Europe traffic management Market led by Increasing Demand for Adaptive Traffic Control System (ATCS) by 2028.
According to TechSci Research report,
“Europe Traffic management Market – By Country, Competition, Forecast &
Opportunities, 2028”, the Europe traffic management market is anticipated
to register a robust growth during the forecast period, 2024-2028 owing to
increasing demand for real-time traffic information to drivers and passengers and
the increase in adoption of drones in commercial & government applications by
the consumers and digital services in the industries.
Additionally, the growth of cloud enabled
services and the increasing focus on existing traffic upgradation indicates a
massive shift towards traffic management architecture services. Furthermore,
technologies such as the internet of things (IoT) and connected devices are
primary factors for the proliferation of advanced traffic management. By
utilizing traffic management services, the gap that exists between the
operations of businesses and air quality and pollution is being bridged by
increasing agility and efficiency, shortening travel times at a reasonable
cost, and decreasing the number of accidents. These advantages of traffic
management services are accelerating the expansion of the Europe Traffic
management Market across the region.
With the use of traffic management
services continuing to grow and European enterprises moving to such services,
the market is expected to proliferate in the upcoming years. Along with all the
technological advancements, internet penetration in Europe has increased dozens
of times over the past decade. The explosion of Internet of Things (IoT) ongoing
strategies and goals from the government regarding effective mobility and digital
transformation are key factors shaping trends and promoting the development of traffic
management in the country. Europe is striving to master technologies for the traffic
management market and diversifying types of applications.
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Europe traffic management market
is segmented based on component, deployment mode, application, and region.
Based on component, the market is segmented into hardware, software, and service.
Based on hardware, the market is further segmented into sensors, surveillance
cameras, display boards, and others. Based on software, the market is further
segmented into route guidance, smart signaling, traffic analytics, video
analytics software, and video management software. Based on service, the market
is further segmented into integration service, engineering service, maintenance
& support service, and consulting services. Based on deployment mode, the
market is segmented into on-premises and cloud. Based on application, the
market is bifurcated into adaptive traffic control system (ATCS), dynamic
traffic management system (DTMS), incident detection and location system
(IDLS), journey time measurement system (JTMS), predictive time modelling system
(PTMS), and urban traffic management and control system (UTMCS).
Software based traffic management, by
component is expected to acquire high traction in the traffic management market
owing to the shift to multi-cloud environments and strong need for secured
network infrastructure by market players in the Traffic management market.
Moreover, the rising demand for software to ensure that every traffic
management center gets incorporated into its subsystems like traffic light
systems and further detection devices within the enterprises are enabling the
solution-based traffic management services. Additionally, among solution
segments, route optimization and route guidance are the leading sub-segments as
the service providers have the credibility to offer solutions to assist the
consumers in finding out the best route to travel.
Based on system, the market is
bifurcated into adaptive traffic control system (ATCS), dynamic traffic
management system (DTMS), incident detection and location system (IDLS), journey
time measurement system (JTMS), predictive time modelling system (PTMS), and urban
traffic management and control system (UTMCS). The adaptive traffic control
system (ATCS) has dominated the market in 2022 and is expected to dominate the
market in the forecast period. The adaptive traffic control system aids in
adjusting the real-time pattern to maximize the traffic flow which eases
traffic congestion. Moreover, to support day-to-day operations, it leverages
downstream detections and offers a user-friendly interface.
Key market players in the Europe Traffic
management Market:
·
Siemens AG
·
Swarco, Inc.
·
Kapsch TrafficCom AG
·
TomTom N.V.
·
Cubic Corporation
·
Dynniq Group B.V.
·
Thales Group
·
Atkins Global
·
Savari Inc.
·
PTV Group
On Jan 09,
2023, Neuraspace, Ienai Space, and EnduroSat announced the partnership by
collaborating for in-orbit space traffic management demonstration platform. The
partnership will further recognize the industry requirement to deliver
end-to-end space traffic management solutions to mitigate further increase of
space debris.
On Nov 24,
2022, A German Business Travel Association (VDR) announced government funding
for an end-to-end program to reduce carbon emissions by implementing Travel
Management as a Service (TMaaS). The program has begun in early 2023 with the
aim to help Germany’s business travel sector reduce its CO2 footprint by
digitizing processes for booking and managing sustainable travel.
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“Ongoing advancements in digital
platforms approaches that will lead to a breakdown of barriers between
providers are boosting the Europe traffic management market in the forecast
years. The rising investment in the deployment of 5G infrastructure and internet
architectures in emerging areas such as machine-to-machine communication and
Internet of Things (IoT) across Europe are boosting factors for driving revenue
growth of the traffic management market in Europe. Moreover, implementation of
several programs by the European Union and European Commission (EC) such as Digital
Sky Demonstrator (DSD) projects, Drone strategy 2.0, etc. are key enablers for
achieving the necessary high level of integration with Traffic Management while
influencing the market with a continuous urge by consumers for launching new
service plans in the upcoming years.” Said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Europe Traffic Management Market By Component (Hardware
(Sensors, Surveillance Camera, Display Boards, Others), Software (Route
Guidance, Smart Signaling, Traffic Analytics, Video Analytics Software, Video
Management Software), Service (Integration Service, Maintenance & Support
Service, Consulting Services)), By Deployment Mode (On-premises, Cloud), By
Application (Adaptive Traffic Control System (ATCS), Dynamic Traffic Management
System (DTMS), Incident Detection and Location System (IDLS), Journey Time
Measurement System (JTMS), Predictive Time Modelling System (PTMS), and Urban
Traffic Management and Control System(UTMCS)), By Country, Competition,
Forecast and Opportunities, 2028” has evaluated the future
growth potential of Europe traffic management market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Europe traffic management market.
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