Traffic management is a system that providing traffic management solutions that improve traffic flow and safety of road users. It also advices the command control and signaling system which receives the information about the current traffic and the disturbances in the surrounding. Traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others.
Increasing urbanization and growing public concerns for the safety are major factors driving the growth of the global traffic management system market
Increasing urbanization results in the rise of traffic density levels, making traveling troublesome for common folk. For instance, according to the Global Health Observatory (GHO), the urban population in 2014 accounted for 54% of the total global population, and continues to grow. Over half of the population in the world is staying in urban areas, which increases overcrowding in small areas. More people leads to more usage of vehicles triggering traffic congestion. Hence, traffic management system is the major need to control the traffic problems such as traffic congestions and others will positively impact the growth of traffic management market.
Rising concerns for the safety regarding the road traffic accidents leading to injuries and deaths is another factor fueling growth of the market. These are the major factors that are expected to influence the growth of this market during the forecast period. For instance, according to World Health Organization (WHO), an estimated 1.25 million road accidents occurred globally in 2013, among them around 93% road traffic death occurs in low and middle income economies and over 50 million people are injured by road accidents. Therefore, people are increasingly concerned and cautious regarding the safety aspect, which tends to increase in the growth of traffic management system market size.
However, High initial installation cost for traffic management systems which includes CCTV cameras among others are hampering the growth of the global traffic management system market.
Global Traffic Management System Market: Taxonomy
On basis of solution, the global traffic management system market is segmented into
On basis of software, the global traffic management system market is segmented into
- Smart Signaling
- Route Guiding
- Traffic Analytics
On basis of hardware, the global traffic management system market is segmented into
- Display Boards
- Surveillance Cameras
On the basis of systems, the global traffic management system market is segmented into
- 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
On basis of region, the global traffic management system market is segmented into
- North America
- Asia Pacific
- Latin America
- Middle East
Global Traffic Management System Market: Regional Insights
North America accounted for the largest share in the global traffic management market in 2016. U.S. is the major growth engine in North America market. This is owing to increasing initiatives from the U.S. government towards improvement of traffic management facilities and implementation of intelligent transportation systems (ITS). For instance, the America's Surface Transportation Act or "FAST Act" was passed in 2015, in order to solve congestion issues regarding the traffic management, and enhance the transportation within the country.
Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is due to increasing urbanization and growing initiatives for better traffic management in the developing countries such as India and China. For instance, in 2015 Government of India launched "100 Smart Cities Mission" with project investments of US$ 30.02 billion which includes the technologies such as CCTV cameras, ITS (Intelligent transportation System) and others, which is expected to positively influence the growth of regional traffic management system market.
Global Traffic Management System Market: Key Players
The key players in the global traffic management market include Accenture PLC, Atkins Group, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., Cubic Corporation, ESRI, GE Transportation, IBM, Indra, Ineo, Kapsch, LG CNS, and Schneider Electric.
Global Traffic Management System Market: Key Developments
- In January 2019, Cubic Corporation announced the acquisition of GRIDSMART Technologies, Inc. for approximately $87 million in cash to expand intelligent traffic management offering.
- In February 2019, Delhi Police in collaboration with Maruti Suzuki India Limited, announced the launch of first of its kind automated traffic management system “Red Light Violation Detection and Speed Violation Detection System (RLVDS and SVDS)” that does everything from violation-capturing to issuance of an e-challan without human intervention.
- In June 2019, Econolite, one of the USA’s leading suppliers of all forms of ITS (intelligent transportation systems) equipment, announced a launch of its two new traffic management software modules, “Centracs Edaptive” and “Centracs Priority software systems”, for its Centracs platform at the ITS America Annual Meeting in Washington DC. These modules are designed to deliver new, unique opportunities to automate traffic optimization capabilities.