Press Release / Technology / Traffic Management Market Overview, Growth, Opportunities and Development 2023

Traffic Management Market Overview, Growth, Opportunities and Development 2023

The report on the global Traffic Management market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.

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. With high purchasing power and affordability, it becomes easier for a common person to own a vehicle. Having a vehicle adds comfort to the lifestyle of the people, however, this creates problems of traffic congestion, harmful gas emission and road accidents. Thereby, there is a need to manage and control the traffic which is fuelling the growth of traffic management systems market.

IBM’s transportation management solution provides sophisticated traffic management, built using cognitive computing and analytics which helps in optimizing transportation resources, make traffic flow more efficient and reduce travel time. The dynamic traffic management system (DTMS) is expected to show the fastest growth in traffic management market as it simulates and combines traffic data gathered from various sources such as surveillance cameras, sensors, and software with real time traffic information which allows effective management of the traffic.

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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.

Regional Analysis:

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.

Segments:

Traffic management market for segment on the basis of by component and by systems.

Traffic Management Market by Component:

Hardware

Display board
Sensors
Surveillance Cameras
Others
Software

Smart Signaling
Route Guidance
Traffic Analytics
Smart Surveillance
Service

Consulting
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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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

Continued……

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 (%)

Continued……

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