Market Highlights:
Traffic management deals with the proper planning, controlling, and supervision of transportation services to reduce traffic density. The major factors driving the growth of the traffic management systems are increasing vehicle traffic which occurs due to increasing population and urbanisation, and government initiatives for traffic management under smart cities. As smart cities are growing, there is increasing need for the smart transportation solutions which is expected to drive the growth of the traffic management market.
According to a new report by Market Research Future (MRFR), 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.
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Major Key Players
The prominent players in the traffic management market are – Accenture PLC (Ireland), Atkins Group (U.K.), Cellint (Israel), Cisco Systems, Inc. (U.S.), Citilog (France), Cubic Corporation (U.S.), EFKON AG (Austria), Esri (California, U.S.), FLIR Systems, Inc. (U.S.), 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.
Industry News
Jul 18, Esri, a mapping company partners with Google’s Waze to help provide mapped traffic data and alert-based information.
Waze a mobile navigation app developer acquired by google in 2013 partnered with Esri, a geographic information system company to provide government and cities, real-time road condition and traffic data. Esri will use mapped traffic data from crowdsourced Waze users to offer live feed about traffic in a region. This service will allow engineers and city planners to make decisions based on the data for traffic infrastructure, improve traffic police presence, traffic light timings and locations. This is a stepping stone which will help city planners to build smart cities.
May 18, IBM had a patent granted for AI-managed traffic Lights.
IBM had granted a patent that control traffic lights using cameras. Computer would analyze the real-time traffic flow and provide the better traffic management by figuring out which traffic signal to show green light for what time to avoid traffic congestion in only one road. This system uses cognitive computing for controlling traffic signal that incorporates real-time data at an intersection.
Dec 16, Cisco and Brain Chip signs the agreement to demonstrate potential of Brain Chip’s SNAP technology.
Cisco internet of everything innovation center signs an agreement with Brain Chip to demonstrate Branches’ Spiking Neural Adaptive Processor (SNAP) Technology which are bound to showcase traffic monitoring, advanced analytics capabilities, road safety. This agreement demonstrates the use of SNAP technology in traffic management to improve the overall traffic management.
Future Constraints and Drivers Affecting the Market Growth
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.
With the emergence of smart cities like Amsterdam smart city, Guangzhou Innovation City, Yokohama Smart City Project, Planit Valley, and a few, opportunities for traffic management market are increasing worldwide.
Apart from the driving factors, there are factors inhibiting the market growth. Traffic hindrance owing to transformation downtime, heavy capital investment, and infrastructural legacy systems are the major restraints of the global market. Government in developing and underdeveloped countries abstain from investing in new traffic management technologies due to lack of funds. However, a few countries have started investing in CCTV cameras as a part of traffic management system.
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Regional Analysis:
Geographically, the traffic management market 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.
Intended Audience
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Original Equipment Manufacturers
List Of Tables
Table 1 Traffic Management Market, By Component
Table 2 Traffic Management market, By Systems
Table 3 Traffic Management Market, By Region
Table 4 North America Traffic Management Market, By Component
Table 5 North America Traffic Management Market, By Systems
Table 6 U.S. Traffic Management Market, By Component
Table 7 U.S. Traffic Management Market, By Systems
Table 8 Canada Traffic Management Market, By Component
Table 9 Canada Traffic Management Market, By Systems
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List Of Figures
Figure 1 Research Type
Figure 2 Traffic Management Market: By Component (%)
Figure 3 Traffic Management Market: By Systems (%)
Figure 4 Traffic Management Market: By Region (%)
Figure 5 North America Traffic Management Market, By Component (%)
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