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 2023
Traffic management refers to one of the significant branch within logistics. It comprises of services such as controlling and purchasing of transport services, planning and reducing traffic density.
The factors driving traffic management market includes growth in airline traffic control volume. The market is currently in its growth stage due to inventions and development of new traffic management system which is replacing the outdated technology is contributing to the market growth.
The traffic management software segment is contributing largest market share. Due to development of advance software in traffic management market that helps in minimizing the air traffic volume, transport needs and increased traffic this problem occurs mainly due to increased population in city, growing traffic and urbanization.
The rise of this problems is mainly due to growing population in city and urbanization. The deployment and integration service sector is expected to account for highest CAGR.
With development in internet and communication industry, the traffic management system is able to reduce congestion, harmful emission and accidents.
The segmentation of traffic management system is done on the basis of software these include smart signaling, route guidance, traffic analytics and smart surveillance. Route guidance system offers infrared transmitters and receivers that are located at intersections of the main road network conveying route references direction to specially equipped vehicles.
It assist users by offering them smart and convenient maps. Map database are updated frequently as compared to traditional softwares.
It offers valuable services to commercial drivers on unfamiliar routes by avoiding obstacles such as narrow roads, weight limited bridges and low bridges.
The traffic management market is expected to grow at approximately USD 65 Billion by 2023, at 20% of CAGR between 2017 and 2023.
Major Key Players:
- Accenture PLC (Ireland),
- Atkins Group (U.K.),
- Cellint (Israel),
- Cisco Systems, Inc. (U.S.),
- Citilog (France),
- Cubic Corporation (U.S.),
- EFKON AG (Austria),
- Esri (California, U.S.),
- FLIR Systems, Inc. (U.S.),
- IBM Corporation (U.S.)
The regional analysis of traffic management market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. Europe region accounts for largest share in traffic management market owing to adopting of smart traffic management software.
There is an increased adoption of software such as smart signaling and route guidance for better management of traffic. Asia-Pacific region is also expected as a fastest growing market due to increased traffic congestion and regulatory measures to minimize traffic congestion along with better traffic control measurement.
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Traffic management market for segment on the basis of by component and by systems.
Traffic Management Market by Component:
- Display board
- Surveillance Cameras
- Smart Signaling
- Route Guidance
- Traffic Analytics
- Smart Surveillance
- Deployment & Integration
- Support and maintenance
Traffic Management Market by Systems:
- Urban Traffic Management and Control (UTMC) System
- Adaptive Traffic Control System (ATCS)
- Journey Time Measurement System (JTMS)
- Predictive Traffic Modeling System (PTMS)
- Incident Detection and Location System (IDLS)
- Dynamic Traffic Management System (DTMS)
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