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)
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.
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)
- 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