The global transportation sector plays a pivotal role in driving economic development, leading governments worldwide to progressively allocate substantial investments towards its enhancement and expansion. Significant capital is being invested in the construction and modernization of roadways to facilitate faster and more efficient transportation of people and goods. Growth in the number of vehicles has led to an increase in traffic congestion across cities globally. Road accidents are also on the rise due to speeding and careless driving. According to the World Health Organization, approximately 1.3 million deaths are recorded every year due to road accidents. Pedestrians, cyclists, and motorcyclists account for over half of all road accident deaths worldwide.
Governments around the world are investing in traffic management to make the movement of goods and people as efficient, orderly, and safe as possible. Traffic management systems are being implemented across motorways, intersections, toll plazas, and tunnels, among other locations. For instance, in September 2021, Transport for London (TfL) (U.K.) awarded a contract to P Ducker Systems Ltd (U.K.), a technology-driven solutions and services provider, for the installation of approximately 50 new enforcement cameras on the U.K.’s road network, to meet its Vision Zero goal of eliminating deaths and serious injuries from road accidents in the country. Moreover, governments are also investing in increasing safety across highways. For instance, in September 2023, the U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) announced over USD 80 million in grants under President Biden’s Bipartisan Infrastructure Law to help reduce the frequency and severity of commercial motor vehicle crashes on U.S. roadways, support truck drivers by expanding access to truck parking, invest in critical technology, and improve safety in work zones, rural areas, and high crash corridors, among other goals.
Additionally, in February 2020, the U.K. government announced investing EUR 1.5 million (USD 1.9 million) in three projects to trial innovative technologies and new ways to use data to improve driving conditions, cut congestion, and reduce the time drivers spend in traffic jams. These projects were aimed at reducing the huge costs to the U.K. economy resulting from congestion by calming rush hour traffic and improving air quality and road safety for drivers. Thus, government initiatives and investments are boosting the implementation of traffic management systems, driving the growth of this market.
Speeding and negligent driving practices are contributing to an increase in traffic accidents. To ensure the efficient, safe, and secure movement of people and goods, governments all over the world are investing in traffic management. Government funds are being allocated for the use of technologies that will enhance road safety, traffic congestion, and cut down on driving time in traffic jams. Therefore, government initiatives and investment in traffic management systems for road safety are expected to drive market growth.
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