.3.2 Automatic Tolling Market Revenue and Forecast to 2028 (US$ Million)

8.4 Lane Management

8.4.1 Overview

8.4.2 Lane Management Market Revenue and Forecast to 2028 (US$ Million)

8.5 Parking Management

8.5.1 Overview

8.5.2 Parking Management Market Revenue and Forecast to 2028 (US$ Million)

8.6 Surveillance

8.6.1 Overview

8.6.2 Surveillance Market Revenue and Forecast to 2028 (US$ Million)

8.7 Traffic Signal Management

8.7.1 Overview

8.7.2 Traffic Signal Management Market Revenue and Forecast to 2028 (US$ Million)

8.8 Others

8.8.1 Overview

8.8.2 Others Market Revenue and Forecast to 2028 (US$ Million)

9. North America Traffic Management Market – Country Analysis

9.1 Overview

9.1.1 North America Traffic Management Market Breakdown, by Country

9.1.1.1 US Traffic Management Market, Revenue and Forecast to 2028

9.1.1.1.1 US Traffic Management Market Breakdown, By Component

9.1.1.1.1.1 US Traffic Management Market Breakdown, By Hardware

9.1.1.1.1.2 US Traffic Management Market Breakdown, By Software

9.1.1.1.2 US Traffic Management Market Breakdown, By Application

9.1.1.2 Canada Traffic Management Market, Revenue and Forecast to 2028

9.1.1.2.1 Canada Traffic Management Market Breakdown, By Component

9.1.1.2.1.1 Canada Traffic Management Market Breakdown, By Hardware

9.1.1.2.1.2 Canada Traffic Management Market Breakdown, By Software

9.1.1.2.2 Canada Traffic Management Market Breakdown, By Application

9.1.1.3 Mexico Traffic Management Market, Revenue and Forecast to 2028

9.1.1.3.1 Mexico Traffic Management Market Breakdown, By Component

9.1.1.3.1.1 Mexico Traffic Management Market Breakdown, By Hardware

9.1.1.3.1.2 Mexico Traffic Management Market Breakdown, By Software

9.1.1.3.2 Mexico Traffic Management Market Breakdown, By Application

10. Industry Landscape

10.1 Overview

10.2 Market Initiative

10.3 New Product Development

10.4 Merger and Acquisition

11. Company Profiles

11.1 AXIS COMMUNICATIONS AB

11.1.1 Key Facts

11.1.2 Business Description

11.1.3 Products and Services

11.1.4 Financial Overview

11.1.5 SWOT Analysis

11.1.6 Key Developments

11.2 Cisco Systems, Inc.

11.2.1 Key Facts

11.2.2 Business Description

11.2.3 Products and Services

11.2.4 Financial Overview

11.2.5 SWOT Analysis

11.2.6 Key Developments

11.3 Cubic Corporation

11.3.1 Key Facts

11.3.2 Business Description

11.3.3 Products and Services

11.3.4 Financial Overview

11.3.5 SWOT Analysis

11.3.6 Key Developments

11.4 Dahua Technology Co., Ltd.

11.4.1 Key Facts

11.4.2 Business Description

11.4.3 Products and Services

11.4.4 Financial Overview

11.4.5 SWOT Analysis

11.4.6 Key Developments

11.5 IBM Corporation

11.5.1 Key Facts

11.5.2 Business Description

11.5.3 Products and Services

11.5.4 Financial Overview

11.5.5 SWOT Analysis

11.5.6 Key Developments

11.6 Hangzhou Hikvision Digital Technology Co., Ltd.

11.6.1 Key Facts

11.6.2 Business Description

11.6.3 Products and Services

11.6.4 Financial Overview

11.6.5 SWOT Analysis

11.6.6 Key Developments

11.7 SGS SA

11.7.1 Key Facts

11.7.2 Business Description

11.7.3 Products and Services

11.7.4 Financial Overview

11.7.5 SWOT Analysis

11.8 Siemens AG

11.8.1 Key Facts

11.8.2 Business Description

11.8.3 Products and Services

11.8.4 Financial Overview

11.8.5 SWOT Analysis

11.8.6 Key Developments

11.9 Teledyne FLIR LLC

11.9.1 Key Facts

11.9.2 Business Description

11.9.3 Products and Services

11.9.4 Financial Overview

11.9.5 SWOT Analysis

11.9.6 Key Developments

11.10 SNC-Lavalin Group

11.10.1 Key Facts

11.10.2 Business Description

11.10.3 Products and Services

11.10.4 Financial Overview

11.10.5 SWOT Analysis

11.10.6 Key Developments

12. Appendix

12.1 About The Insight Partners

12.2 Word Index

LIST OF TABLES.

