A recent report published by Infinium Global Research on traffic management market provides in-depth analysis of segments and sub-segments in global as well as regional traffic management market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional traffic management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global traffic management market. According to the report the global traffic management market is projected to grow at a CAGR of 20.4% over the forecast period of 2018-2024.
Traffic management is the key branch within logistics regarding planning control and purchasing the transportation services that are physically needed to move the vehicles. Traffic management system offers real-time data to analyze and respond immediately. It collects the data from various sources such as traffic control sensors, CCTV cameras and road sensors significantly. Moreover, the collected data is then processed in the form of information to passengers, police stations, and traffic control agencies. The main aim behind the implementation of the traffic management system is to provide constructive traffic management solutions that enable highway operators or government authorities to take preventive actions that ultimately result in improving the safety of road users along with improving the traffic channel.
Growing demand for the increasing urban population, intermodal transportation planning, and control in roadways, railways, and airways are anticipated to drive the global traffic management market. Additionally, government initiatives to modify traffic infrastructure and growing public concern for safety are the factors boosting the growth of the market. For instance, the Indian government in their union budget 2017-2018 has allocated National Highway Authority of India (NHAI) for the development of roads and highway under the Pradhan Mantri Gram Sadak Yojana PMGSY.
However, heavy capital investments and traffic hindrance is anticipated to restrain the growth of the market during the forecast period. On the other hand, due to lack of funds and the governments in the underdeveloped countries curb from investing in new technologies for traffic systems that in turn is having a negative impact for the market growth. Furthermore, the high adoption of technologies such as route guidance software and smart signaling are anticipated to create lucrative opportunities for the key players in the traffic management system market. Moreover, with the increasing emergence of smart cities, opportunities for the global traffic management market is increasing over the years to come.
Among the geographies, North America dominated the global traffic management market followed by Europe. Moreover, Europe is projected to be the leading region due to the adoption of advanced technologies such as route guidance software and smart signaling. In addition, Asia Pacific is anticipated to be the fastest growing region owing to rapid urbanization and growing investments of smart infrastructure in the developing countries such as India and china.
The report on global traffic management market covers segments such as, software and system. On the basis of software the global traffic management market is categorized into smart signaling, route guidance, traffic analytics and smart surveillance. On the basis of system the global traffic management market is categorized into journey time measurement system, predictive traffic modeling system, incident detection and location system, dynamic traffic management system, urban traffic management and control and adaptive traffic control system.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global traffic management market such as, Cubic Corporation, Metro Infrasys Private Limited, Indra Sistemas, S.A., LG CNS Co. Ltd., Q-Free ASA, Kapsch Trafficcom AG, International Business Machines Corporation, Siemens AG, Swarco AG, Cisco Systems, Inc and Accenture PLC.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global traffic management market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of traffic management market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the traffic management market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the traffic management market to understand the present and future trends in this market and formulate their strategies accordingly.