The global market for traffic management is expected to witness 20 % CAGR over the forecast period (2017-2023). Over the past few years, traffic management has undergone changes regarding technologies being used. Traffic management is one of the significant branches in logistics which comprises services like purchasing and controlling transport services, planning and reducing the density of traffic. Traffic management system provides real-time data and the ability to respond immediately.
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its growth stage owing to the development and inventions of new traffic management system which is slowly replacing the outdated technology.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.
The key players operating the global market for traffic management are Atkins Group (U.K.), Accenture PLC (Ireland), Cellint (Israel), Citilog (France), Cisco Systems Inc. (U.S.), and more. Cellint Traffic Solutions has announced that they have signed an agreement with Rogers Communication to launch a traffic information service country-wide in Canada.
The global traffic management market growth has been segmented on the basis of component, systems, and region.
The market for traffic management has been segmented into hardware, software, and service based on component. Hardware has been further segmented into display boards, sensors, surveillance cameras, and others. Software has been segmented into smart signaling, route guidance, traffic analytics, and smart surveillance. Service has been further segmented into consulting, deployment and integration and support and maintenance.
Based on systems, the market has been segmented into Urban Traffic Management and Control System (UTMC), Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), and Dynamic Traffic Management System (DTMS).
Geographically, the market for traffic management has been segmented into North America, Europe, Asia Pacific, and Rest-of-the-World.
Owing to the adoption of smart traffic management software, Europe has been projected to hold the largest market share. For better traffic management, this region has adopted software such as route guidance and smart signaling. Large-scale investment in smart city and smart transportation projects along with need for better traffic management and control mechanism are the major factors driving the market in Europe.
Due to increasing traffic congestion and measures adopted to minimize such congestion, Asia Pacific has been anticipated to show the fastest growth rate over the forecast period. Moreover, with support from the government like Smart City initiatives in China and India are also anticipated to be major factors driving the growth of the market.