Traffic Management System Market share forecast to witness considerable growth from 2017 to 2024
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Furthermore, supportive government initiatives for developing the traffic infrastructure is a primary factor that is driving the growth of the market. For instance, the Indian government in their union budget 2017-2018 has allocated over USD 9.5 billion in National Highway Authority of India (NHAI) for the development of roads and highway and USD 4.0 billion in Pradhan Mantri Gram Sadak Yojana (PMGSY).
This is estimated to fuel the demand for the traffic management system market. In addition, the growing need for real-time analysis is also estimated to have a significant impact on the growth of the market. However, the lack of standards and uniform technology and security-related issues associated with the traffic management systems are the major constraints in the growth of the market.
Traffic management system is defined as an IT solution that facilitates vehicular traffic and improves the safety and security of passengers. It collects data from sources such as traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to extract actionable insights from it. The information is transmitted to passengers, police stations, traffic control agencies, etc.
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The traffic management is not only used for managing the traffic congestion and reducing the fuel wastage, but it is also used to assist passengers in planning their journey in advance, to avail on-demand services during journey, and to find the shortest route in the traffic. Increasing urban population is estimated to be the major factor driving the growth of the market.
Europe is estimated to be the leading region in the traffic management system market owing to the high investment in the smart city and smart transportation projects for improving the traffic management and control mechanism. Furthermore, the high adoption of advanced technologies, such as route guidance software and smart signaling, is also estimated to foster the growth of the market. Asia Pacific is estimated to be the fastest growing region during the forecast period owing to the rapid urbanization and growing investments for the development of a smart infrastructure in developing countries such as India and China. Moreover, supportive government initiatives, such as Smart City initiatives in India and China, are also estimated to fuel the demand for the market.
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The traffic management system market is fragmented with the presence of a substantial number of players. The market includes multinational, regional, and local companies. The major vendors of the traffic management systems are IBM, Cellint, Iteris, Kapsh, Swarco, Accenture, Siemens, Thales, Cubic, Systematics, and Decell. There are several projects that are already in progress in developing countries including the U.S., the UK, and Germany. However, many companies are about to launch their projects in developing countries, which is further estimated to drive the growth of the market.
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