Market Scope
The global traffic management market is expected to grow at approximately USD 65 billion by 2023. It can reportedly expand at 20% CAGR over the forecast period.
Major drivers of the market are the large air traffic volume and development of new software for replacing legacy software. Mobility of traffic while avoiding congestion and collisions on highways and narrow roads can drive the market demand significantly. Rapid development of cities and their reliance on latest technology for navigation of roads can bode well for the market. The mushrooming of ecommerce and logistics industries can be a boon for the market as last-mile connectivity becomes imperative in customer satisfaction.
The rise of urbanization, nuclear families, and need for prompt delivery and pick-up of goods are other drivers of the market. Initiatives for integrating technology in logistic processes for management of the slurry of goods and utilization of communication networks can favor the market in the coming years. The COVID-19 pandemic had brought to a halt to all delivery routes owing to movement restriction orders by major nations for curtailing the virus. But the ease of rules have led to resumption of the transport of commodities and essential goods and can stimulate the economic growth.
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Major Players:
Players leading the traffic management market are Atkins Group (UK), Accenture PLC (Ireland), Cellint (Israel), Citilog (France), Cisco Systems, Inc. (US), Cubic Corporation (US), ESRI (California, US), EFKON AG (Austria), FLIR Systems, Inc. (US), and IBM Corporation (US), among others.
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Segmentation
The global traffic management system market is segmented by component and system.
By component, it is segmented into hardware (surveillance camera, display board, sensors, others), software (smart surveillance, smart signaling, route guidance, and traffic analytics), and service (consulting, support and maintenance, and deployment integration). The software segment is set to experience a huge windfall owing to efforts in lowering traffic problems, alleviating the air traffic volume, and transport needs. Within the service segment, the deployment integration sub-segment is expected to exhibit a robust CAGR over the forecast period. This can be attributed to developments in internet and communication technology sector.
By software, it is segmented into route guidance, traffic analytics, smart signaling, and smart surveillance. The route guidance system segment is anticipated to capture a large part of the revenue share of the global traffic management market. Route guidance system offers the right directions to specially equipped vehicles with the assistance of infrared transmitters and receivers located at intersections of the main road network. Map databases are updated frequently and offer invaluable services to commercial drivers navigating on unfamiliar routes by avoiding obstacles such as narrow roads and low bridges.
By system, it is segmented into dynamic traffic management system (DTMS), predictive traffic modeling system (PTMS), incident detection and location system (IDLS), journey time measurement system (JTMS), urban traffic management and control (UTMC) system, and adaptive traffic control system (ATCS).
Regional Analysis
The regional analysis of traffic management market is being studied for region such as Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
Europe accounts for the largest share in the global traffic management market owing to adopting of smart traffic management software. The increased adoption of software for better management of traffic at major border crossings and critical roads sections for preventing accidents can positively impact the global market growth.
APAC is also expected as a fastest growing market due to increased traffic congestion and regulatory measures to minimize passenger volume along with better traffic control measurement. The high reliability on roadways and measures for improving road safety can favor the market greatly.
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Competitive Outlook
FLIR Systems, Inc., IBM Corporation, Atkins Group, Esri, Cellint, Cubic Corporation, EFKON AG, Accenture PLC, Citilog, and Cisco Systems, Inc. are key players of the global traffic management market.
1 Market Introduction
1.1 Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.1 Introduction
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
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