Traffic Management Market Opportunities, Statistical Graph, Key Findings and Forecast to 2023
- ehteshampeerzade
- Oct 23, 2020
- 3 min read
Market Highlights
Advanced technologies that are being used for managing traffic is expected to explain the rapid paced expansion of the traffic management market. Current technologies, such as IoT, weather monitoring solutions, wireless charging sensors, and machine learning are being integrated, which are noted to make traffic management solutions seamless. This is expected to contribute majorly to the expansion of the market in the years to come. Over the past few years, traffic management solutions have been efficiently proving their efficacy in logistics that comprises control, purchase, transport services, and reduction of density of traffic. Hence, across the years of evaluation, the traffic management system market is likely to make good profit. Traffic management solutions offers real, process information, and deliver response immediately, which is expected to surge the market. The increase in number of automobiles due to the growing global populace and improving economic condition of people, is likely to prompt the expansion of the traffic management market through the review period.
Market Scope
The global traffic management market is expected to grow at approximately USD 65 billion by 2023. It can reportedly expand at 20% CAGR over the forecast period.
Major drivers of the market are the large air traffic volume and development of new software for replacing legacy software. Mobility of traffic while avoiding congestion and collisions on highways and narrow roads can drive the market demand significantly. Rapid development of cities and their reliance on latest technology for navigation of roads can bode well for the market. The mushrooming of ecommerce and logistics industries can be a boon for the market as last-mile connectivity becomes imperative in customer satisfaction.
The rise of urbanization, nuclear families, and need for prompt delivery and pick-up of goods are other drivers of the market. Initiatives for integrating technology in logistic processes for management of the slurry of goods and utilization of communication networks can favor the market in the coming years. The COVID-19 pandemic had brought to a halt to all delivery routes owing to movement restriction orders by major nations for curtailing the virus. But the ease of rules have led to resumption of the transport of commodities and essential goods and can stimulate the economic growth.
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Segmentation:
The traffic management market is segmented by component and systems.
By component, market is segmented into hardware, service, and software. The hardware is further sub-segmented into sensors, display boards, surveillance cameras, and others. The software segment is sub-segmented into route guidance, smart signaling, smart surveillance, and traffic analytics. The service segment is sub-segmented into deployment, consulting, support, integration, and maintenance.
By system, the market is segmented into Adaptive Traffic Control System (ATCS), Urban Traffic Management and Control System (UTMC), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), Journey Time Measurement System (JTMS), and Dynamic Traffic Management System (DTMS).
Regional Analysis
The regional analysis of traffic management market is being studied for region such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
Europe accounts for the largest share in the global traffic management market owing to adopting of smart traffic management software. The increased adoption of software for better management of traffic at major border crossings and critical roads sections for preventing accidents can positively impact the global market growth.
APAC is also expected as a fastest growing market due to increased traffic congestion and regulatory measures to minimize passenger volume along with better traffic control measurement. The high reliability on roadways and measures for improving road safety can favor the market greatly.
Competitive Outlook
FLIR Systems, Inc., IBM Corporation, Atkins Group, Esri, Cellint, Cubic Corporation, EFKON AG, Accenture PLC, Citilog, and Cisco Systems, Inc. are key players of the global traffic management market.
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