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.
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currently in its growth stage due to inventions and development of new traffic management system which is replacing the outdated technology is contributing to the market growth. The traffic management software segment is contributing largest market share. Due to development of advance software in traffic management market that helps in minimizing the air traffic volume, transport needs and increased traffic this problem occurs mainly due to increased population in city, growing traffic and urbanization. The rise of this problems is mainly due to growing population in city and urbanization. The deployment and integration service sector is expected to account for highest CAGR. With development in internet and communication industry, the traffic management system is able to reduce congestion, harmful emission and accidents.
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Major Key Players
- 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.)
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.
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its growth stage owing to the development and inventions of new traffic management system which is slowly replacing the outdated technology.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.
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.
Traffic management market for segment on the basis of by component and by systems.
Traffic Management Market by Component:
- Display board
- Surveillance Cameras
- Smart Signaling
- Route Guidance
- Traffic Analytics
- Smart Surveillance
- Deployment & Integration
- Support and maintenance
Traffic Management Market by Systems:
- 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)
- Dynamic Traffic Management System (DTMS)
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- 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
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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