Authored By: Sarah
11 Jul 2024

 Traffic Control Services Market Size to grow by USD 7996.27 million between 2023-2027

According to a research report “ Traffic Control Services Market” by Application (Highway, Street, Others) Type (Event safety, Traffic pacing, Advanced warning sign installation, Traffic control drawings, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 7996.27 million, at a CAGR of  8% during the forecast period. The global road traffic situation is a significant concern, with human error being the leading cause of road crashes. According to the World Health Organization (WHO), approximately 1.35 million people succumb to road traffic accidents annually, with 93% of these fatalities occurring in low- and middle-income countries, despite possessing only 60% of the world's vehicles. The UN General Assembly adopted the 2030 Agenda for Sustainable Development in 2015, which aims to reduce the number of road traffic fatalities and injuries by half by 2030. The increasing number of vehicles on the road has resulted in a surge in accidents, injuries, and fatalities, necessitating the need for effective traffic control services to ensure road safety and compliance with driving rules.

Browse market data tables, figures, and in-depth TOC on “Traffic Control Services Market” by Application (Highway, Street, Others) Type (Event safety, Traffic pacing, Advanced warning sign installation, Traffic control drawings, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Application, the Highway segment is projected to dominate the market size in 2024

In the realm of large-scale event organization, managing traffic congestion is a critical aspect ensuring a successful outcome. For various events such as athletic competitions, concerts, parades, marathons, street festivals, charity functions, and school events, the role of skilled traffic control personnel becomes indispensable. Traffic control service providers offer comprehensive event safety solutions, enabling smooth attendee flow and adherence to security regulations. The demand for these services is anticipated to surge due to the increasing number of events worldwide.

By Type, Event safety  segment is expected to hold the largest market size for the year 2024

The escalating volume of vehicular traffic and the resulting surge in highway accidents, primarily due to excessive vehicle speeds, have fueled the demand for traffic control services on highways. Proper traffic management is essential to minimize road accidents and ensure road safety. Reckless driving behaviors, such as overtaking in unsafe conditions, failing to adhere to stop signs or traffic lights, and changing lanes into congested areas, pose significant risks on highways. Effective traffic pacing, which involves regulating the flow of vehicles to maintain a safe and consistent speed, is crucial in reducing the likelihood of accidents. By implementing traffic control measures, including lowering speed limits and utilizing traffic signals and signage, the kinetic energy of vehicles can be diminished, thereby mitigating the potential harm to pedestrians and other road users.

North America is forecasted to hold the largest market size by region in 2024

In North America, the traffic control services market holds the largest market share, with the United States being the primary contributor to its growth. Key drivers fueling the expansion of this market include the escalating traffic congestion in the region, the substantial expense associated with constructing new road infrastructure, and the imperative to enhance overall road safety. Notably, the United States Department of Transportation has proposed an allocation of USD89 billion in the fiscal year 2021 budget to bolster transportation safety and infrastructure improvements.

The Traffic Control Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ATS Traffic
  • Barricade Traffic Services Inc.
  • Claytons Traffic Control Services
  • Colorado Barricade Co.
  • Direct Traffic Management Inc.
  • GardaWorld Security Corp.
  • JSK Traffic Control Services
  • Nationwide Traffic Solutions
  • RoadSafe Traffic Systems Inc.
  • Roadway Construction Service
  • SWARCO AG
  • The Barricade Co.
  • The Traffic Management Co.
  • Traffic Control Co.
  • Traffic Management Inc.
  • Traffic Safety
  • Traffic Safety and Management Ltd.
  • Traffic Safety Services Inc.
  • Triumph Traffic
  • United Traffic Control Services
.

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Research Analysis Overview

The Traffic Control Services Market is witnessing significant growth due to the increasing need for efficient traffic management systems in the face of urbanization, air pollution, and traffic congestion. Two primary deployment models are driving this market: On-Premise Deployments and Cloud-Based Deployments. On-Premise Deployments offer greater control and customization, making them ideal for large transportation systems. However, they require significant investment in hardware and maintenance. In contrast, Cloud-Based Deployments offer flexibility, scalability, and cost savings. They enable real-time traffic information through sensors, GPS, and AI-powered analytics from companies like INRIX. 5G technology and autonomous driving are transforming the market, with smart vehicles and connected cars generating vast amounts of data. This data is used to improve traffic flow, reduce accidents, and enhance road safety for cyclists, pedestrians, and other road users. Interoperability between different traffic management technologies is crucial to ensure seamless integration and effective traffic control. Air pollution and environmental concerns are also driving innovation, with some cities exploring AI-powered traffic management systems to optimize traffic flow and reduce emissions. Ultimately, the goal is to create smart cities where traffic is managed efficiently, safely, and sustainably.

Market Research Overview

The Traffic Control Services Market is witnessing significant growth due to the increasing demand for real-time traffic information and smart city projects. The market offers both On-Premise Deployments and Cloud-Based Deployments, catering to various IT budgets and infrastructure requirements. Key players in the market include INRIX, ZF Friedrichshafen, and various other solution providers. The market is driven by the need for multimodal traffic management, including the management of cars, buses, cyclists, and pedestrians. Urbanization and the resulting traffic congestion, air pollution, and driver safety concerns are major factors driving the demand for traffic control services. Advancements in technology, such as 5G Technology, Artificial Intelligence, and Sensor Technologies, are playing a crucial role in the development of traffic management systems. The use of GPS, surveillance cameras, and route optimization and guidance are becoming increasingly common. The market also includes components such as permitting services, digital parking, and parking spaces. The use of IoT and Connected Cars is expected to further boost the market's growth. However, challenges such as inflationary environment, recession, and labor shortage may impact the market's growth. The market offers big-data insights, incident detection, and route optimization, making it an essential component of transportation systems. The market is expected to continue growing, with a focus on improving road safety, reducing accidents, and enhancing public safety.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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