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

Technavio, a leading provider of market research reports, has released its latest study on Traffic Control Services Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global traffic control services market is classified under the umbrella of the diversified support services sector within the broader commercial services and supplies market. This market segment comprises businesses offering primarily labor-intensive support services to corporations and governments. The diversified support services market encompasses entities providing commercial cleaning, dining and catering, equipment repair, industrial maintenance, auctioneering, storage and warehousing, transaction services, uniform rental, and various other business support solutions. The global commercial services and supplies market size is determined by the collective revenue generated by companies specializing in commercial printing, environmental and facilities services, office products and services, security and alarm services, and diversified support services. - The Traffic Control Services Market is experiencing significant growth, fueled by the Increasing road accidents. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing road accidents
  • Growing demand to organize traffic movement
  • Lack of road safety in developing countries
  • Growing demand for intelligent traffic systems
• Growth Projections

The market size is estimated to grow by USD 7996.27 million, at a CAGR of 8% during the forecast period. The global traffic control services market has experienced significant growth due to the increasing importance of road safety, with the rising number of vehicles on the roads increasing the demand for effective traffic management solutions. Despite the temporary decline in automobile sales in 2020 caused by the COVID-19 pandemic, the market rebounded strongly in H1 2021. For instance, the Japanese automobile market recorded a 12% increase in sales, while the EU market experienced a robust 27% growth year-over-year. This positive trend is expected to continue as economies recover and vaccination drives progress.

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• Regional Insights

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.

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