The global traffic management market was assessed at USD 35.40 billion in 2021, with a CAGR of 12.1% predicted throughout the forecast period. The traffic management system provides real-time data and is capable of analysing and improving the overall efficiency and safety of transportation systems. The goal of this system is to provide safe, orderly, and well-organized movement of people and commodities while also improving the quality of the environment and collaborating with traffic control services to reduce accident rates. As a result, these management system qualities are becoming increasingly popular among the general public.
The COVID-19 epidemic has had a profound influence on many areas of the economy. As a result, the implementation of lockdowns and required social distancing measures to limit the spread of the coronavirus has a global market impact. The lockdown reduced normal outside travel during this time period, inhibiting market expansion. The gradual opening of lockdowns, however, as well as expanding market need for novel and superior technologies, are projected to raise market demand for this management system in the near future.
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Market Segmentation:
- By Solution Type: This segment can be further divided into software, hardware, and services. Software solutions include traffic management systems, smart signaling systems, and intelligent transport systems.
- By Deployment Type: Traffic Management Market can be segmented based on the deployment type, including on-premises and cloud-based solutions.
- By Application: This segment can be further divided into urban traffic, intercity traffic, and parking management.
- By End-User: This segment includes government agencies, transportation authorities, and private players such as transportation service providers and parking management companies.
Key Players:
- Siemens AG
- IBM Corporation
- Thales Group
- Kapsch TrafficCom AG
- Cubic Corporation
- Swarco AG
- Cisco Systems, Inc.
- Atkins Plc
- Iteris, Inc.
- Accenture plc
- PTV Group
- TransCore, LP
- Clearview Intelligence Ltd.
- TomTom International BV
- Garmin Ltd.
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Regional Analysis:
The Traffic Management market is dominated by North America, followed by Europe and Asia-Pacific. This can be attributed to the high adoption rate of advanced traffic management technologies and systems in these regions, coupled with the presence of major market players and supportive government initiatives. Traffic Management Market in Asia-Pacific is expected to grow at a significant rate due to increasing urbanization and the need for efficient traffic management solutions in emerging economies such as India and China.
Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Traffic Management market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Traffic Management would help in identifying future applications in this market.
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