Traffic Management System Market: Introduction
The population of on-road vehicles is incessantly rising, especially passenger vehicles, which is expected to touch the two billion mark by the year 2040. This increases the traffic density, which results in time and fuel wastage, noise pollution, and road accidents. Such a high concentration of traffic across numerous cities across the globe brings out the need to come up with a proper traffic planning and control system. This has brought traffic management system into the limelight.
A traffic management system offers the ability to analyze and respond to real-time traffic-related data immediately. Such systems provide IT solutions that help in smoothening vehicular traffic flow, and enhancing the security and safety of commuters. Traffic management systems collect and combine data from surveillance sources such as CCTV cameras, traffic control centers, and road sensors. The data is then further processed and filtered by the system to generate useful traffic-related information, which is forwarded onto commuters, police stations, traffic control agencies, personnel, etc.
Traffic Management System Market: Drivers and Challenges
Increasing urbanization and rapid industrialization is driving the global traffic management system market, developing a pool of opportunities to dive in for vendors providing traffic management systems. With the increase in population, the number of on-road vehicles is also increasing rapidly, giving rise to the demand for traffic management systems. Investments and initiatives by various governments and companies across the globe supporting the development of traffic control and management infrastructure are the major factors driving the traffic management system market. Proper traffic management systems does not only help to minimize traffic congestion and reduce fuel wastage, but it also saves the time and money of commuters by assisting them in planning their journey. Traffic management systems provide on-demand services such as parking management and route finding applications during the journey, thus driving the market’s growth.
However, the lack of uniform technology standards and security-related issues are some of the challenges limiting the growth of traffic management system market.
Traffic Management System Market: Segmentation
The global traffic management system market can be segmented on the basis of service, software, and hardware.
On the basis of service, the traffic management system market can be segmented into:
- Deployment and Integration
- Support and Maintenance
On the basis of software, the traffic management system market can be segmented into:
- Route Guidance
- Smart Surveillance
- Smart Signaling
- Traffic Analytics
On the basis of hardware, the traffic management system market can be segmented into:
- Display Boards
- Surveillance Cameras
- Others (Linked and Intelligent Traffic Controllers)
Traffic Management System Market: Key Players
Some of the key players of the traffic management system market are: Accenture PLC, Atkins Group, Cellint, Cisco Systems, Inc., Citilog, Cubic Corporation, EFKON AG, Esri, FLIR Systems, Inc. IBM Corporation, Siemens AG, Indra Sistemas, S.A., Industrial Management Technology and Contracting LLC, IntelliVision Technologies, Iteris, Inc., Jenoptik AG, Kapsch TrafficCom AG, Lanner Electronics Inc., LG CNS Co. Ltd., Metro Infrasys Pvt. Ltd., PTV Planung Transport Verkehr AG, Q-Free ASA, SWARCO AG, TransCore, LP, Truck Parking USA, Savari, Inc., and others of traffic management system market.
Traffic Management System Market: Regional Overview
On the basis of geography, the traffic management system market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. Among all the regions, Europe is estimated to lead and dominate the traffic management system market during the forecast period. Large-scale investments in smart city and smart transportation projects, and the demand for upgrades in traffic control and management mechanisms are considered to be the major drivers for the traffic management system market in the region. Countries in the European region have been extremely responsive towards adopting the latest technological advancements in traffic management systems, such as route guidance and smart signaling software.
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Though the Asia Pacific region is in its initial growth phase, it is the fastest growing region in the global traffic management system market. The increase in urbanization in APAC countries has resulted in a traffic gridlock. The need for minimizing such traffic congestions using better traffic control and management in APAC economies such as India and China, government initiatives, and investments supporting smart city projects are estimated to drive the demand for the traffic management system market in the APAC region.
The Traffic Management System market report covers exhaustive analysis on:
- Traffic Management System Market Segments
- Traffic Management System Market Dynamics
- Historical Actual Market Size, 2013 – 2017
- Traffic Management System Market Size & Forecast 2018 To 2028
- Supply & Demand Value Chain
- Traffic Management System Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Traffic Management System Market Value Chain
- Traffic Management System Market Drivers and Restraints