Global traffic management market is expected to USD 64.89 Billion by 2025 at a CAGR of 14.3% during the forecast period from 2018-2025. Implementation of advanced technologies such as cloud-based services and the growing number of personal and commercial small and heavy vehicles on the roads across the globe generates need to maximize performance, operations, and reliability of all aspects concerning road networks.
Traffic management is an organized procedure of smoothing the heavy traffics on the road. These systems provide real-time data and the 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 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.
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- The base year for the study has been considered 2017, the historic year 2015 and 2016 and, the forecast period considered is from 2018 to 2025. The traffic management market is analyzed by value (USD Billion).
- The report provides the key data of Production (‘000 Units), Consumption (‘000 Units), Import & Export (‘000 Units), Demand, Supply, and Gap Analysis to understand the present and future scenario of the market.
- The study delivers a comprehensive analysis of the global traffic management market by solution, hardware, system, service, and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
- Porter’s Five Forces model is used to recognize the competitive scenario in the global traffic management market. This report incorporates the industry analysis which is focused on providing an extensive view of the traffic management market.
- The study also includes attractiveness analysis of solution, hardware, system service and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the traffic management market and a comparative analysis based on their business overviews, Resources offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Adoption of advanced technologies such as cloud-based services
- Favorable government actions to modify traffic infrastructure, increasing urbanization and growing public concern for safety are all significant factors for boosting up demand.
- Rising employment further stimulates the demand for such systems wherein the economical population can manage their time efficiently.
- Expansion in the number of personal and commercial small and heavy vehicles on the roads across the globe generates need to maximize performance, operations, and reliability of all aspects concerning road networks
- Improper standardized and uniform technologies
- Use of IoT and sensor technologies in traffic management
- Multiple sensors and touchpoints cause data fusion challenges
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately42.50% in 2017.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.
The major players of market include FLIR Systems, Inc., Siemens AG, SWARCO AG, TransCore, Accenture PLC (Accenture), Cellint, Cisco Systems, Inc., Ciitilog, Cubic Corporation, EFKON INDIA PRIVATE LIMITED, Esri, Garmin Ltd., IBM Corporation, IndraSistemas, S.A., Industrial Management Technology & Contracting LLC, IntelliVision, Iteris, Inc ,Jenoptik AG, KapschTrafficCom, Lanner Electronics Inc., LG CNS, Metro InfrasysPvt. Ltd., PTV Planung Transport Verkehr Group, Q-Free A.S.A
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