Traffic Management Market Revenues to expand $50.7 billion by 2023
According to a new market research
report "Traffic Management Market by Solution (Smart
Signaling, Route Guidance and Optimization, Traffic Analytics, and Smart
Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras),
Service, System, and Region - Global Forecast to 2023", The
traffic management market size 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% during the forecast period. The major factors driving the traffic
management market include high demographic growth and hyper-urbanization in
developing countries and the government initiatives for traffic management
under smart cities models.
Browse and
in-depth TOC on “Traffic Management Market”
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Route guidance and route optimization segment holds the largest market
share
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 congestion 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. The route
guidance and optimization software uses automatic feedback controls from a
real-time traffic situation. The software offers features, such as static
guidance, dynamic guidance, and dynamic guidance with prediction
Surveillance
cameras segment is expected to hold the largest market share
The surveillance cameras segment is expected to gain the highest
traction in the traffic management market during the forecast period.
Surveillance cameras are an innovative and extremely useful video surveillance
technology in traffic monitoring and control. Further, the cameras record
traffic patterns for future studies, observe and monitor traffic flow, and
issue tickets in case someone violates traffic rules. Traffic cameras are an
extremely popular form of video surveillance. Surveillance cameras offer
several advantages to the commuters. They provide valuable data of traffic and
vehicles, which is maintained by the state departments of transportation.
Deployment and
integration segment is estimated to hold the largest market share
The deployment and integration segment is expected to have the largest
market share and projected to grow at the highest CAGR during the forecast
period. Deployment and integration services help in reducing the deployment and
integration time of the traffic management solutions. These services are
crucial for developing end-to-end traffic smart signalling, route guidance,
traffic analytics, and smart surveillance solutions for the traffic management
market.
Dynamic
Traffic Management System (DTMS) segment is expected to hold the largest market
size
The DTMS segment is expected to have the fastest growth rate during the
forecast period. There has been an increasing demand for traffic management
systems, specifically for the dynamic traffic management that simulates various
traffic data gathered by multiple sensors, cameras, and software. In addition,
with the growing deployment of traffic management systems among the traffic
control and management operators, the demand for DTMS has grown exponentially.
This system helps traffic operators to control and manage traffic more dynamically;
eliminating any security risk and logistical cost associated with traditional
traffic management systems.
North America
is expected to hold the largest market share during the forecast period
As per the geographic analysis, North America is estimated to hold the
largest market share during the forecast period due to the fastest
technology-adopting region. North America is one of the largest contributors to
the IoT space, and this achievement can be attributed to the factor that it is
technologically developed. Moreover, the startup culture in North America is
growing more rapidly in comparison to the other regions. The rapid
digitalization across transportation, the increasing adoption of smart
connected devices, and the rising technological advancements have further
fueled the growth of traffic management market in this region.
The major vendors covered in the traffic management market include
Accenture PLC (Accenture), Cellint (Cellint), Cisco Systems, Inc. (Cisco),
Ciitilog (Citilog), Cubic Corporation (Cubic), EFKON INDIA PRIVATE
LIMITED (EFKON),Esri (Esri),FLIR Systems, Inc. (FLIR),Garmin Ltd.
(Garmin), IBM Corporation (IBM), Indra Sistemas, S.A. (Indra), Industrial
Management Technology & Contracting LLC (IMTAC), IntelliVision
(IntelliVision), Iteris, Inc (Iteris),Jenoptik AG (Jenoptik), Kapsch TrafficCom
(Kapsch TrafficCom), Lanner Electronics Inc. (Lanner Electronics), LG CNS (LG
CNS), Metro Infrasys Pvt. Ltd. (Metro Infrasys), PTV Planung Transport Verkehr
Group (PTV Group), Q-Free A.S.A (Q-Free), Siemens AG (Siemens), SWARCO AG
(SWARCO), and TransCore (TransCore).
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