Global Traffic Management System Market to Rise at 33.8% CAGR to 2020

Jan 15, 2016, 01:00 ET from Market Reports Hub

PUNE, India, January 15, 2016 /PRNewswire/ --

The traffic management system market is forecast to grow from USD 4.12 billion in 2015 to USD 17.64 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 33.8% during the forecast period (2015 - 2020). Increasing environmental concerns, rapid urbanization and population explosion, and demand for real-time information are the main drivers driving the growth of the traffic management system market.

Complete report on traffic management system market spread across 149 pages, profiling 10 companies and supported with 68 tables and 55 figures is now available at http://www.marketreportshub.com/traffic-management-industry-research-2019-marketsandmarkets.html .

In 2015, parking space & toll management accounts for the largest market share in the traffic management system market, by solution during the forecast period. Increasing population along with rapid proliferation of the number of vehicles due to urbanization, have resulted in parking space issues along with the need to manage the toll services.  Moreover, narrow roads and sparse land space has added more to the problem of parking. This has generated the demand for parking management solutions to manage parking and curb traffic congestion. Toll management has also become a necessary aspect of traffic management as this helps in centralized toll payment, cashless toll payment, reducing toll submitting time, and faster payment processing.

North America has captured the largest market share in 2015 and Asia-Pacific is the fastest growing region in terms of CAGR. Increasing population has led to a rapid increase in the number of vehicles in Asia-Pacific. This eventually leads to traffic management issues such as traffic congestion, parking problems, and accidents. These issues have led the countries in this region to embrace various traffic management solutions that will lead to more development during the forecast period. Increasing cloud adoption and traffic issues are driving the traffic management system market in North America.  

The latest trends in the traffic management market include real-time traffic management, remote monitoring system, data management, and Software as a Service (SaaS) based solutions and Internet of Things. Rapid urbanization and the emerging concept of smart cities and smart traffic have further boosted the demand for SaaS-based solutions in the traffic management system market. Asia-Pacific is also gaining high market traction due to the improving economic condition and increasing cloud adoption in the region.

This report segments the market into various sub-segments covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across the different regions.

The various key traffic management vendors and service providers profiled in this report such as IBM Corporation, Cisco Systems Inc., GE Transportation, Siemens AG, LG CNS, Alstom SA, Cubic Corporation, Kapsch TraffiCom, Cellint Traffic Solution, Kapsch AG. Oder a copy of  Traffic Management Market by Solutions (ELV, Full Pedestrian, Led Signals & Retrofit Solutions, Intersection Controllers Parking Space and Toll Management), Detection (AGPVD, Loop Detection & CCTV and ANPR), & by Region - Global forecast to 2020 research report at http://www.marketreportshub.com/purchase?rpid=3490 .

This report will help in the better understanding of the competitors and gain more insights to better one's position in business. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers and acquisitions, integrations and expansions and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.

On a related note, another research on Customer Experience Management Market Global Forecast to 2020 says, the global customer experience management market is projected to grow from USD 4.36 Billion in 2015 to USD 10.77 Billion by 2020, at a CAGR of 19.9% during the forecast period, 2015 to 2020. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help them in garnering increased market share. Companies like Nokia Networks, SAP SE, Tech Mahindra, Verint Systems, Oracle Corporation, Adobe Systems Inc., IBM, Clarabridge, SAS Institute Inc., SDL, and OpenText have been profiled in this 163 pages research available at http://www.marketreportshub.com/customer-experience-management-industry-research-2019-marketsandmarkets.html .

Explore more reports on I.T. & Telecommunication market at http://www.marketreportshub.com/categories/i-t-telecommunication

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