>Global Traffic Monitoring Market, By Solutions (Traffic Analysis and Smart Surveillance), Hardware (Display Boards, Sensors, Surveillance Cameras and Others), Service (Consulting, Deployment and Integration and Support and Maintenance), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights of Traffic Monitoring Market
Data Bridge Market Research analyses that the traffic monitoring market would exhibit a CAGR of 11.16% for the forecast period. Growth in the production of commercial and passenger vehicles especially in the emerging economies, shifting and improving economic conditions of certain economies around the globe and increased focus of the manufacturers on innovative automotive monitoring technologies, surge in the level of traffic and growing proliferation of internet of things technology are the major factors attributable to the growth of traffic monitoring market. This signifies that, the global traffic monitoring market would stand tall by USD 94.03 billion by the year 2028.
From the name itself, it is clear that traffic monitoring refers to a set of solutions, software and services that assist in monitoring and managing the traffic effectively. Not just that, traffic monitoring is a proactive surveillance systems that helps in controlling the traffic infringements, prevent traffic collisions and observe the activities of hazardous drivers. A wide range of tools and techniques are used in the traffic monitoring solutions which are able to record every single information and track the location.
Growth in the demand for the real- time traffic monitoring systems has resulted in growth in the traffic monitoring market value. Growth and expansion of automotive industry especially in the developing economies coupled with rising initiatives by the government persuade the use of traffic monitoring systems will also create lucrative growth opportunities for the traffic monitoring market. Increasing public expenditure to strengthen the safety and surveillance industry will also foster the traffic monitoring market growth. Rising traffic congestion, introduction of MaaS and growing demand for developing smart vehicles compatible with advanced technologies will further carve the way for the growth of traffic monitoring market.
However, high costs associated with the technology and lack of technological expertise in the developing and underdeveloped economies will pose a major challenge to the traffic monitoring market growth rate. Dearth of standardized and uniform technologies will hamper the traffic monitoring market growth rate. Multiple sensors and touch points pose data fusion challenges and this will further restrict the scope of growth for the traffic monitoring market.
This global traffic monitoring market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on traffic monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Traffic Monitoring Market Scope and Market Size
The global traffic monitoring market is segmented on the basis of solutions, hardware and service. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of solutions, traffic monitoring market is segmented into traffic analysis and smart surveillance. Smart surveillance segment is sub-segmented into video management software and video analytics. Video analytics segment is further bifurcated into incident detection, pedestrian detection, facial recognition and automatic number plate recognition.
- The hardware segment for traffic monitoring market includes in display boards, sensors, surveillance cameras and others. Sensors segment is sib-segmented into vehicle detection sensors, pedestrian presence sensors and speed sensors.
- On the basis of service, traffic monitoring market is segmented into consulting, deployment and integration and support and maintenance.
Traffic Monitoring Market Country Level Analysis
The global traffic monitoring market is analysed and market size insights and trends are provided by country, solutions, hardware and service as referenced above.
The countries covered in the traffic monitoring market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe dominates the traffic monitoring market and will continue to flourish its trend of dominance during the forecast period owing to the increased freight traffic and rising adoption of advanced technologies. Asia-Pacific region is set to witness unprecedented growth during the forecast period. This is because of the increasing investments in the intelligent transportation system and growing investments for the development of a smart infrastructure.
The country section of the traffic monitoring market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Traffic Monitoring Market Share Analysis
The traffic monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to traffic monitoring market.
The major players covered in the traffic monitoring market report are Kapsch TrafficCom AG, TE Connectivity, International Road Dynamics Inc., Traffic Data Systems, Axis Communications AB., Q-Free ASA., Roadsys, Inc, FLIR Systems, Inc., IBM, Siemens, Avery India Ltd., Kistler Group, Raytheon Technologies Corporation, Aimil Ltd., InnoSenT - Innovative Radar Sensor Technology, SWARCO, LG CNS., Indra Sistemas S.A., Cubic Corporation and Cellint among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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