Seattle, WA -- (SBWire) -- 11/14/2019 --Traffic Management System Market – Insights
Traffic management system aids in enhancing traffic flow and road safety and advices the command control and signaling system regarding the same. Traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others. The system receives information about current traffic and the disturbances in the surrounding.
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Traffic Management System Market: Drivers
Major factors boosting growth of the global traffic management system market include rapid urbanization and increasing focus on road safety. For instance, according to the Global Health Observatory (GHO), the urban population in 2014 accounted for 54% of the total global population. Increasing urban population leads to traffic issues such as traffic congestions, which in turn increases demand for traffic management system. Moreover, increasing traffic also lead to high risk of road accidents and deaths. For instance, according to World Health Organization (WHO), an estimated 1.25 million road accidents occurred globally in 2013, among them around 93% occurred in low and middle income economies and over 50 million people were injured by road accidents. Therefore, increasing concerns regarding road safety is expected to boost growth of the market.
Traffic Management System Market: Restraints
A major factor hindering growth of the global traffic management system market is high initial installation cost of traffic management systems.
Global Traffic Management System Market: Taxonomy
On basis of solution, the global traffic management system market is segmented into
-Hardware
-Software
-Services
On basis of software, the global traffic management system market is segmented into
-Smart Signaling
-Route Guiding
-Traffic Analytics
On basis of hardware, the global traffic management system market is segmented into
-Display Boards
-Sensors
-Surveillance Cameras
-Others
On the basis of systems, the global traffic management system market is segmented into
-Urban Traffic Management and control (UTMC) System
-Adaptive Traffic Control (ATC) System
-Journey Time Management (JTM) System
-Predictive Traffic Modeling (PTM) System
-Incident Detection and Location (IDL) System
-Dynamic Traffic Management (DTM) System
On basis of region, the global traffic management system market is segmented into
-North America
-Europe
-Asia Pacific
-Latin America
-Middle East
-Africa
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Global Traffic Management System Market: Regional Insights
On the basis of region, the global traffic management system market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held dominant position in the global traffic management market in 2016. U.S. is the major growth engine in North America market, attributing to increasing focus of the U.S. government on enhancing traffic management and adopting intelligent transportation systems (ITS). For instance, the America's Surface Transportation Act or "FAST Act" was passed in 2015, in order to solve congestion issues regarding the traffic management and enhance the transportation within the country.
Asia Pacific is expected to witness the highest CAGR over the forecast period. This is attributed to increasing focus on enhancing traffic management and growing urbanization in the region. For instance, in 2015, the Government of India launched "100 Smart Cities Mission" with an investment of US$ 30.02 billion. The project focuses on installation of technologies such as CCTV cameras, ITS (Intelligent transportation System), and others.
Global Traffic Management System Market: Competitive Landscape
Major players operating in the global traffic management market include, Cubic Corporation, ESRI, GE Transportation, IBM, Accenture PLC, Atkins Group, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., Indra, Ineo, Kapsch, LG CNS, and Schneider Electric.
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Global Traffic Management System Market: Key Developments
-In January 2019, Cubic Corporation announced the acquisition of GRIDSMART Technologies, Inc. for approximately $87 million in cash to expand intelligent traffic management offering.
-In February 2019, Delhi Police in collaboration with Maruti Suzuki India Limited, announced the launch of first of its kind automated traffic management system "Red Light Violation Detection and Speed Violation Detection System (RLVDS and SVDS)" that does everything from violation-capturing to issuance of an e-challan without human intervention.
-In June 2019, Econolite, one of the USA's leading suppliers of all forms of ITS (intelligent transportation systems) equipment, announced a launch of its two new traffic management software modules, "Centracs Edaptive" and "Centracs Priority software systems", for its Centracs platform at the ITS America Annual Meeting in Washington DC. These modules are designed to deliver new, unique opportunities to automate traffic optimization capabilities.
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Traffic Management System Market Onset of Advanced Technologies to Upsurge the Growth
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