Global Traffic Management Market is expected to reach US$ 90.3 Bn by 2024 from US$ 22.59 Bn in 2017 at a CAGR of 21.9%.
Global traffic management market is segmented into a system, solution, software, hardware, service, and region. In terms of system, the traffic management market is classified into urban traffic management and control (UTMC) system, an adaptive traffic control system (ATCS), journey time measurement system (JTMS), predictive traffic modeling system (PTMS), incident detection and location system (IDLS), and dynamic traffic management system (DTMS). Based on the solution, the traffic management market is categorized into hardware, software, and services. On the basis of the solution, the traffic management market is segmented into route guidance, smart surveillance, smart signaling, and traffic analytics. In terms of hardware, the traffic management market is segregated into display boards, surveillance cameras, sensors, and others. Based on service, the traffic management market is segmented into deployment & integration, consulting, and support & maintenance.
Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The key driving factor for this market include the high demographic growth and hyper-urbanization in developing countries, and government initiatives for traffic management under smart cities models are some of the driving factors for this market. Also, growing public concern for safety are the factors boosting the global traffic management market. Increased use of advanced technologies such as cloud-based services is driving the global market. Moreover, huge interest in the population all over the world to own more than one vehicle is rising the traffics and indirectly elevating the global traffic management market. On the other hand, growing infrastructures that include the building of huge and smooth national highways are hampering the global market. Furthermore, the growing awareness of the people about traffic rules is one of the factors that are hampering the global traffic management market.
The deployment and integration services segment is anticipated to have the largest market share and estimated to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market. The rising requirement for upgrading traditional traffic management systems to support various smart cities and traffic management drives the deployment and integration services segment in the traffic management market. In terms of region, Europe is expected to be the leading region in the traffic management system market. The high adoption of advanced technologies, such as route guidance software and smart signaling, is also anticipated to foster the growth of the market. Asia Pacific is projected 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. Some of the key players in the traffic management market are Accenture, 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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The scope of the Global Traffic Management Market
Global Traffic Management Market by System
• Urban Traffic Management and Control (UTMC) system
• Incident Detection and Location System (IDLS)
• Journey Time Measurement System (JTMS)
• Adaptive Traffic Control System (ATCS)
• Predictive Traffic Modeling System (PTMS)
• Dynamic Traffic Management System (DTMS)
Global Traffic Management Market by Solution
• Services
• Software
• Hardware
Global Traffic Management Market by Software
• Traffic Analytics
• Smart Signaling
• Route Guidance
• Smart Surveillance
Global Traffic Management Market by Hardware
• Sensors
• Display Boards
• Surveillance Cameras
• Others
Global Traffic Management Market by Service
• Deployment & Integration
• Consulting
• Support & Maintenance
Global Traffic Management Market by Geography
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
Key players in the Global Traffic Management Market
• Swarco AG
• IBM Corporation
• Q-Free ASA
• Indra Sistemas, S.A.
• Cubic Corporation
• Iteris, Inc.
• Cisco Systems, Inc.
• Siemens AG
• Kapsch Trafficcom AG
• LG CNS Co., Ltd.
• Metro Infrasys Private Limited
• Accenture PLC
• Cellint
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