According to a new report published by Introspective Market Research, titled, “Traffic Safety System Market By Solution, Services, System, End User, Global Market Analysis and Forecast, 2024-2032.
The global Traffic Safety System Market size was valued at $ 42.3 billion in 2023 and is projected to reach $113.58 billion by 2032, registering a CAGR of 11.6 % from 2023 to 2032.
A traffic management system is a highly developed integrated system designed to promote safety, improve traffic flow, and increase the overall efficiency of the traffic system. Collecting and analyzing real-time data on traffic conditions requires cutting-edge technology such as sensors, cameras, and communication networks. This information is used by traffic lights, road signs, and other traffic management tools to control the flow of traffic and provide drivers with real-time information about accidents, traffic jams, and other issues.
Reducing traffic congestion, increasing safety, and improving the performance of the entire traffic system are the main goals of a traffic management system. Technology can help reduce commute times, reduce fuel consumption and emissions, and improve the overall quality of life for city dwellers by streamlining traffic and reducing congestion.
The device can also help reduce the likelihood of accidents and other incidents by providing drivers with real-time traffic information, thus improving traffic safety.
In general, the traffic management system is an integral part of the modern traffic infrastructure, and as traffic volumes increase and the number of city residents increases, the importance of this component also increases. To maintain the safety, efficiency, and sustainability of our transport networks, transport planners and politicians must prioritize the development and implementation of transport management systems.
Global Traffic Safety System Market, Segmentation
The Traffic Safety System Market is segmented based By Solutions, Services, Systems, and End User Regions.
System:
The System type segment is further classified into Speed Enforcement Systems, Video Surveillance Systems, Congestion Management Systems, Variable Message Signs (VMS), Traffic Counters and Classifiers, Incident Detection Systems, and Automatic Number Plate Recognition (ANPR). Among these, the Automatic Number Plate Recognition (ANPR) sub-segment accounted for the highest market share in 2023
The Automatic Number Plate Recognition (ANPR) phase is the largest driver of the road safety market and is expected to grow during the forecast period. Users such as shopping malls, theatres, restaurants, parking meters, street intersections, faculties, and private areas significantly affect ALPR's share of sales. It is also widely used to recover a car if it has been stolen or illegally used.
This increasingly vigilant feature can crash and scan license plates to make it easier for customers or authorities to quickly retrieve the car at the scene.
End User:
The End User segment is further classified into Government Agencies, Construction Companies, and Transportation Companies.
Based on the End User, the Government Agencies Sub Segment is expected to dominate the Traffic Safety System market during the forecast period. The Automatic Number Plate Recognition (ANPR) phase is the largest driver of the road safety market and is expected to grow during the forecast period. Users such as shopping malls, theatres, restaurants, parking meters, street intersections, faculties, and private areas significantly affect ALPR's share of sales. It is also widely used to recover a car if it has been stolen or illegally used.
This increasingly vigilant feature can crash and scan license plates to make it easier for customers or authorities to quickly retrieve the car at the scene.
Region:
The Traffic System Management Market in North America is projected to show the fastest growth by 2032.
Countries like the United States and Canada are reducing traffic congestion by changing their transportation infrastructure. In addition, telematics service manufacturers in the region are focusing on developing new solutions. The US Department of Transportation (DOT) has several initiatives for smart cities and advanced transportation technologies.
Safety-enhancing solutions such as wireless safety communication and integrated hands-free mobile phones are being developed for vehicles included in traffic management systems.
Some of The Leading/Active Market Players Are-
- IBM (U.S.)
- Dicke Safety Products (U.S.)
- Traffic Signs & Safety (U.S.)
- Roadtech Manufacturing (U.S.)
- Pro-Line Safety Products (U.S.)
- The Cortina Companies (U.S.)
- 3M (U.S.)
- Honeywell International Inc. (U.S.)
- Pexco LLC. (U.S.)
- Emedco (U.S.) and Other Active Players.
Key Industry Developments
- In March 2024, IBM acquires Pliant to further enhance network IT automation capabilities. IBM announced that it has acquired Pliant, a leading provider of network and IT infrastructure automation products. Pliant adds essential features to automate network and IT infrastructure tasks and bring those features to the application layer, giving applications (and developers) maximum control oversimplifying and managing infrastructure directly within applications.
- In June 2023, Siemens Mobility acquired Optrail to expand the functionality of its train planning system. Siemens Mobility has completed the Italian technology company Optrail S.r.l. an acquisition that provides traffic management systems - TMS - with unique algorithms based on mathematical optimization methods and operational research. The acquisition complements Siemens Mobility's existing train planning system - TPS portfolio and strengthens its position as a leading provider of software solutions for railway customers.
Key Findings of the Study
- Government agencies are expected to be the dominant end users of traffic safety systems, and ANPR technology leads the market for its effectiveness in vehicle recovery and law enforcement.
- North America will see the fastest growth in the traffic management market by 2032, driven by initiatives to reduce traffic congestion, development of transportation infrastructure, and development of safety-enhancing solutions.
- Automatic Number Plate Recognition (ANPR) technology is a major market-influencing technology and is widely used in various sectors including government agencies and private sectors.
