Traffic Management Systems Market to be Worth $58.13 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 20, 2024 /PRNewswire/ -- According to a new market research report titled, 'Traffic Management Systems Market by Offering (Hardware (Sensors, Cameras, Others), Solutions (Traffic Monitoring, Remote Enforcement, Others), Services), Deployment (Cloud, On-premise), Technology (IoT, AI, Others) & Geography- Forecasts to 2031', the traffic management systems market is projected to reach $58.13 billion by 2031, at a CAGR of 14.1% from 2024 to 2031.

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Traffic management systems are used to detect and track vehicles as well as pedestrians, vehicles, pedestrians, and bicycles to reduce congestion and carbon emissions. These systems are used for various applications, including traffic monitoring, traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and parking management. Traffic management systems enable safe and smooth road transportation. Nowadays, road congestion has become a paramount concern. With the increasing number of vehicles and growing urbanization, managing traffic is no longer an option but a necessity. This is where traffic management systems come into play.

Some of the factors driving the growth of this market are increasing government investments in improving road safety, the rising need to ease traffic congestion, and growing urbanization. However, the high capital and maintenance costs of traffic management systems restrain the growth of this market.

The global traffic management systems market is segmented by offering (hardware (surveillance cameras, sensors, display boards/digital signages, and other hardware), solutions (traffic monitoring (vehicle identification and tracking, overloaded vehicle detection, bicycle and pedestrian monitoring, congestion management & control, and vehicle speed monitoring), traffic signal control, tolling & faring, remote enforcement, route planning & optimization, and other solutions), services (consulting services, deployment & integration services, and maintenance & support services)), deployment mode (on-premise deployments and cloud-based deployments), technology (IoT, AI, big data, cloud computing and other technologies). The study also evaluates industry competitors and analyses the market at the regional and country levels.