Newark, NJ, Jan. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global traffic management market is expected to grow from USD 22.31 Billion in 2017 to USD 64.89 Billion by 2025 at a CAGR of 14.3% during the forecast period 2018-2025. Adoption of advanced technologies such as cloud-based services, favourable government actions to modify traffic infrastructure, increasing urbanization, growing public concern for safety, expansion in the number of personal & commercial small & heavy vehicles on the roads across the globe generates need to maximize performance, operations and reliability of all aspects concerning road networks are the factors driving the traffic management market.
Traffic management is organised procedure of smoothing the heavy traffics on road. These systems provide real-time data and capability to examine and respond quickly. It provides IT solution that facilitates vehicular traffic and improves the safety and security of passengers by collecting data from various sources such as traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to derive actionable insights from it. For the effective traffic management, the hard-shoulder, multiple speed limits, and overhead-controlled ramp-metering are used. For instance, the Indian government in their union budget 2017-2018 allocated over USD 9.5 billion in National Highway Authority of India (NHAI) for the development of roads and highway and USD 4.0 billion in Pradhan Mantri Gram Sadak Yojana (PMGSY). Another time, in April 2018, SWARCO acquired the majority shareholding in Bergauer, which develops and integrates intelligent traffic guidance and control systems, as well as, customer-specific guidance systems for infrastructure and security projects, to provide better service to customers.
The implementation of improved technologies such as cloud-based services is a major factor driving the market. In addition, supportive government actions to modify traffic infrastructure, increasing urbanization, growing public concern for safety and rising employment further stimulates the demand for such systems wherein the economically population can manage their time efficiently. However, improper standardized and uniform technologies may obstruct the growth of market. Nevertheless, use of IoT and sensor technologies in traffic management may boost the market in forthcoming years.
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Key players operating in the global traffic management market include FLIR Systems, Inc., Siemens AG, SWARCO AG, TransCore, Accenture PLC, Cellint, Cisco Systems, Inc., Ciitilog, Cubic Corporation, EFKON INDIA PRIVATE LIMITED, Esri, Garmin Ltd., IBM Corporation, Indra Sistemas, S.A., Industrial Management Technology & Contracting LLC, IntelliVision, Iteris, Inc, Jenoptik AG, Kapsch TrafficCom, Lanner Electronics Inc., LG CNS, Metro Infrasys Pvt. Ltd., PTV Planung Transport Verkehr Group, Q-Free A.S.A,. and others.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. For instance, in October 2018, Kapsch TrafficCom and OMV Aktiengesellschaft (producer and marketer of oil and gas) came together for the provision of a standardized European Electronic Toll Service (EETS) for trucks.
The route guidance and optimization segment is dominating the market with the highest share of 38.20% in 2017
The solution segment is divided into segments such as smart signaling, route guidance and optimization, traffic analytics and smart surveillance. The route guidance and optimization segment are dominating the market in 2017. The software regulates traffic flows so as to efficiently use the existing road infrastructures. It also reduces the traveling time and distance for drivers.
The sensors segment valued around USD 8.34 Billion in 2017
The hardware segment includes display boards, sensors and surveillance cameras. The sensors segment is dominating the market in 2017. Sensors are hardware parts that detect and respond to the physical parameters of an environment.
The incident detection and location system segment held the market share of 29.90% in 2017
The system segment includes urban traffic management and control, adaptive traffic control system, journey time measurement system, predictive traffic modeling system, incident detection and location system and dynamic traffic management system. The incident detection and location system segment is dominating the traffic management market in 2017. IDLS determines and confirms the occurrence of any incident and ascertains its exact location on the roadway system.
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Regional Segment Analysis of the Traffic Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global traffic management market with USD 9.48 Billion in 2017 where as the Asia Pacific region is growing rapidly in the market. The North America region is dominating region as traffic management has become an integral part of the public citizen services. The need for smart transportation is likely to boost the efficiency of traffic infrastructures in North America. Asia Pacific is growing rapidly due to increased urbanization which has resulted in traffic congestions. Implementation 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.
About the report:
The global traffic management market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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