Traffic Management Market Worth 17.64 Billion USD by 2020
PUNE, India, January 12, 2016 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets, Traffic Management Market 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.
Browse 68 market Tables and 55 Figures spread through 149 Pages and in-depth TOC on "Traffic Management Market"
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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. The increasing need to access real-time information captured by sensors and cameras is one of the major reasons for the introduction of advanced traffic management system.
Intermodal Transportation Planning System (ITPS) is the fastest-growing traffic management system
It has become imperative for the traffic management department to understand the importance of strategic planning to control and manage traffic congestion. ITPS provides strategic simulation to intelligent transport management system, thereby helping to understand the roadway system, various events in the cities that could cause congestion, and emergency situations. Rapid urbanization, increased interest in smart cities, and the need for planning efficient transportation system drives the need for ITPS during the forecast period.
CCTV and ANPR detection type has captured the largest market share in traffic management detection type market
Increasing traffic security concerns has made customers focus more on detection solutions such as CCTV and ANPR detection to capture traffic activities. Moreover, various real-time data can be collected through these solutions which help in predictive analysis for making various decisions on traffic congestion, accidents, and emergency relief.
North America to be the largest revenue generator of the traffic management system market in 2015
North America is contributing the maximum toward the traffic management system market through solutions, detections, displays, and systems. This is mainly due to the increased focus of the government, thus increasing the need for "Traffic Management" projects and various initiatives toward traffic management solutions and services. Europe and Asia-Pacific are the second and third-largest regions in terms of market size for traffic management. The figure below shows the market share of different regions in 2015 and 2020.
The market is competitive due to the entry of new players with new and innovative offerings. Major vendors in the traffic management system market space include a large number of vendors such as Accenture, Cisco Systems, GE Transportation, IBM, Kapsch, LG CNS, Schneider Electric, and Siemens.
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The report provides a picture of growth of the Traffic Management Market in various regions. The report aims at estimating the market size and future growth potential of this market across segments such as system types, management types, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the traffic management system market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
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