According to a new market report published by Credence Research Inc “Traffic Management Systems and Services Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2026,” the global traffic management systems and services market is primarily driven by increasing congestion in the major cities across the world. Traffic authorities in major cities are facing challenges from rising population and increasing number of on-road vehicles. Rising government and public concerns, supported by current and expected traffic management legislations, to considerably reduce congestion, emission levels, road accidents, reduce noise pollution and improve road safety are expected increase advanced traffic management solutions in both developed as well as developing regions. Rising congestion increases financial burden on country.
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According recent study published by ‘Texas Transportation Institute’, highway congestion in the U.S. costs for US$ 160 Bn a year in terms of loss of productivity and extra fuel consumed during traffic. It also found that urban commuters waste average 42 hours every year in traffic. Increasing public-private partnerships along with advancement in traffic management solutions to achieve congestion reduction and traffic management goals are also expected to increase the demand for traffic management solutions. Increasing smart city projects and rapid deployment of intelligent and smart transportation systems in developing countries also expected increase the demand for traffic management systems and services. High deployment cost and restrictions on public sector budgets are major challenging factors for traffic management systems and services. The global traffic management systems and services market is expected to cross US$ 116.0 Bn by 2026 at a CAGR of 20.5% throughout the forecast period from 2018 to 2026.
Traffic management software market which includes smart signaling, route guidance, traffic analytics and traffic surveillance solutions accounted for the largest revenue share in the overall market by component. The demand for traffic analytics and surveillance software solutions used in traffic monitoring and control is expected to witness considerable growth throughout the forecast period. Traffic management services segment is expected to witness the fastest growth with growing demand for deployment and integration services. Increasing number of smart city and unban traffic management projects in both developed and developing countries are expected increase the demand for integration and deployment services globally.
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U.S., U.K., Germany, Japan, Australia and South Korea are developed market for traffic management systems and services. Considerable investments in smart city and urban traffic management projects contributed to the growth of traffic management systems demand in these markets. North America is the largest regional market for traffic management systems in 2017. Traffic management systems and services market in Asia Pacific is expected to witness fastest growth over the forecast period with rising investment in traffic management solutions in China, India and Southeast Asian countries in the region.
The global traffic management system and services industry is highly competitive in nature with significant number of multinational players. Some major players in the global industry include Siemens AG, Swarco AG, Kapsch Trafficcom AG, IBM Corporation, Redflex Holdings, Q-Free ASA, Iteris, Inc., Metro Infrasys Private Limited, LG CNS Co. Ltd., Cubic Corporation, Indra Sistemas, S.A., Cisco Systems, Inc., Cellint and others.
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By System Type
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Journey Time Measurement System
- Predictive Traffic Modeling System
- Incident Detection and Location System
- Dynamic Traffic Management System
By Component
- Hardware
- Camera
- Displays
- Sensors
- Software
- Route Optimization
- Traffic Analytics
- Surveillance
- Smart Signaling
- Services
- Consulting
- Deployment and Integration
- Support and Maintenance
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- Latin America
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