The traffic management system market has been segmented by system into urban traffic management and control system, adaptive traffic control system, journey time management, predictive traffic modeling, incident detection and location, route guidance, maintenance tracking system, traffic data management and others. Among these segments, the route guidance systems and traffic control & management segments are expected to dominate the market of traffic management systems.
Traffic management system provide constructive traffic management solutions that enable private highway operators or government authorities to take preventive actions that ultimately results in improving the safety of road users along with improving the traffic passage, increasing the transportation system efficiency, economic productivity and enhancing mobility. These factors are anticipated to expand the traffic management system market in upcoming years.
The global market for traffic management was valued at USD 4 Billion in 2015 and is anticipated to reach USD 18 Billion by the end of 2023, expanding at a CAGR of 32% during the period 2016-2023. The increasing demand for trouble-free travelling with ensured safety is anticipated to drive the growth of Traffic Management System Market over the forecast period. Further, increasing population and urbanization in developing countries is estimated to boom the traffic management system market by noteworthy revenue by the end of 2023.
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In the regional segment, North America accounted for highest revenue share in 2015 owing to the advanced traffic management system of the region and is anticipated to continue its dominance over the forecast period. The rising population and urbanization in regions of Asia Pacific is anticipated to drive the growth of market in this region with significant compound annual growth rate. Governments of highly populated countries such as India and China are taking initiatives to improve the road connectivity in their countries by implementing advance traffic management systems which will fuel the growth of market by noteworthy revenue by the end of forecast period.
Rise in Automobiles to Boom the Market
Increasing number of vehicles on the road along with the rising population has raised the need for effective traffic management system which will further propel the growth of traffic management system market over the period 2016-2023. Moreover, government initiatives towards the improvement of road transportation in developing countries such as India and China coupled with the emerging highway and expressway megaprojects to improve the road connectivity in these countries is envisioned to expand the global traffic management system market in near future. However, regular operating and maintenance costs of traffic management systems combined with regular up gradation and monitoring of road side equipment is likely to inhibit the growth of the traffic management system market in the near future.
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The report titled “Traffic Management System Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the traffic management system market in terms of market segmentation by system, solutions, detection, by display and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the traffic management system market which includes company profiling of Accenture PLC, Alstom Holding SA, CISCO System Inc., Cellint, Cubic Corporation, GE Transportation, IBM Corporation, Kapsch AG, Lg Cns and Siemens AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the traffic management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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