Market Research Future (MRFR) in its new “Traffic Management Market” report, states that the worldwide market of traffic management is likely to strive a CAGR of 20 % CAGR across the forecast span of 2017 to 2023.
Current technologies in traffic management market incorporate wireless charging sensors, IOT based ITS, weather monitoring solutions, integrated machine learning, IOT for autonomous vehicles, integrated toll management systems, ITS for connected vehicles, and more.
Growth in airline traffic control volume is one of the major factors driving the market growth. The market is itself in its growth stage owing to the development and inventions of new traffic management system which is slowly replacing the outdated technology. With the increasing demand for metro railways due to rapid urbanization, the railway traffic management market will grow at a steady pace. Increasing urbanization, increasing public concern for safety, and government initiative to modify the traffic infrastructure are the key drivers fuelling the growth of this market.
Advanced technologies that are being used for managing traffic is expected to explain the rapid paced expansion of the traffic management market. Current technologies, such as IoT, weather monitoring solutions, wireless charging sensors, and machine learning are being integrated, which are noted to make traffic management solutions seamless. This is expected to contribute majorly to the expansion of the market in the years to come. Over the past few years, traffic management solutions have been efficiently proving their efficacy in logistics that comprises control, purchase, transport services, and reduction of density of traffic. Hence, across the years of evaluation, the traffic management system market is likely to make good profit. Traffic management solutions offers real, process information, and deliver response immediately, which is expected to surge the market. The increase in number of automobiles due to the growing global populace and improving economic condition of people, is likely to prompt the expansion of the traffic management market through the review period.
Some of the growth inhibiting factors of the traffic management market are; heavy capital investment, transformation downtime, and infrastructural legacy systems. In addition, governments are not observed to invest in new traffic management technologies owing to lack of funds. However, investment in CCTV cameras as a part of traffic management solution, can bolster the traffic management market expansion.
The market of traffic management is segmented by component and systems.
By component, market is segmented into hardware, service, and software. The hardware is further sub-segmented into sensors, display boards, surveillance cameras, and others. The software segment is sub-segmented into route guidance, smart signaling, smart surveillance, and traffic analytics. The service segment is sub-segmented into deployment, consulting, support, integration, and maintenance.
By system, the market is segmented into Adaptive Traffic Control System (ATCS), Urban Traffic Management and Control System (UTMC), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), Journey Time Measurement System (JTMS), and Dynamic Traffic Management System (DTMS).
Detailed Regional Study
MRFR has studied the smart signalling market across North America, Europe, Asia Pacific, and the Rest of the World (RoW). MRFR insights of the geographic progress regarding the traffic management market provide in-depth understanding of drivers and growth inhibitors of market in the specific region.
In Europe, the high rate of adoption of traffic management software is observed as the chief cause for the expansion of the market in the region. The traffic management market in Europe is expected to secure the grand share of the global market. Moreover, the adoption of software, such as smart signaling and route guidance is expected to propel the expansion of the regional market.
The traffic management market in Asia Pacific is expected to make high profit as smart city projects are being implemented. Hefty investments are being done by governments in smart city and transportation projects and the rise in the need for more effective traffic management solution are expected to surge the APAC market growth.
MRFR’s list for eminent key players of the traffic management market are; Accenture PLC (Ireland), Atkins Group (U.K.), Citilog (France), Cellint (Israel), and Cisco Systems Inc. (U.S.). Deals and bonds among key players can benefit the market. For instance, Cellint Traffic Solutions, a renowned traffic information providers, in agreement with Rogers Communication, a Canada-based media company, to launch a traffic information service in Canada, which is expected to gain traction for the market in the US.