PUNE, MAHARASHTRA, INDIA, February 21, 2022 /EINPresswire.com/ -- Traffic Management Market Research Report- Forecast till 2027

Market Highlights

The traffic management market 2020 is on track to reach a valuation of roughly USD 65 Billion by 2023, confirms Market Research Future (MRFR). MRFR also reveals that the market size can expand at a striking rate of 20% between 2017 and 2023, which is the appraisal period.

Advanced technologies that are being used for managing traffic is expected to explain the rapid paced expansion of the traffic management market. Current technologies, such as IoT, weather monitoring solutions, wireless charging sensors, and machine learning are being integrated, which are noted to make traffic management solutions seamless. This is expected to contribute majorly to the expansion of the market in the years to come. Over the past few years, traffic management solutions have been efficiently proving their efficacy in logistics that comprises control, purchase, transport services, and reduction of density of traffic.

Primary Boosters and Main Deterrents

The exploding global population has boosted the number of vehicles that are plying on the roads, leading to more traffic-density as well as road accidents. These factors have pushed the need for a sound traffic management system, especially with the industrialization rate speeding up across countries. The surge in employment also increases the need for traffic management systems, wherein people are better able to manage their time.

The traffic management market across the globe benefits from the surge in urbanization, increasing government initiatives to improve traffic infrastructure, and the mounting public concern with regard to safety. The sped up urbanization has booted the traffic density levels, making commuting arduous for people.

While developed nations are increasingly improving their traffic infrastructure, more and more emerging countries are incorporating modifications to enhance the quality of their traffic management systems. The market also involves the use of cloud services that help drivers by providing them with all the necessary data and information. With the soaring number of smart cities, the growth potential of the traffic management market is also increasing.

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Segmentation:

The market of traffic management is segmented by component and systems.

By component, market is segmented into hardware, service, and software. The hardware is further sub-segmented into sensors, display boards, surveillance cameras, and others. The software segment is sub-segmented into route guidance, smart signaling, smart surveillance, and traffic analytics. The service segment is sub-segmented into deployment, consulting, support, integration, and maintenance.

By system, the market is segmented into Adaptive Traffic Control System (ATCS), Urban Traffic Management and Control System (UTMC), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), Journey Time Measurement System (JTMS), and Dynamic Traffic Management System (DTMS).

Regional Insight

The geographical distribution of the traffic management market covers Europe, North America, APAC or Asia Pacific, and RoW or Rest-of-the-World.

With the growing number of traffic management projects in Europe, and the continuous advancements in the Information and Communication Technology sector, the traffic management market in Europe can take the lead in the years to come. Surging deployment of smart traffic management software, such as smart signaling and route guidance, the regional market is all set to note further success in the following years. Considerable investments in smart transportation and smart city projects paired with the mounting need for sound traffic management as well as control mechanism also facilitates market expansion in the region. Moreover, top players are striving to get a better position in the region, by adopting marketing hacks like partnerships and collaborations and more. To illustrate, in August 2019, Costain (construction and engineering firm based in the UK) collaborated with SWARCO to build road message signs across the country.

APAC is on track to rank among the top markets for traffic management, on account of the escalating traffic congestion and the surge in measures to improve the situation. The region can achieve the highest growth rate over the coming years, given the strong backing from the government in the form of Smart City initiatives in India and China. Apart from this, massive interest in owing more number of vehicles among the people due to their increasing disposable income indirectly boosts the growth of the traffic management market in the region.

Leading Competitors

Leading competitors studied are Accenture PLC (Ireland), Citilog (France), Atkins Group (U.K.), Cellint (Israel), Cisco Systems Inc. (U.S.), to list a few.

Latest News

May 2020

Zain Kuwait is planning to deploy traffic management services from Enea to enhance its 4G and 5G network posts, and also support the expanding demand for mobile technology across Stockholm.

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Traffic Management Market, By Component (Hardware, Services), By Systems (Adaptive Traffic Control System, Dynamic Traffic Management System, Urban Traffic Management and Control System, Journey Time Measurement System) - Forecast 2027

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