Traffic Management Market Outlook: Analysis by Key Players, Market Potential, Industry Dynamics, Future Prospects, Overall Impact, Industry Growth, Share, Trends, Revenue and Supply Demand to 2024
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The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Traffic Management Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Traffic Management Market are Cubic Corporation, Metro Infrasys Private Limited, Indra Sistemas, S.A., LG CNS Co. Ltd., Q-Free ASA, Kapsch Trafficcom AG, International Business Machines Corporation, Siemens AG, Swarco AG, Cisco Systems, Inc and Accenture PLC.
Government Initiatives to Modify Traffic Infrastructure to Promote Growth in the Traffic Management Market Over 2018 to 2024
Growing demand for the increasing urban population, intermodal transportation planning, and control in roadways, railways and airways are anticipated to drive the global traffic management market.). Additionally, government initiatives to modify traffic infrastructure and growing public concern for safety are the factors boosting the growth of the market. For instance, the Indian government in their union budget 2017-2018 has allocated National Highway Authority of India (NHAI) for the development of roads and highway under the Pradhan Mantri Gram Sadak Yojana (PMGSY).
However, heavy capital investments and traffic hindrance are anticipated to restrain the growth of the market during the forecast period. On the other hand, due to lack of funds and the governments in the underdeveloped countries curb from investing in new technologies for traffic systems that in turn is having a negative impact on the market growth. Furthermore, the high adoption of technologies such as route guidance software and smart signaling are anticipated to create lucrative opportunities for the key players in the traffic management system market. Moreover, with the increasing emergence of smart cities, opportunities for the global traffic management market is increasing over the years to come.
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North America to dominate the global Traffic Management Market through 2018-2024
Among the geographies, North America dominated the global traffic management market followed by Europe. Pooja Baragale a research analyst at Infinium Global Research quoted that, Europe is projected to be the leading region due to the adoption of advanced technologies such as route guidance software and smart signaling. In addition, Asia Pacific is anticipated to be the fastest growing region owing to rapid urbanization and growing investments of smart infrastructure in developing countries such as India and China.
New Developments to drive the growth in the Traffic Management market
Miami-Dade County signed a smart traffic contract of US$ 11.1 Mn with Econolite Control Products
In July 2017 as part of this contract, the company will install 300 new smart traffic signals that will work on new technology, namely, changing the flow of vehicles.
IBM Corporation launched a transportation management solution
In June 2017, IBM Corporation launched a transportation management solution for the New Jersey Turnpike Authority (NJTA). The launch was aimed at reducing traffic congestions and improving the traffic flow employing an enhanced system that assimilates the Internet of Things to provide advanced analytics and predictive capabilities.
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Indian govt- World Bank sign $ 500 Mn agreement for additional financing for PMGSY Rural Roads Project
May 18-The Indian government and the World Bank on Thursday signed a USD 500 million-loan agreement to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) Rural Roads Project, implemented by Ministry of Rural Development.
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