Traffic Management Market Size Worth to be USD 65 Billion by 2023, at 20% of CAGR | Industry Key Applications, Strategies and Future Plans by Forecast to 2023

“Traffic Management Market”
Traffic Management Market, By Component (Hardware, Services), By Systems (Adaptive Traffic Control System, Dynamic Traffic Management System, Urban Traffic Management and Control System, Journey Time Measurement System) – Forecast 2023

Market Highlights:

Traffic management refers to one of the significant branch within logistics. It comprises of services such as controlling and purchasing of transport services, planning and reducing traffic density.The factors driving traffic management market includes growth in airline traffic control volume. The market is currently in its growth stage due to inventions and development of new traffic management system which is replacing the outdated technology is contributing to the market growth.

In traffic management market, North America region is growing due to managing real-time traffic analysis capabilities. In US region, there is large utilization of traffic management system and various projects are undertaken for the development of citizens. The deployment and integration service is majorly adopted by users in the region as it is less time consuming. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of traffic management market to directly address the security of citizens. Increased urbanization has led to traffic congestions that results in increased road accident. High adoption of solutions to reduce congestions, along with better traffic management and control, has led to a higher demand of traffic management solutions in the region. Countries such as China and Brazil are adopting safety and control measures for traffic management and safety of citizens.

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Major Key Players:

Cisco Systems, Inc. (U.S.),

 Citilog (France),

Cubic Corporation (U.S.),

EFKON AG (Austria),

Esri (California, U.S.),

FLIR Systems, Inc. (U.S.),

Accenture PLC (Ireland),

Atkins Group (U.K.),

Cellint (Israel),

IBM Corporation (U.S.) among others.

According to MRFR, The Traffic Management Market is expected to grow at approximately USD 65 Billion by 2023, at 20% of CAGR between 2017 and 2023.

Regional Analysis:

The regional analysis of traffic management market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. Europe region accounts for largest share in traffic management market owing to adopting of smart traffic management software. There is an increased adoption of software such as smart signaling and route guidance for better management of traffic. Asia-Pacific region is also expected as a fastest growing market due to increased traffic congestion and regulatory measures to minimize traffic congestion along with better traffic control measurement.

Segmentation:

The segmentation on the basis of hardware includes display boards, sensors, surveillance cameras and others. Display boards offer valuable service to users by providing with sign and symbol and text information that helps them during travelling with proper driving direction. By hardware segment it consists of display board, sensors, surveillance cameras and others. Surveillance cameras in urban areas have mixed results in preventing crime. The installation of surveillance cameras to reduce crime is an effective use of scarce resources, especially with states struggling with soaring budget deficits. The rising population in city and urbanization are one of the significant factors driving the market growth. Government initiatives in emerging economies such as India and China are boosting the market. The various road safety and minimizing vehicle congestion projects are undertaken on large scale for effective transportation and customers’ safety is one of the key factor driving growth. The internet protocol (IP) technology in surveillance cameras will drive the growth of the surveillance camera in traffic management market.

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Intended Audience

  • Investors and consultants
  • System Integrators
  • Government Organizations
  • Research/Consultancy firms
  • Technology solution providers
  • IT Solution Providers
  • Original Equipment Manufacturers

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