Road
authorities deploy advanced traffic management systems to maximize
operation performance and reliability of all aspects of road networks
such as traffic management, control, and surveillance. Traffic
management systems include urban and inter-urban systems, vehicle
detection systems, ramp metering systems, bridge traffic management
systems, and tunnel traffic management systems. Transportation
systems play an important role in a country’s economic and social
development. Metropolitan cities around the world are facing a
challenge from increasing traffic jams due to continuous increase in
population, increase in vehicle ownership, and limited road networks.
This results in increased fuel wastage, traffic time, and monetary
losses. According to Texas A&M Transportation Institute, on an
average, Americans spend more than 5 billion hours in traffic and
purchase an extra 3 billion gallons of fuel, costing more than USD
120 billion per year. According to the European Commission’s
department for Mobility & Transport, congestion costs Europe 1%
of its GDP every year. Congestion costs China about 4% to 5% of its
GDP. Traffic jams are a major problem in several other major
economies across the world, which significantly affects their
economic and social growth. Deployment of ATMS in urban and
inter-urban road networks improves the efficiency of utilizing
existing road networks. This minimizes financial burden on
transportation authorities and governments by reducing necessary
investments required for road network expansions for congestion
control. This benefit fuels the demand for traffic management
solutions across the world.
Aggressive demand for traffic management solutions is expected from
emerging countries such as India, China, and Brazil due to rapidly
increasing congestion issues in their major cities. Some of the key
factors driving the market include high growth rate of demographics
as also the fact that developing countries are facing hyper
urbanization. Further, availability of connectivity and hardware
devices at affordable cost is another key factor driving the traffic
management systems market. Growing need for real time information
systems and rise in focus of government investment for setting up
traffic management systems with latest technology is expected to
drive the demand for traffic management systems over the next few
years. Lack of uniform and standardized technology in traffic
management is a key factor restraining market growth. Further, the
emergence of IoT (Internet of Things) and the application of edge
analytics in traffic management systems is a key opportunity for the
traffic management system market.
The traffic management systems market by software is segmented by
route guidance, smart signaling, traffic analytics, and smart
surveillance. The smart surveillance segment has been further
segmented into video management software, video analytics by
application, and video analytics. The video analytics by application
segment has been further segmented into facial recognition, ANPR,
incident detection, and pedestrian detection.
The traffic management systems market by hardware has been segmented
into sensors, display board, surveillance cameras and others. The
sensors segment is further segmented into speed sensor, vehicle
detection over the next few years. High adoption of traffic
management systems in the region is resulting in this high revenue
share. High penetration rate of latest technology in traffic
management systems is expected to drive the market further in the
region.
Some of the key players operating in the traffic management systems
market include Siemens AG (Munich, Germany), Hitachi Ltd (Tokyo), WS
Atkins PLC (U.K.), Nuance Communications, Inc. (The U.S.), EFKON AG
(Austria), Garmin International Inc. (The U.S.), Iteris, Inc. (The
U.S.), Telenav, Inc (The U.S.), Thales Group (France), and TomTom NV
(The Netherlands). The key players operating in the traffic
management market are a focusing a considerable amount of their
revenue in research and development for developing new products and
gain competitive advantage over its competitors.
The report offers a comprehensive evaluation of the market. It does
so via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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