Rise in Traffic Congestion and Number of Accidents in Cities to Fuel Demand
The infrastructure development has emerged as one of the primary agendas for governments in several developing and underdeveloped regions. While developed regions continue to leverage new technologies to shape the growth of the futuristic urban towns and cities, the emphasis on the development of smart cities and urban planning systems has witnessed considerable growth in recent years. Moreover, governments around the world are expected to focus on the development of infrastructure that compliments vehicular network– a key parameter that has a strong influence on the success of a smart city.
Municipalities around the world are increasingly seeking novel ways to minimize traffic and on-road congestion by implementing intelligent transportation systems, including adaptive traffic control systems– a factor that is expected to fuel the growth of the global adaptive traffic control system market during the forecast period. A number of players operating in the current adaptive traffic control system market is focusing on designing adaptive traffic control systems that support a range of smart city transportation applications, such as public transport signal priority (TSP), eco-driving supporting, message broadcasting, smart traffic signal control (STSC), and emergency vehicle signal preemption (EVSP). This is another factor that is expected to bolster the global adaptive traffic control system market in the upcoming years.
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At the back of these factors, along with consistent progress made by sensor technology, artificial intelligence (AI), and machine learning, the global adaptive traffic control system market is on the course to surpass the market value of US$ 21.9 Bn by the end of 2030.
Market Players Focus on Tackling Clogged Roads; Uptake of Adaptive Traffic Control Systems Rising
With exponential rise in the global population coupled with the swelling number of automobiles worldwide, clogged roads, humongous trails of vehicles, and congested roads continue to pose as a major problem for the stakeholders involved in the urban planning space. Governments and municipality corporations in various regions of the world are seeking new ways to respond to the rising number of road accidents and tackling road congestion due to which, adaptive traffic control systems have attracted considerable interest in recent years as a viable alternative to address the existing set of challenges.
Players involved in the current adaptive traffic control system market landscape are increasingly focusing on integrating the recently developed communication technologies with the cutting-edge artificial intelligence (AI) technology to increase the adoption of adaptive traffic control systems. Although a large share of the global population have pinned their hopes on self-driving cars to solve existing problems related to traffic and road congestion, the technology is likely to make a noteworthy impact after a couple of decades, which leaves enough room for immediate improvement. The recent progress in traffic control techniques have led to the formation of flexible control strategies that offer immense promise in an adaptive traffic control system– a factor that is anticipated to drive the adaptive traffic control system market during the assessment period.
COVID-19 Pandemic to Hinder Market Growth
The outbreak of the COVID-19 pandemic is expected to hinder the growth of the global adaptive traffic control system market in 2020. While governments around the world continue to focus on addressing the challenges linked with the COVID-19 pandemic, investments toward infrastructure development projects are anticipated to remain low worldwide. Moreover, due to stringent lockdown measures and temporary shutdown of industries in the first two quarters of 2020, the supply chain of raw materials has been largely affected due to which, the delivery of various components and completion of adaptive traffic control system projects have been delayed.
Adaptive Traffic Control System Market: Overview
- According to a latest research report on the global adaptive traffic control system market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2020–2030, growing government initiatives for deployment of smart traffic technologies, and integration of artificial intelligence and machine learning in the transportation sector are expected to boost the global adaptive traffic control system market during the forecast period
- Technologies continue to emerge, and advanced traffic management systems offering high productivity and enhanced performance are expected to keep developing, which is expected to fuel the growth of the adaptive traffic control system market
- In terms of revenue, the global adaptive traffic control system market is estimated to exceed value of US$ 21.9 Bn by 2030, expanding at a CAGR of ~18% during the forecast period
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Growing Government Initiatives for Deployment of Smart Traffic Technologies: A Key Driver
- Governments of numerous countries across the globe are actively engaged in the deployment of smart traffic management systems such as adaptive traffic control systems due to their many benefits. Adaptive traffic control systems smoothen traffic flow by reducing traffic congestion, and reducing excess fuel consumption, pollution levels, and delays across cities, by prioritizing traffic and distributing green light time equitably in accordance with real time traffic information. As per Texas Transportation Institute, the cost of traffic congestion is US$ 87.2 Bn in wasted fuel and lost productivity. This translates to US$ 750 per traveler. Adaptive traffic signal control technologies improve travel time by more than 10%.
- In 2020, Asfinag, the Austrian public roads operator selected Siemens Mobility to provide the technology for an intelligent traffic management system that provides a real-time scenario of exchange of safety information between vehicles and the road
- Thus, increasing government initiatives for successful traffic management and significant investments under smart traffic management initiatives are expected to fuel the growth of the adaptive traffic control system market
- However, limited budgets allocated to the traffic industry remains a critical issue. The high cost of hardware, along with lack of expertise in configuring and maintaining the system are major factors expected to hinder the growth of the adaptive traffic control system market during the forecast period. Installation of advanced traffic management systems may lead to interference in the privacy of citizens. Citizens are highly concerned about their privacy since traffic monitoring efforts lead to the capturing of their daily movements.
- Efforts related to the assurance of privacy through anonymity can mitigate this issue. However, until a proper solution is not worked out, privacy will continue to thwart the market growth of adaptive traffic control systems.
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