Global Traffic Management System Market Overview:
Traffic management system is defined as an IT solution that facilitates vehicular traffic and improves the safety and security of passengers. It collects data from sources such as traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to extract actionable insights from it. The information is transmitted to passengers, police stations, traffic control agencies, etc. Traffic Management System Market size is driven by the rapid industrialization and increasing urbanization across the world. As the urban population across the globe is increasing, the number of vehicles on the roads is also increasing, giving rise to the need for a sound traffic management system. Rising government and public concerns, supported by current and expected traffic management law to considerably reduce traffic, emission levels, road accidents, noise pollution and improve road safety are expected to increase advanced traffic management solutions in both developed as well as developing regions. Global traffic management system market was valued at USD XX billion in 2017 and is anticipated to reach USD XX billion by the end of 2023, witnessing a promising compound annual growth rate of XX% over the forecast period.
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Global Traffic Management System Market Drivers and Restraints:-
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. The system evaluates the real-time data from the road side equipments to ensure smooth traffic movement and timely reaction to hazardous situations. In 2017, parking space and toll management accounted for the highest market share as the system effectively manage the centralized cashless toll payment, toll submitting time, and helps in faster payment processing. Rising passenger traffic, growing public concerns for road safety, increasing vehicle density in highly populated countries, these are major factors that possess strong demand for advance traffic management solutions in the upcoming 5-6 years. Regular operating and maintenance costs of traffic management systems along with the regular up gradation and monitoring of road side equipments is expected to be major challenge for the expansion of traffic management system market.
Global Traffic Management System Market Geographical Segmentation:-
Europe is estimated to be the leading region in the traffic management system market owing to the high investment in the smart city. North America is the largest regional market for traffic management systems in 2017. The 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.
Major players in this Global Traffic Management System Market are:
The major traders of the traffic management systems are IBM, Accenture, Siemens, Thales, Cubic, Systematic, and Decell.
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