Asia Pacific 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)
The traffic management market in Asia Pacific is expected to grow from US$ 9,978.94 million in 2022 to US$ 20,388.52 million by 2028. It is estimated to grow at a CAGR of 12.6% from 2022 to 2028.
The region is witnessing a boom in connected devices, and several countries are investing in developing smart cities. Smart cities are technologically advanced urban areas that employ a variety of sensors and electronic methods for gathering data and utilizing it for the betterment of the locality. The Indian government plans to spend more than 6 billion on developing smart cities across the country over the next five years. Smart cities have long-term plans for managing traffic by optimizing transportation logistics and reducing congestion. Hence, along with smart cities, countries are investing in developing smart roadways to provide a safer vehicle commute.
Smart roadways include different types of sensors and hardware through which multivariate data can be collected and used for traffic monitoring. It can also be shared with vehicles traveling on the road, allowing them to make informed decisions. Most major vehicle manufacturers manufacture IoT-enabled vehicles with many sensors and devices. Such sensors gather various data, including road conditions and pollution levels. With the increasing uptake of Artificial Intelligence (AI), data from different vehicles can collaborate with data from smart roadways, and meaningful insights can be obtained.
Data from vehicles can be utilized to understand the congestion level at specific road sections, determine the average number of vehicles present at a particular point, and estimate the traveling time for a vehicle, among others. Based on such data, lanes can be maintained accordingly, congestions can be predicted and avoided, and disruptions can be attended to promptly. Thus, the commuting time in urban areas can be lowered by 15-20%, among several other advantages. Hence, the growing adoption of smart cities and smart roadways can be expected to provide ample growth opportunities for the traffic management market.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific traffic management market at a substantial CAGR during the forecast period.
Asia Pacific Traffic Management Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Traffic Management Market Segmentation
The Asia Pacific 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 Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China held a larger market share. On the other side, and India 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 Asia Pacific traffic management market.
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