Traffic Management Systems Market Analysis and Forecast to 2026 | 14% CAGR Projection over the Next Five Years
Published | April 2019
According to BlueWeave Consulting, the Global Traffic Management Systems market is anticipated to worth USD 26,690 million in 2018, with a CAGR of 14% during 2019-2025. The Global Traffic Management Systems Market is expected to grow with a significant rate during the forecast period 2019-2025, owing to various Government initiatives to improving traffic infrastructure and growing public concern for traffic safety.
The demand for traffic management systems is not only used for managing the traffic congestion and reducing the fuel wastage, but also to assist passengers in planning their journey, to avail on-demand services during the journey, and help them to find the shortest route in the traffic boost the Traffic Management Systems market in the upcoming year.
Moreover, the primary factor driving market growth is the rapid pace of urbanization, which led to the rising of traffic density levels and to control these traffic problems. Furthermore, across the globe, various governments’ initiatives for effective management to reduce pollution coupled with their limited road network connectivity & make smooth-running traffic will accelerate the growth of the Traffic Management Systems market. Additionally, across the globe, the vast rise in vehicle ownership, coupled with the rising awareness regarding the social and economic losses, especially financial losses owing to traffic jams, will contribute to Traffic Management Systems market growth during the forecast period.
Furthermore, the rising need for superior road safety measures coupled with Improper actions towards traffic management is significant drivers for the growth of the global Traffic Management Systems market in the forecast period.
The software components type of the Traffic Management Systems market is projected to be the leading segment of the overall market during the forecast period.
Based on Component Type, the Traffic Management Systems market segmented into Hardware, Software, and Services. Software dominates the global Traffic Management Systems owing to the demand for smart signaling, route guidance, smart surveillance, and traffic based traffic systems for improving public transportation and reducing cities polluted free. Hardware segment will boost by the demand for physical components & devices for public and private purposes.
Route Guiding is expected to the leading segment for providing Traffic Management Systems solutions during the forecast period.
Based on the solution type, the Traffic Management Systems market has been segmented into Smart Signaling, Route Guiding, and Traffic Analytics. Route Guiding is projected to lead segment owing to provide the best possible route that has less traffic congestion and disruptions and rendering automatic feedback controls from a real-time traffic situation. Smart Signaling will influence by its uses in reducing traffic congestion problems and provide efficient use of road space for smooth traffic activities.
Dynamic Traffic Management (DTM) System is projected to lead the industry for utilizing applications of the Traffic Management Systems during the forecast period.
Based on application, the Global Traffic Management Systems market has been segmented into Urban Traffic Management Systems, Adaptive Traffic Control Systems, Journey Time Management Systems, Dynamic Traffic Management (DTM) System, and Incident Detection & Location Systems. Dynamic Traffic Management System dominates the global Traffic Management Systems market during the forecast period, owing to its application to reduce the deployment and integration time. It also provides end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market. Adaptive Traffic Control Systems will grow by its usage in providing better image processing techniques than conventional inductive loop detectors& Infrared sensors.
North America accounts for the lion’s share of the global Traffic Management Systems market during the anticipated period.
Based on the region, the Traffic Management Systems market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Traffic Management Systems market over the forecast period owing to the early adoption of the Internet of Things based traffic based systems by Governments couple with increment in vehicle owners. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period due to the rising number of urban traffic management and smart city projects.
Global Traffic Management Systems Market Competitive Landscape
Companies, such as EFKON AG, Siemens AG, Nuance Communications, Hitachi Ltd, Iteris, Inc., WS Atkins PLC, Thales Group, Telenav, Inc, Garmin International Inc., IBM, Cellint, Iteris, Kapsh, Swarco, Accenture, Siemens, Thales, Cubic, Systematics, Decell, Accenture PLC, Atkins Group, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., Cubic Corporation, ESRI, GE Transportation, IBM, Indra, Ineo, Kapsch, LG CNS, Schneider Electric and TomTom NV are the key players in manufacturing & services providers of Traffic Management Systems.
Browse Detailed Analysis with TOC, “Global Traffic Management Systems Market Size, By Components (Hardware, Software and Services), By Solution (Smart Signaling, Route Guiding, Traffic Analytics), By Application (Urban Traffic Management Systems, Adaptive Traffic Control Systems, Journey Time Management Systems, Dynamic Traffic Management (DTM) System and Incident Detection & Location Systems), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Growth Potential, Trends Analysis, Competitive Market Size and Forecast, 2019-2025”