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.
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.
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.
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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its growth stage owing to the development and inventions of new traffic management system which is slowly replacing the outdated technology.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.
Ohio has planned to integrate unmanned aerial systems to communicate with transportation infrastructure and smart vehicles to monitor roadway and traffic conditions. In a three-year study, they will check how drones can be used to get a better sense of traffic problems that are reported through vehicle technology. This project will also use communication devices and sensors for UAS traffic management to ensure that drones can operate safely along with manned aircraft that uses lower-altitude airspace.
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.
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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