The traffic management market is expected to grow at a CAGR of +20% by 2021 according to new research Factors such as high demographic growth and hyper urbanization in developing countries, and government initiatives for traffic management under smart cities models are some of the factors driving the traffic management market
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The market is driven by factors, such as the availability of hardware and connectivity devices at affordable cost, rising need for real-time information system, high demographic growth and hyperurbanization in developing countries, and government initiatives for traffic management under smart cities models. However, the traffic operators face various obstacles while adopting cloud traffic management solutions, such as security concerns, data protection, and lack of a standardized and uniform technology for traffic management.
Dynamic Traffic Management System (DTMS) 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 traffic control and management operators, the demand for DTMS has grown exponentially.
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Surveillance camera is expected to have the largest market size during the forecast period
Surveillance camera is an innovative and extremely useful video surveillance technology in traffic monitoring and control. It is placed at the top of traffic signals along busy roads and at busy intersections of highways.
These cameras record traffic patterns for future studies, observe and monitor the traffic flow, and issue tickets in case anybody violates the rule. Traffic cameras are an extremely popular form of video surveillance.
Surveillance cameras offer several advantages to commuters. They provide valuable data of traffic and vehicles, which is maintained by the state departments of transportation.
Footages captured by cameras, such as road monitoring and accidents are influential in decisions regarding future development and traffic planning.
The traffic management market has been segmented on the basis ofsystems, software, hardware, services, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews; products and services; key strategies; new product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the traffic management market.
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the traffic management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
- This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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