The global traffic management system market is segmented into system such as urban traffic management and control (UTMC) system, adaptive traffic control system (ATCS), journey time measurement system (JTMS), predictive traffic modeling system (PTMS), incident detection and location system (IDLS), route guidance system, dynamic traffic management system (DTMS), intermodal transportation planning system (ITPS), traffic management training system (TMTS), maintenance tracking system (MTS) and traffic data management system (TDMS). Among these segments, dynamic traffic management system segment is expected to occupy the top position in traffic management system market during the forecast period. This can be attributed to the rising demand for dynamic traffic management solutions to manage the traffic flow in urban cities.
Global traffic management system market is expected to flourish at a CAGR of 32% over the forecast period. Moreover, the global Traffic management system market is anticipated to garner USD 18 Billion by the end of 2023. Rising urbanization in developing nations is believed to foster the growth of traffic management system market during the forecast period.
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North America accounted for the largest market in overall traffic management system market in 2016. Moreover, North America is anticipated to continue its dominance over the forecast period owing to the heavy adoption of advanced traffic management systems. Europe market is expected to significantly contribute to the growth of the traffic management system owing to the heavy investment in smart cities. Further, increasing demand for better traffic management in the region is expected to drive the growth of traffic management system market. Asia Pacific traffic management system market is projected to witness high growth during the forecast period. Rapid pace in urbanization in developing nations such as China, India and others are expected to intensify the demand for traffic management system.
Increasing infrastructure development across the globe is likely to accelerate the growth of the traffic management system market. Moreover, with rising globalization and urban population, number of vehicles and traffic is also increasing on the road. This factor is anticipated to augment the demand for traffic management system.
Government Initiatives to Enhance Traffic Infrastructure
Favorable government regulation regarding traffic management improvisation is accelerating the growth of the traffic management system market. Additionally, government initiatives to enhance the road connectivity of the nations and other such projects such as smart cities is also expected to expand the market of traffic management system.
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Although, challenges such as regular maintenance, up gradation and monitoring costs are likely to inhibit the growth of the global traffic management system market in the near future.
The report titled “Traffic Management System Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global traffic management system market in terms of market segmentation by system, by solutions, by detection, by display and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global Traffic management system market which includes company profiling of Alstom Holding SA, Cisco System, Inc., Cellint, Cubic Corporation, GE Transportation, IBM Corporation, LG CNS, Siemens AG, Thales Group and Kapsch AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Traffic management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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