Toll Management System (TMS) Market 2022 Set to Witness Explosive Growth by 2030

Description

According to the Market Statsville Group (MSG), the global toll management system (TMS) market size is expected to grow at a CAGR of 14.1% from 2022 to 2030. The toll management system is the most important part of a highway project. The system enables the toll operating agency to collect tolls efficiently and securely from road users. The system uses a combination of hardware and multi-module software to automate and track various toll collection functions, including float management, user management, toll collection, transaction audit, cash declaration, ETC FASTag transaction processing, vehicle classification, TC performance, and other features. Furthermore, real-time information about the vehicle and automatic number plate recognition offered by these systems are increasing the adoption of toll management systems in the forecast period.

Global Toll Management System (TMS) Market Definition

The primary goal of a toll management system is to collect revenues to recoup the costs of building, repairing, and maintaining the operation. Tolls are placed on national highways to collect revenue from those who use the roads for their convenience and reduced travel time. Because such locations collect large amounts of cash on a daily basis, security becomes a critical consideration. Since toll booths are located in remote locations, it isn’t easy to allocate human resources there. Therefore, toll management systems are used to carry out the operations and functions of the toll booth in the absence of human resources.

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COVID–19 Impact on the Global Toll Management System (TMS) Market

The COVID-19 outbreak has negatively impacted the overall growth of global toll management system market. This is due to a decline in revenue for market participants due to complete lockdown and restrictions in transportation. In the end of 2020, the restriction came to ease, creating a lucrative growth demand among consumers to adopt this toll management system. As this system offers contactless entry to vehicles and allows the vehicle to transit properly by charging directly from their accounts.

Scope of the Global Toll Management System (TMS) Market

The study categorizes the toll management system market based on type, and application at the regional and global levels.

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By Type (Revenue, USD Million, 2017–2030)

• On-premise
• Cloud-Based

By Application (Revenue, USD Million, 2017–2030)

• Highway
• Urban
• Others

By Region Outlook (Revenue, USD Million, 2017–2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • the Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The Cloud-Based segment is witnessed to account for the highest market share, by type

Based on the type, the global toll management system market is divided into on-premise and cloud-based. In 2021, the cloud-based segment accounted for the highest market share in the market. Long vehicular lines, fuel waste, high accident risks, and environmental pollution are among difficulties associated with traditional or manual toll collection methods. Thus, cloud-based adoption is being preferred, thereby driving the segmental growth.

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North America accounts for the highest market share during the forecast period

Globally, North America is estimated to hold the highest market share in the global toll management system market during the forecast period. The region includes the countries such as the US, Canada, and Mexico. North America is expected to hold the highest share due to the most vehicles per person. Additionally, several toll installation projects are in progress for lanes with high traffic. Furthermore, it contributes significantly to the growth of the electronic toll collection market in the region in the forecast period.

Key Market Players in the Global Toll Management System (TMS) Market

• TollPlus
• Telegra
• Conduent Transportation
• Donlen
• Mike Albert Fleet Solutions
• Aitek-Aitek SpA
• Kent Its
• Raytheon
• Green Tech ITS
• EFKON GmbH

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Recent Developments

• In February 2022, The Bay Area Toll Authority (BATA) has renewed Conduent Transportation’s contract to process automated tolling transactions at seven state-owned bridges in the San Francisco region and the iconic Golden Gate Bridge for another five and a half years. Conduent also provides motorists with BATA customer service and processes FasTrak parking charges at the San Francisco International Airport and tolls on area Express Lanes.
• In September 2021, Axis Bank partners with TollPlus for the national electronic toll collection issuer system. TollPlus will roll out its cutting-edge Central Electronic Back Office (CEBA) NETC issuance system, including a complete data migration of existing data.