Global Traffic Management System Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Traffic Management System Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global traffic management system market report has been segmented on the basis of software, hardware, solutions, and region.

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Global Traffic Management System Market: Overview

Traffic management is a system that provides real-time data and ability to analyze and respond immediately in order to improve traffic flow and safety of road users. In addition, it provides command control and signaling system to get information about current traffic and disturbances in surrounding. Traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others. The traffic management also uses cloud services in order to assist vehicle drivers by providing all necessary information.

Global Traffic Management System Market: Dynamics

Increasing urbanization resulting in increasing traffic density levels along with increasing need to control traffic problems such as traffic congestions and others, this is a major factor expected to drive growth of the global market over the forecast period.

In addition, increasing safety concerns regarding road traffic accidents leading to injuries and deaths is another factor expected to further fuel growth of the target market over the forecast period.

However, High initial installation cost for traffic management systems is a key factor expected to restrain growth of the target market over the forecast period.

Increasing number of smart city projects is expected to create various opportunities for global traffic management market over the forecast period.  Some ongoing smart city projects are Amsterdam smart city, Smart City Kochi, Masdar City, Planit Valley, Smart City Malta, Songdo Ibd, Yokohama Smart City Project, etc.

In addition, increasing development of innovative solutions and new technologies are some other factors expected to create potential revenue opportunities for players operating in the target market over the forecast period.

Global Traffic Management System Market: Segment Analysis

Among the software segments, the route guidance segment is expected to register significant share in terms of revenue over the forecast period, owing to its features such as reduces traveling time and distance for drivers, provide real-time information related to traffic congestion, accidents, and other similar events on the roads.

Among the hardware segments, the surveillance cameras segment is expected to dominate in the global market over the forecast period, as it is considered as innovative and very useful video surveillance technology in traffic monitoring and control.

Among the system segments, the incident detection and location (IDL) system segment is expected to register significant growth in terms of revenue over the forecast period.

Global Traffic Management System Market: Regional Analysis

The market in North America is expected to dominate in the global market in terms of revenue over the forecast period, owing to increasing initiatives by the US government towards improving traffic management facilities and increasing implementation of intelligent transportation systems (ITS) across various countries in this region.

The market in Asia Pacific is expected to register highest CAGR over the forecast period, owing to increasing demand for better traffic management across developing countries such as India and China. For instance, in 2015 Government of India launched ‘100 Smart Cities Mission’ which includes many technologies such as CCTV cameras, ITS (Intelligent Transportation System), etc.

Global Traffic Management System Market Segmentation:

Segmentation by software:

Smart Signaling
Route Guiding
Traffic Analytics

Segmentation by hardware:

Display Boards
Sensors
Surveillance Cameras
Others

Segmentation by systems:

Urban Traffic Management and Control (UTMC) System
Adaptive Traffic Control (ATC) System
Journey Time Management (JTM) System
Predictive Traffic Modeling (PTM) System
Incident Detection and Location (IDL) System
Dynamic Traffic Management (DTM) System