The traffic management market is expected to witness a robust growth in the coming years.
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With the increase in urban population, traffic congestion has increased across cities. This has resulted in the need for controlling and managing traffic.
The traffic management system market helps in doing this. It ensures the efficient planning, monitoring, and control of traffic with a goal to maximize the use of existing infrastructure, ensure reliable and safe operation of vehicles, address environmental goals, and ensure fair allocation of infrastructure space among users.
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The market is driven by factors such as availability of hardware and connectivity devices at affordable cost, high demographic growth and hyper-urbanization in developing countries, government initiatives for traffic management under smart cities models, and growing need for a real-time information system. However, lack of standardized and uniform technology is restraining the growth of the market.
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The traffic management market is segmented on the basis of software, hardware, service, system, and geography. By software, the market is further divided into smart signaling, route guidance, traffic analytics, and smart surveillance.
By hardware, the market is divided into display boards, sensors, surveillance cameras, and others. By service, the market is segmented into consulting, deployment & integration, and support & maintenance.
On the basis of system, the market is divided into urban traffic management and control, adaptive traffic control system, journey time measurement system, predictive traffic modeling system, incident detection and location system, and dynamic traffic management system. Geographically, the market has been analyzed across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The key players operating in the market include Cisco Systems, Inc., Swarco AG, Siemens AG, International Business Machines Corporation, Kapsch Trafficcom AG, Q-Free ASA, LG CNS Co. Ltd., Indra Sistemas, S.A., Metro Infrasys Private Limited, Cubic Corporation, Accenture PLC, Iteris, Inc., and Cellint.
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