PUBLISHER: The Insight Partners | PRODUCT CODE: 1347176
PUBLISHER: The Insight Partners | PRODUCT CODE: 1347176
The Adaptive Traffic Control System market size is expected to grow from US$ 5.44 billion in 2022 to US$ 23.02 billion by 2030; it is estimated to record a CAGR of 19.7% from 2023 to 2030.
The growing adoption of AI in traffic control systems is expected to reshape urban transportation across the world. The use of AI will help to reduce traffic congestion, travel time, and pollution. It will also help law enforcement agencies to penalize the offenders, leading to an improvement in road traffic discipline. Integrating AI technology will help combine smart traffic management systems and AI with cameras installed at intersections to detect and identify vehicles disobeying traffic rules. It will generate real-time alerts at the Central Command Center, thus imposing fines on offenders. The advanced traffic management systems can also effectively understand and predict congestion at a juncture at a specific time point, survey road conditions, predict congestion on a specific stretch of road, alert emergency services in case of an accident, and suggest the driver of an available parking spot. Thus, owing to the above benefits, various countries' governments are implementing AI-based traffic management systems. In March 2023, the government of India announced the implementation of an AI-powered traffic management system in Goa at Merces junction. The system will help the authorities with signal management, security, and issuing fines. The technology will also automatically detect violations and dispatches an e-challan to the violator's address. Thus, the growing adoption of AI-based traffic control systems is expected to propel the growth of the adaptive traffic control system market during the forecast period.
The COVID-19 pandemic has boosted the digital transformation of industries; companies are focusing more on digital platforms to control and manage road traffic, boosting the growth of the adaptive traffic control system market. Many adaptive traffic-controlling solutions have been specifically developed and introduced for coping with this post-pandemic situation where traffic has again risen to its full capacity making the roads congested. Also, companies related to traffic control systems are expanding their services in other regions to increase their business. Governments of various countries in Asia Pacific are adopting advanced technologies post-COVID-19 pandemic to manage road congestion, fueling the adaptive traffic control system market growth. For instance, in April 2023, Pune Municipal Corporation (PMC) and Pune Smart City collaborated to deploy an Adaptive Traffic Management System (ATMS) to enhance traffic flow and reduce congestion in the city. The ATMs will be erected at 125 traffic signals along several corridors, beginning in Kothrud and continuing to Hadapsar, Pune Airport Road, SB Road, and Satara Road. The ATMS will be equipped with cameras that can detect vehicles from up to 200m as well as signal controllers. The technology will modify signal timings automatically on the basis of the number of vehicles in the queue at each signal to improve traffic flow and minimize delays. Such developments are expected to boost the adaptive traffic control system market in the region during the forecast period.
The adaptive traffic control system market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. China and India are continuously witnessing population growth, which is creating the need for the construction of roads and highways to efficiently reduce traffic congestion. For instance, in June 2022, the government of China announced its plan to launch 120 new expressways and ordinary national and provincial highway projects, which will cover more than 3,600 km. A total investment of US$ 27.20 billion (182 billion yuan) by the government will be made on these projects. Moreover, rapid urbanization is increasing traffic congestion in the region, specifically in developing countries, propelling the growth of the adaptive traffic control system market. According to the United Nations Organization, in 2020, New Delhi and Shanghai had 29 million and 26 million inhabitants, respectively. In addition, the cities such as Mumbai, Beijing, and Dhaka all recorded ~20 million inhabitants in 2020. This growing urban population is raising the need for the installation of superior traffic management solutions to further minimize pollution, which is expected to drive the growth of the adaptive traffic control system market in the region during the forecast period. Governments of various countries are taking several smart city initiatives to promote adaptive traffic control systems across the region. For instance, the governments are investing in the development of an intermodal transportation regional network and incorporating the Trans-Asian Railway network, the Asian Highway network, and the network of Dry Ports. As a result, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) is focusing on strengthening the connectivity, optimizing the usage of existing infrastructure, and boosting the integration level between different transport modes. Thus, the rise in road construction activities and growing government support are propelling the growth of the adaptive traffic control system market in APAC.
Aldridge Traffic Controllers Pty Ltd, Digicon SA, EFKON India Pvt. Ltd., Efftronics Systems Pvt Ltd, Kapsch TrafficCom AG, Trafiksol ITS Technologies Pvt Ltd, Swarco AG, Cubic Transportation Systems Inc, Johnson Controls International Plc, Vivacity Labs Ltd, Miovision Technologies Inc, Rhythm Engineering Inc, No Traffic, Kimley-Horn and Associates Inc, Q-Free ASA, and Econolite Group Inc are among the players operating in the global adaptive traffic control system market and profiled in this market study.
The overall adaptive traffic control system market size has been derived using both primary and secondary sources. To begin the adaptive traffic control system market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the adaptive traffic control system market. The process also serves the purpose of obtaining an overview and market forecast of the adaptive traffic control system market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the adaptive traffic control system market.