Tolling systems are deployed across the globe to eliminate delays caused due to the traffic on roads. These systems charge a toll on passing vehicles without physically collecting it, thereby eliminating the need for vehicles to stop for payment of toll. This is done with the help of wireless communication between in the vehicle device called toll transponders and toll gate antenna. Tolling and city congestion solutions help manage traffic efficiently by reducing the time required during toll collection. These also provide passengers the data about the status of the traffic and recommend the best route available to avoid traffic congestion. Traffic congestion solutions also provides data regarding traffic that the passengers are likely to face within the time span of 15 minutes to 1 hour. These solutions find the best routs to manage traffic congestion by analyzing road closures and construction sites.
Increase in smart city initiatives taken by governments around the world drive the tolling and city congestion solutions market. Rise in spending on technology to achieve smart city goals is boosting the tolling and city congestion solutions market. However, less awareness regarding the benefits of these solutions among governing bodies in rural areas of the regions such as Asia Pacific and Middle East & Africa is restraining the market.
The global tolling and city congestion solutions market can be segmented based on type, component, end-use, and region. In terms of type, the market can be divided into tolling solution, smart signaling solutions, traffic analytics solutions, and others. Based on component, the tolling and city congestion solutions market can be segregated into hardware, software, and services. The software segment can be further bifurcated into on-premise and cloud-based. The cloud-based sub-segment can be classified into public cloud, private cloud, and hybrid cloud. The services segment can be further categorized into integration & implementation, consulting, and maintenance & operations. Based on end-use the global tolling and city congestion solutions market can be classified into rural and urban area.
In terms of region, the global tolling and city congestion solutions market can be split into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Presently, in terms of its revenue, North America dominates the global tolling and city congestion market, followed by Europe. North America is estimated to hold a dominant share of the global tolling and city congestion solutions market during the forecast period. The market in North America is estimated to expand considerably due to the rise in spending on technology by governments in the U.S. and Canada. The market in Asia Pacific is expected to create lucrative opportunities to key players operating in the global tolling and city congestion solutions market in the next few years due to significant increase in urbanization in the region. Growth in the construction industry in this region is also propelling the tolling and city congestion solutions market. South Korea, Japan, India, Malaysia, Singapore, Thailand, Australia, China, and Singapore are major countries boost the market in Asia Pacific.
The tolling and city congestion solutions market is in the nascent stage. Companies operating in the market are developing innovative solutions to cater to the continuously changing demands of the customers. Vendors in this market are focusing on improving their marketing strategy and increasing their customer base in untapped regions.
Key players operating in the global tolling and city congestion solutions market include Honeywell International, Inc., Transurban, Transcore Holdings, Inc., Transtoll Pty Ltd., Thales Group, TRMI Systems Integration, Toll Collect GmbH, 3M, Connect East, Xerox Corporation, SAIC, EFKON, DENSO, Sensor Dynamics, Q-Free, Mitsubishi Heavy Industries, Ltd., Perceptics, Kapsch TrafficCom AG, and The AnyLogic Company.
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