Middle East & Africa 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 Middle East & Africa traffic management market is expected to grow from US$ 2,590.15 million in 2022 to US$ 4,493.83 million by 2028. It is estimated to grow at a CAGR of 9.6% from 2022 to 2028.
With the fast-growing population, the demand for better transportation facilities is also rising proportionally. It includes better road conditions, smooth traffic flow, and connectivity between different areas. Thus, various 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 over the coming years. Additionally, several nations focus on developing smart cities and smart roadways. The smart roadways concept brings harmonization between the road and the vehicle.
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.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa traffic management market at a substantial CAGR during the forecast period.
Middle East & Africa Traffic Management Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Traffic Management Market Segmentation
The Middle East & Africa 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 Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. In 2022, the Rest of the MEA held a larger market share. On the other side, and the UAE 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 Middle East & Africa traffic management market.
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