Press release
Traffic Management Market Growth, Emerging Trends, Research Methodology, Massive Growth & Industry Survey 2033
Traffic Management Market
Traffic management systems offer real-time data and ability to analyze and respond immediately. Based on solutions, the traffic management market can be classified into five categories, namely extra low voltage (ELV) solutions, intersection controllers, full pedestrian solutions, LED signal retrofit solutions, and parking space and ticketing management solutions.
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Based on detection systems, the traffic management market can be segmented into three categories, namely above ground pedestrian and vehicles detection, loop detection and closed circuit televisions (CCTV), and automatic number plate recognition (ANPR) systems. Based on displays, the traffic management market can be segmented into three categories, namely variable or dynamic message signboards, vehicle information terminals, and others.
The key drivers of the global traffic management market include increasing urbanization, government initiatives to modify traffic infrastructure, and growing public concern for safety. The increasing urbanization is have been escalating the traffic density levels making tough commuting for the common masses.
According to the United Nations, 54% of the global population lives in urban areas. The global urban population is expected to reach 66% by 2050, with key contribution coming from India, China, and Nigeria. While developed countries have been rapidly modifying their traffic infrastructure, developing countries are incorporating changes in their traffic management systems.
The traffic management market also uses cloud services to assist vehicle drivers with all necessary information. With the increasing emergence of smart cities, opportunities for the global traffic management market is increasing. Some of the ongoing smart cities projects include Amsterdam smart city, Masdar City, Planit Valley, Guangzhou Innovation City, Songdo Ibd, Yokohama Smart City Project, Smart City Wien, Smart City Kochi, and Smart City Malta.
Other projects include Smart Parking Project Montreal (Canada), Chennai-Nashri Tunnel (India), Elizabeth River Tunnels (The U.S.), Rohtang Tunnel (India), Deep Dredge Project (The U.S.), and Johnson County Gateway Interchange Project Kansas (The U.S.).
Restraints associated with the traffic management market include heavy capital investment, infrastructural legacy systems, and traffic hindrance due to transformation downtime. Due to lack of funds, governments in underdeveloped and developing countries refrain from investing in new technologies for traffic systems. Many of the urban areas in these countries do not have traffic lights. However, some of these countries have started including basic forms of traffic management systems such as CCTV cameras .
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North America dominated the global traffic management market in 2013, followed by Europe. The traffic management market is competitive due to the presence of a large number of players. The key players in the global traffic management market include, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., Cubic, ESRI, GE Transportation, IBM, Indra, Ineo, Kapsch, LG CNS, Schneider Electric, Siemens, and Thales.
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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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