Table 1.             North America Traffic Management Market – Revenue and Forecast to 2028 (US$ Million)

Table 2.             North America Traffic Management Market, by Country – Revenue and Forecast to 2028 (USD Million)

Table 3.             US Traffic Management Market, by Component – Revenue and Forecast to 2028 (USD Million)

Table 4.             US Traffic Management Market, by Hardware – Revenue and Forecast to 2028 (USD Million)

Table 5.             US Traffic Management Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 6.             US Traffic Management Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 7.             Canada Traffic Management Market, by Component – Revenue and Forecast to 2028 (USD Million)

Table 8.             Canada Traffic Management Market, by Hardware – Revenue and Forecast to 2028 (USD Million)

Table 9.             Canada Traffic Management Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 10.          Canada Traffic Management Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 11.          Mexico Traffic Management Market, by Component – Revenue and Forecast to 2028 (USD Million)

Table 12.          Mexico Traffic Management Market, by Hardware – Revenue and Forecast to 2028 (USD Million)

Table 13.          Mexico Traffic Management Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 14.          Mexico Traffic Management Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 15.          List of Abbreviation

LIST OF FIGURES.

Figure 1.           North America Traffic Management Market Segmentation

Figure 2.           North America Traffic Management Market Segmentation – By Country

Figure 3.           North America Traffic Management Market Overview

Figure 4.           Hardware Segment held the Largest Share of North America Traffic Management Market

Figure 5.           The US to Show Great Traction During Forecast Period

Figure 6.           North America: PEST Analysis

Figure 7.           Expert Opinion

Figure 8.           North America Traffic Management Market Impact Analysis of Drivers and Restraints

Figure 9.           North America Traffic Management Market, Revenue and Forecast to 2028 (US$ Million)

Figure 10.        North America Traffic Management Market Breakdown, By Component, 2021 & 2028 (%)

Figure 11.        Hardware: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 12.        Camera: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

Figure 13.        Display Boards: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

Figure 14.        Sensors: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

Figure 15.        Software: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 16.        Cloud: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

Figure 17.        On-Premise: Traffic Management Market- Revenue and Forecast to 2028 (US$ Million)

Figure 18.        Services: Traffic Management Market – Revenue, and Forecast to 2028 (US$ Million)

Figure 19.        North America Traffic Management Market Breakdown, By Application, 2021 & 2028 (%)

Figure 20.        Automatic Tolling Market Revenue and Forecast to 2028 (US$ Million)

Figure 21.        Lane Management Market Revenue and Forecast to 2028(US$ Million)

Figure 22.        Parking Management Market Revenue and Forecast to 2028(US$ Million)

Figure 23.        Surveillance Market Revenue and Forecast to 2028(US$ Million)

Figure 24.        Traffic Signal Management Market Revenue and Forecast to 2028 (US$ Million)

Figure 25.        Others Market Revenue and Forecast to 2028 (US$ Million)

Figure 26.        Geographic Overview of North America Traffic Management Market

Figure 27.        North America Traffic Management Market Breakdown, by Country, 2021 & 2028 (%)

Figure 28.        US Traffic Management Market, Revenue and Forecast to 2028 (US$ Million)

Figure 29.        Canada Traffic Management Market, Revenue and Forecast to 2028 (US$ Million)

Figure 30.        Mexico Traffic Management Market, Revenue and Forecast to 2028 (US$ Million)

The List of Companies - North America Traffic Management Market

● 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                         

● SNC-Lavalin Group

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America traffic management market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the North America traffic management market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth North America market trends and outlook coupled with the factors driving the traffic management market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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