March 31, 2020

Traffic Management Systems And Services Market will be growing at a CAGR of 20.5% during the forecast period from 2018 to 2026

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 market for traffic management systems and services is expected to exceed US$ 116.0 billion by 2026 for a CAGR of 20.5 per cent over the forecast period from 2018 to 2026.

The global market for traffic management systems and services is driven primarily by increasing congestion in major cities around the world. Traffic authorities in major cities face challenges from an increasing population and an increasing number of on-road vehicles. Increased government and public concerns, supported by current and expected traffic management legislation, are expected to significantly reduce congestion, emissions, road accidents, reduce noise pollution and improve road safety and increase advanced traffic management solutions in both developed and developing regions. Rising congestion is increasing the financial burden on the country.

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According to a recent study published by the’ Texas Transportation Institute,’ highway congestion costs US$ 160 billion a year in terms of productivity loss and extra fuel consumed during traffic. It also found that urban commuters waste an average of 42 hours of traffic each year. Increased public-private partnerships and advancement of traffic management solutions to reduce congestion are also expected to increase demand for traffic management solutions. Increased smart city projects and the rapid deployment of smart and smart transport systems in developing countries are also expected to increase demand for traffic management systems and services. High deployment costs and restrictions on public sector budgets are key factors for traffic management systems and services.

Traffic management software market, including smart signaling, route guidance, traffic analytics and traffic surveillance solutions, accounted for the largest revenue share of each component in the overall market. The demand for traffic analysis and monitoring software solutions used in traffic monitoring and control is expected to grow considerably throughout the forecast period. The traffic management services segment is expected to witness the fastest growing demand for deployment and integration services. Increased demand for integration and deployment services globally is expected to increase the number of smart city and unbridled traffic management projects in both developed and developing countries.

The U.S., U.K., Germany, Japan, Australia and South Korea have developed a market for traffic management systems and services. Major investments in smart cities and urban traffic management projects have contributed to the growth of demand for traffic management systems in these markets. In 2017, North America is the largest regional market for traffic management systems. The traffic management systems and services market in Asia-Pacific is expected to see the fastest growth in the forecast period, with increasing investment in traffic management solutions in China, India and South-East 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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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Report Scope by Segments

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 Type

  • Hardware
    • Camera
    • Displays
    • Sensors
  • Software
    • Route Optimization
    • Traffic Analytics
    • Surveillance
    • Smart Signaling
  • Services
    • Consulting
    • Deployment and Integration
    • Support and Maintenance  

By Geography Segment

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

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