North America Traffic Management Market is expected to reach US$ 28.87 billion by 2030

Growing Automotive Applications Drives North America Traffic Management Market Growth

According to our latest study on “North America Traffic Management Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component and Application," the North America Traffic Management Market size was valued at US$ 10.04 billion in 2022 and is expected to reach US$ 28.87 billion by 2030; it is estimated to record a CAGR of 13.1% from 2022 to 2030.

Traffic management is a crucial aspect of any city or state. It largely depends on the deployment of traffic management solutions and the measures undertaken to safeguard smooth traffic flow while improving the overall road transport system. Traffic management procedures vary from state to state, depending on the local laws, and thus require careful planning before implementation. With an increasing number of people shifting toward urban areas, the number of vehicles on the road is swelling significantly. Additionally, the increasing sales of four and two-wheelers in the region are expected to surge the number of vehicles on the road over the next few years. Despite a slowdown in car demand in the past five years, the growing interest in electric vehicles (EVs) is expected to aggravate the traffic congestion in urban areas. Vehicle miles traveled (VMT) is a measure that is used extensively for planning transportation movement. Recent VMT statistics in the US and Canada suggest the ever-increasing number of vehicles. As per the Federal Highway Administration of the US, the VMT increased to 5.13 trillion km in 2023, as compared to 4.55 trillion km in 2021. Thus, managing traffic and ensuring a smooth commute is becoming indispensable for urban scenarios to function appropriately. The North America traffic management market report emphasizes the key factors driving the market and showcases the developments of prominent players.

Development of Smart Cities and Roadways to Offer Lucrative Opportunities for North America Traffic Management Market Growth During Forecast Period

The world is witnessing a boom in connected devices and several countries are investing in developing smart cities. Smart cities are technologically advanced urban areas that employ a variety of sensors and electronic methods for gathering data and utilizing it for the betterment of the locality. The US Department of Transportation (DOT) is taking several initiatives for smart cities and advanced transportation technologies. Building on Beyond Traffic 2045, the Smart City Challenge provided a spark for cities looking to revolutionize their transportation systems to help improve people's lives. Moreover, the US smart cities are powered by 5G, and city-owned connected infrastructure is the first to have deployed a full cellular vehicle-to-everything (C-V2X) system within its city streets. Smart cities are designed with long-term plans for managing traffic by optimizing transportation logistics and reducing congestion, which is expected to create lucrative business opportunities for the growth of the North America traffic management market. Hence, along with smart cities, countries are also investing in developing smart roadways to provide safer vehicle commutes. Smart roadways include different types of sensors and hardware through which multivariate data can be collected and used for traffic monitoring. It can also be shared with vehicles traveling on the road, allowing them to make informed decisions. Most major vehicle manufacturers manufacture IoT-enabled vehicles with many sensors and devices. Such sensors gather various data, including road conditions and pollution levels. With the increasing adoption of artificial intelligence (AI), data from different vehicles can collaborate with data from smart roadways and meaningful insights can be obtained. Data from vehicles can be utilized to understand the congestion level at specific road sections, determine the average number of vehicles present at a specific point, and estimate the traveling time for a vehicle, among others. Based on such data, lanes can be maintained accordingly, congestions can be predicted and avoided, and disruptions can be attended to promptly. Thus, the commute time in urban areas can be lowered by 15–20%, among several other advantages. Hence, the development of smart cities and roadways will most likely provide ample growth opportunities for the expansion of the North America traffic management market.

North America traffic management market Regional Overview:

Canada held the second-largest North America traffic management market share. The market in Canada is segmented into Alberta, British Columbia, Ontario, Quebec, and the Rest of Canada. Alberta is anticipated to grow at the second fastest pace. Alberta is a Western Canadian province that has a long history of adopting advanced traffic management systems. Alberta’s Commercial Vehicle Enforcement Branch (AB CVEB) implemented the Smart Roadside Inspection Systems (SRIS) in March 2012 at four of their vehicle inspection stations (VIS) with the assistance of the vendor, Intelligent Imaging Systems (IIS), of Edmonton. The system included a number of firsts, such as the first commercial motor vehicle (CMV) hazardous materials (HazMat) placard system in North America that identified and flagged vehicles transporting dangerous goods, the first CMV automated thermal imaging solution integrated into any screening system, and the first agency in Canada with the ability to automatically screen and identify high-risk US vehicles traveling through the province, among many others.

Alberta is also one of Canada’s leaders in the use of the Road Weather Information System (RWIS). Since 2005, the provincial highway network has been fitted with more than 100 RWIS stations. RWIS consists of sensors and cameras that track and gather data on weather and road situations in real-time reports to generate current conditions and forecasts.

In November 2021, a new traffic signal was installed in the Town of Sylvan Lake at the intersection of 46 St. and 47 Avenue to ensure pedestrian safety and to cater to increased traffic. Such trends collectively boost Alberta’s traffic management market during the forecast period.

North America Traffic Management Market Segmental Overview

The North America traffic management market analysis has been carried out by considering the following segments: component and application. Based on component, the market is segmented into hardware, software, and service. The hardware segment has been further segmented into cameras, display boards, and sensors, while the software segment has been bifurcated into on-premise and cloud. Based on application, the market is segmented into automatic tolling, lane management, parking management, surveillance, traffic signal management, and others. By Country, the North America traffic management market share is segmented into the US and Canada. The US traffic management market is further segmented into Arizona, Kentucky, Maryland, Michigan, New York, North Carolina, Ohio, South Carolina, Virginia, Wisconsin, and the Rest of US. The Canada traffic management market is segmented into Alberta, British Columbia, Ontario, Quebec, and the Rest of Canada.

North America Traffic Management Market Competitive Landscape and Key Developments

Axis Communications AB, Cisco Systems Inc, Cubic Corporation, Dahua Technology Co Ltd, Hangzhou Hikvision Digital Technology Co Ltd, IBM Corporation, SGS SA, Siemens AG, SNC-Lavalin Group Inc, and Teledyne FLIR LLC are among the prominent players analyzed in the North America traffic management market report. Several other important players were also evaluated to get a holistic view of the market and its ecosystem. The increasing deployment of cutting-edge technologies by the key players is expected to remain a key North America traffic management market trend. Moreover, the leading players in the market focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities. For instance:

• In July 2023, the Cody City Council approved both a quit claim deed and right-of-way easement, permitting the Wyoming Department of Transportation (WYDOT) to proceed with traffic light installation at the intersection of Big Horn Avenue and Blackburn Street. The quit claim deed transfers the ownership of three parcels of city property to the WYDOT. These three parcels total 308 square feet and were required for the completion of the traffic signal projects.
• In August 2022, the City Council of Allen approved an ~US$ 1.5 million construction agreement for three new traffic signals at the intersections of Stacy Road and Curtis Lane, Bethany Drive at Racetrac Driveway (west of Greenville Avenue), and Angel Parkway and Malone Road. The purchase was made through a cooperative purchasing agreement with the Houston-Galveston Area Council for US$ 0.3 million.

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