The global smart traffic analytics market is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing urban population across the world, coupled with rising traffic congestion on roadways and high demographic rates. According to the World Bank, the urban population of the world rose to 55.715% of the world’s total population in 2019, up from 54.823% in the year 2017. Along with these, growing demand to develop fuel-efficient and economic transport infrastructure is giving rise to the escalating demand for implementing efficient traffic management systems. This in turn is expected to drive market growth in the upcoming years. In addition, increase in the number of smart city projects in emerging economies such as Singapore, India and Malaysia, is also projected to offer lucrative opportunities to the market in the near future.
The market is segmented by product into traffic monitoring system, traffic signal control system, traffic enforcement camera, intelligent driver information system, integrated corridor management, and others, out of which, the traffic enforcement camera segment is anticipated to hold the largest share in the smart traffic analytics market. This can be accounted to the effectiveness of these cameras to monitor traffic flow and identify violations. Apart from this, traffic enforcement cameras enable operators to verify and detect incidents on the basis of evaluation and real-time monitoring. Furthermore, based on end user, the segment for highway is evaluated to gather the largest market share over the forecast period owing to the rising adoption of smart cities in developing nations. For instance, as per the Indian Brand Equity Foundation (IBEF), in 2020, USD 28.31 billion were allocated for smart city projects, out of these, 86% have been tendered as of now. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global smart traffic analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of robust rate of urbanization, rising traffic congestion and increasing number of fatalities due to road accidents. For instance, in Indonesia, approximately 150,000 casualties resulted from traffic accidents in 2019. Moreover, the market in North America is anticipated to grab the largest market share over the forecast period owing to the rising demand for real time data among drivers and increasing adoption of IoT in the region. Additionally, the surge in the number of traffic management projects and intensifying developments in Information and Communication Technology (ICT) are expected to drive market growth in the region.
The global smart traffic analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart traffic analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing urbanization around the world and growing number of smart city projects in emerging economies.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Lack of awareness about smart analytics in under-developed nations is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the rapid rate of urbanization and rising traffic congestion in the region.
The major players in the market are Accenture PLC, Cisco Systems, Inc., Cubic Corporation, Siemens AG, SWARCO AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by end user, product, and by region.
The highway segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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