The traffic management market is expected to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7%
NEW YORK, Feb. 4, 2019 /PRNewswire/ -- Factors such as high demographic growth and hyper-urbanization in the developing countries and the government initiatives for traffic management under smart cities models are some of the factors driving the traffic management market
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The traffic management market is expected to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7%. The market is driven by factors, such as the government initiatives for traffic management and the PPP working model, the rising need for real-time information system, high demographic growth and hyper-urbanization in developing countries, and regulatory frameworks and government policies to reduce carbon emissions. However, the traffic operators face various obstacles while adopting cloud traffic management solutions, and these obstacles include security concerns, data protection, and lack of a standardized and uniform technology for traffic management.
Route guidance and optimization segment is expected to have the fastest growth rate during the forecast period
The route guidance and optimization software helps in regulating traffic flows to make efficient use of the existing road infrastructures.Furthermore, it reduces the traveling time and distance for drivers.
It shows the best-possible route that has less traffic congestions and disruptions. It also enables drivers to get real-time information about the traffic congestion, accidents, and other such events on the roads they plan to drive on.
Incident Detection and Location System (IDLS) is expected to hold the largest market share
IDLS discovers and verifies the occurrence of any incident and ascertains its exact location on the roadway system.Any incident will bring abnormalities in the flow of traffic in a nearby area.
The role of IDLS is to find out the anomalies of the incident that is likely to take place.The input devices for IDLS are roadway sensors and external data links.
The incidents recorded are mainly system breakdowns or partial malfunctions, such as traffic signal outages, signal timing phase problems, and traffic problems caused by major/minor freeway accidents or surface street accidents. If the probability of an incident and its location has been detected by the system, then IDLS tries to verify the incident and estimate the severity of the incident.
Sensors segment is expected to have the fastest growth rate during the forecast period
Sensors are hardware components that detect and respond to physical parameters of an environment.They convert the physical parameters into signals that can be measured to get insights.
Sensors are used in traffic management for gathering data and sending traffic safety warnings.The sensors used in traffic management systems are further segmented into 3 types, namely, vehicle detection sensors, pedestrian presence sensors, and speed sensors.
Sensors play a pivotal role in controlling and managing a city's traffic. Further, they help in providing driving assistance and traffic safety warnings.
Asia Pacific (APAC) is projected to grow at the highest CAGR
Europe is expected to hold the largest market share in 2018, while APAC is the fastest-growing region, in terms of CAGR.The increased urbanization has resulted in traffic congestions.
High adoption of solutions to minimize congestions, along with better traffic management and control, has led to a wider demand of traffic management solutions in the APAC region. The adoption of traffic management solutions has increased, due to the ongoing and emerging smart cities and smart transportation projects, and this has led APAC to become a highly potential market.
The breakup profiles of primary participants have been given below as:
• By company: Tier 1 – 38%, Tier 2 – 41%, and Tier 3 – 21%
• By designation: C-level – 40%, Director level – 28%, and Others – 32%
• By region: North America – 30%, Europe – 29%, APAC – 20%, and RoW- 21%
The major vendors covered in the traffic management market include Accenture (Ireland), Atkins Group (UK), Cellint (Israel), Cisco (US), Citilog (France), Cubic Corporation (US), EFKON (Austria), Esri (US), FLIR Systems (US), IBM (US), Indra Sistemas (Spain), Industrial Management Technology & Contracting (IMTAC) (Sultanate of Oman), IntelliVision Technologies (US), Iteris (US), Jenoptik (Germany), Kapsch TrafficCom ( Austria), Lanner Electronics (Taiwan), LG CNS (South Korea), Metro Infrasys (India), PTV Planung Transport Verkehr (Germany), Q-Free ASA (Norway), Siemens (Germany), SWARCO (Austria), and TransCore (US).
Research coverage
The traffic management market has been segmented on the basis of systems, components (software, hardware, and services), and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the traffic management market.
Key benefits of buying the report
• This report segments the traffic management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
• This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report will help stakeholders better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitors' ecosystem, new product developments, partnerships, and mergers and acquisitions.
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