The “Adaptive Traffic Control System Market Forecast to 2030 – Global Analysis by Type, Component, and Application” report has been added to ResearchAndMarkets.com’s offering.
DUBLIN, Sept. 18, 2023 /PRNewswire/ — The global Adaptive Traffic Control System (ATCS) market is set to experience substantial growth, expanding from $5.44 billion in 2022 to an estimated $23.02 billion by 2030, at a remarkable compound annual growth rate (CAGR) of 19.7% from 2023 to 2030.
The adoption of artificial intelligence (AI) in traffic control systems is revolutionizing urban transportation worldwide. AI integration promises to alleviate traffic congestion, reduce travel times, and minimize pollution. Additionally, AI-powered systems enable law enforcement agencies to identify traffic rule violators and enforce road traffic discipline effectively. By combining smart traffic management systems with AI and cameras installed at intersections, these systems can detect and identify vehicles disobeying traffic rules, issuing real-time alerts at Central Command Centers and imposing fines on offenders.
Furthermore, advanced traffic management systems can predict congestion, survey road conditions, alert emergency services during accidents, and inform drivers about available parking spots. Several governments, recognizing these benefits, are actively implementing AI-based traffic management systems.
For instance, the government of India announced plans in March 2023 to implement an AI-powered traffic management system in Goa, enhancing signal management, security, and fine issuance while automatically detecting violations and dispatching e-challans to violators’ addresses. The rising adoption of AI-based traffic control systems is expected to drive the growth of the ATCS market.
The ATCS market is segmented into various key components:
1. By Application:
- Traffic Signal Control
- Incident Detection and Management
- Journey Time Measurement System
- Predictive Traffic Modeling
- Traffic Surveillance System
- Dynamic Traffic Management
2. By Technology:
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Machine Learning
- Big Data Analytics
- Geographical Information System (GIS)
- Cloud Computing
3. By End-User:
- Government and Municipalities
- Airports and Ports
- Urban Traffic Management Centers
- Commercial Enterprises
4. By Region:
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of APAC
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Increasing Urban Population and Vehicle Sales: Rising urbanization and vehicle ownership are driving the need for effective traffic management solutions.
- Growing Investments in Roadway Infrastructure: Governments worldwide are investing in road construction and transportation infrastructure.
- Increasing Security Threats: The rise in security concerns poses challenges to traffic control system implementations.
- Development of Smart Cities: Governments are focusing on smart city initiatives, promoting adaptive traffic control systems.
- Growing Adoption of AI in Traffic Management Systems: AI integration is expected to continue shaping the future of traffic control systems.
- The Asia-Pacific (APAC) region, including China, India, Japan, Australia, South Korea, and the Rest of APAC, is witnessing substantial population growth, resulting in increased road and highway construction.
- China, for example, announced plans in June 2022 to launch 120 new expressways and national and provincial highway projects, covering over 3,600 km, with a government investment of $27.20 billion.
- Rapid urbanization in the APAC region is contributing to traffic congestion, particularly in developing countries, further driving the adoption of adaptive traffic control systems.
- The development of smart cities and government support for transportation infrastructure are driving the growth of the ATCS market in APAC.
Key Market Players:
- Aldridge Traffic Controllers Pty Ltd
- Cubic Transportation Systems Inc
- Digicon SA
- Econolite Group Inc
- Efftronics Systems Pvt Ltd
- EFKON India Pvt. Ltd.
- Johnson Controls International Plc
- Kapsch TrafficCom AG
- Kimley-Horn and Associates
- Q-Free ASA
- Econolite Group Inc
For more information about this report visit https://www.researchandmarkets.com/r/evld1m
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SOURCE Research and Markets