The rising demand for real-time traffic information to drivers and passengers is expected to drive the Global Traffic Management Market during the forecast period of 2024-2028.
According to TechSci Research report, Traffic Management Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Traffic Management Market is anticipated to register a robust growth during the forecast period, 2024-2028 Global Traffic Management Market is driving on account of rising demand for real-time traffic information for drivers and passengers. Technology has become the key enabler of excellence and businesses are gradually becoming mobile as digitalization emerges, the increasing popularity of emerging technology such as 5G infrastructure and analytics software along with rising smart traffic management and use of real time data analysis are further enabling customers to adopt advance traffic management systems.
Moreover, the rapid penetration of smart cities and growing urbanization in developing countries as the population is growing exponentially are further allowing end users to use traffic management solutions such as predictive analytics and diagnostics analytics to analyze the data. Furthermore, traffic management assists organizations in offering advance solutions for minimizing traffic congestions, improving overall traffic efficiency and safety of the transportation systems, increasing air quality and maintaining traffic control capabilities with real-time risk analysis and helps connect regulators and businesses predicting the failures in advance accurately while protecting the interests of consumers. The growing government initiatives and investment in Research & Development programs for infrastructure development are proliferating the demand for efficient traffic management solutions attributing the Global Traffic Management Market.
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The Global Traffic Management Market is segmented into component, system, end-user, and region. Based on component, the market is segmented into hardware, software, and services. Based on hardware, the market is further bifurcated into display boards, sensors, signal lights, cameras, controllers, and others. Based on software, the market is categorized into control room software, video management software, traffic signal control software, ANPR software, sign control software, and others. By services type, the market is divided into installation & system integration, engineering services, support & maintenance, and consulting. Based on system, the market is segmented into 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), and Dynamic Traffic Management System (DTMS). The end-user segment is further categorized into healthcare & life sciences, BFSI, retail & consumer goods, manufacturing, IT & telecommunication, transportation & logistics, media & entertainment, energy & utility, government & defense, travel & hospitality and other.
Based on component, the software segment is expected to dominate in the Global Traffic Management Market. The high growth of this segment is attributed to the increasing use of traffic analysis, route guidance, smart surveillance, and smart signaling solutions for managing and increasing the efficiency of traffic volume globally. As the applications of traffic management are gaining popularity and has become possible due to the increasing large number of vehicles in the roads and rising urbanization. This software solution of such management systems is rapidly growing while integrating with the emerging technologies for real-time analytic benefits, enabling the enterprises to adopt and implement traffic management solutions such as control room software, traffic signal control software to improve the business outcomes. Furthermore, the hardware segments are becoming an important entity as devices such as cameras, GPS trackers are increasingly being used for surveillance, traffic count, track speed and time, spot delays or inadequacies, and marking the parameters of vehicles when needed. Thus, leading to the high adoption of solution segment enabling the growth of traffic management market.
Based on system segment, adaptive traffic control system (ATCS) segment is expected to dominate in the Global Traffic Management Market. These systems are used to adjust the real-time traffic patterns to maximize traffic flows by dynamically changing the green split timings. As these systems help improve communities and intersections across the world, enterprises are utilizing this strategy to adjust the signal timings to keep traffic flow congestion free. Furthermore, since these solutions boost travel time dependability, improve real-time traffic information management, raise the effectiveness of traffic signal timings, and minimize congestion through efficient traffic flow, they utilize optimization technology to address complicated problems. These benefits are driving the uptake of adaptive traffic control systems and are anticipated to increase demand for goods and services in the traffic management sector.
Key market players in the global traffic management market:
- IBM Corporation
- Cisco Systems Inc.
- Siemens AG
- Thales Group
- Kapsch TrafficCom AG
- FLIR Systems, Inc.
- Allibaba Group Holding Limited
- Cubic Corporation
- Huawei Technologies Co. Ltd
- TomTom N.V.
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“Asia Pacific is estimated to hold the largest market share in the global traffic management market owing to the increasing adoption of advance next-generation technologies along with the strict regulations and increasing technological advancements in Singapore, China, and India. However, the traffic management market in Europe has experienced significant growth during the forecast period. This is owing to the presence of established service vendors such as Huawei Technologies Co. Ltd, Alibaba Group Holding Limited and many more that are focusing on offering advanced traffic management solutions to improve traffic flows smoothly and efficiently, reduce traffic congestion, and accidents. Additionally, it is anticipated that the growing awareness regarding driver safety, increased cases of accidents, and growth of the transport & logistics sector are enabling the adoption of traffic management applications. Furthermore, the involvement of several government authorities and enterprises collaborations for the development of smart cities projects across the region are anticipated to fuel market expansion in Asia Pacific.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Traffic Management Market Segmented By Component (Hardware (Display Boards, Sensors, Signal Lights, Cameras, Controllers and Others), Software (Control Room Software, Video Management Software, Traffic Signal Control Software, ANPR Software, Sign Control Software and Others) and Services (Installation & System Integration, Engineering Services, Support & Maintenance and Consulting)), By System (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) and Dynamic Traffic Management System (DTMS)), By End-User (Healthcare & Life Sciences, BFSI, Retail & Consumer Goods, IT & Telecommunication, Media & Entertainment, Government & Public Sector, and Other), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of global traffic management market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Traffic Management Market.
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