Global Traffic Management System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Traffic Management System Market Overview :
“The global Traffic Management System Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Traffic management is a system that provides real-time data and the ability to analyze and respond immediately in order to improve traffic flow and the safety of road users. In addition, it provides a command control and signaling system to get information about current traffic and disturbances in the surroundings.
The traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others. Traffic management also uses cloud services in order to assist vehicle drivers by providing all necessary information.
Global Traffic Management System Market: Dynamics
Increasing urbanization results in increasing traffic density levels along with an increasing need to control traffic problems such as traffic congestion and others, this is a major factor expected to drive the growth of the global market over the forecast period.
In addition, increasing safety concerns regarding road traffic accidents leading to injuries and deaths is another factor expected to further fuel the growth of the target market over the forecast period.
However, the High initial installation cost for traffic management systems is a key factor expected to restrain the growth of the target market over the forecast period.
An increasing number of smart city projects is expected to create various opportunities for the global traffic management market over the forecast period. Some ongoing smart city projects are Amsterdam smart city, Smart City Kochi, Masdar City, Planit Valley, Smart City Malta, Songdo Ibd, Yokohama Smart City Project, etc.
In addition, the increasing development of innovative solutions and new technologies are some other factors expected to create potential revenue opportunities for players operating in the target market over the forecast period.
Global Traffic Management System Market: Segment Analysis
Among the software segments, the route guidance segment is expected to register a significant share in terms of revenue over the forecast period, owing to its features such as reducing traveling time and distance for drivers, providing real-time information related to traffic congestion, accidents, and other similar events on the roads.
Among the hardware segments, the surveillance cameras segment is expected to dominate in the global market over the forecast period, as it is considered an innovative and very useful video surveillance technology in traffic monitoring and control.
Among the system segments, the incident detection and location (IDL) system segment is expected to register significant growth in terms of revenue over the forecast period.
Global Traffic Management System Market: Regional Analysis
The market in North America is expected to dominate the global market in terms of revenue over the forecast period, owing to increasing initiatives by the US government towards improving traffic management facilities and increasing implementation of intelligent transportation systems (ITS) across various countries in this region.
The market in the Asia Pacific is expected to register the highest CAGR over the forecast period, owing to increasing demand for better traffic management across developing countries such as India and China.
For instance, in 2015 Government of India launched the ‘100 Smart Cities Mission’ which includes many technologies such as CCTV cameras, ITS (Intelligent Transportation System), etc.
Global Traffic Management System Market Segmentation:
Segmentation by software:
- Smart Signaling
- Route Guiding
- Traffic Analytics
Segmentation by hardware:
- Display Boards
- Surveillance Cameras
Segmentation by systems:
- Urban Traffic Management and Control (UTMC) System
- Adaptive Traffic Control (ATC) System
- Journey Time Management (JTM) System
- Predictive Traffic Modeling (PTM) System
- Incident Detection and Location (IDL) System
- Dynamic Traffic Management (DTM) System
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Atkins Group Plc
- Affiliated Computer Services, Inc.
- Alstom SA
- Cisco Systems, Inc.
- Cubic Corporation
- Efkon India Pvt Ltd.
- FLIR Systems, Inc.
- Garmin Ltd.
- International Business Machines Corporation
- Indra Sistemas, S.A.
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