Global Traffic Management Market Report 2021-2026: Development of Smart Cities Driving Growth
DUBLIN, Aug. 27, 2021 /PRNewswire/ -- The "Global Traffic Management Market Report" report has been added to ResearchAndMarkets.com's offering.
The global Traffic Management size to grow from USD 35.3 Billion in 2021 to USD 61.9 Billion by 2026, at a CAGR of 11.9%
The presence of various key players in the ecosystem has led to competitive and diverse market. The market include a high growth rate for the adoption of eco friendly automobile technology and introduction of MaaS in the market. A growing need for operational efficiency, and recent government mandates also plays a major role for the high growth rate of the market.
However, there are significant growth opportunities for Traffic Management vendors. Small firms and startups are also marking their presence in the Traffic management market by providing their offerings across the world.
The Traffic management industry is gradually adopting advanced technologies which integrates and coordinates the flow of traffic in various regions for the ease of commuters, i.e., vehicles and pedestrians, reduce environmental impact and increase the overall Traffic efficiency.
Among Components, the solution segment to have a larger market size during the forecast period
In the Traffic management market by components, the solution segment is expected to hold the larger market size with Traffic management solution vendors enabling organizations to ensure that every traffic control center gets coupled to subsystems, such as traffic light systems and other detection devices and to establish a proper integration of traffic control systems. The hardware and software systems are in conformity with international standards. The application allows smooth monitoring and instantly replies to events.
Among system, the incident detection and location system to constitute a larger market size during the forecast period
By System, Incident detection and location system is expected to hold the largest market size. It detects, verifies, and resolves incidents quickly. Video analysis is a well-established technology in the traffic management system for traffic incident monitoring. The real-time camera images detect a variety of incidents; and thus, lives are saved. Video Incident Detection Systems (VIDS) consists of a network of cameras that automatically detect events and ensure appropriate responses.
Asia Pacific (APAC) region to record the highest growing region in the Traffic Management market
APAC is expected to grow at the highest CAGR during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India.
The growth of the Traffic management market in APAC is also driven by the region's untapped market strength, increase in awareness about driver safety and accident prevention, upcoming regulations to improve road safety, growth in transportation and logistics industries, and the advent of 4G LTE technology and smartphones.
Premium Insights
- Rising Traffic Congestion Across the Globe Driving the Traffic Management Market Growth
- Solutions Segment to Lead the Market Growth in 2021
- Route Guidance and Route Optimization Segment to Account for the Largest Market Share by 2026
- Implementation Segment to Account for the Largest Market Share During the Forecast Period
- Dynamic Traffic Management System Segment to Lead the Market Growth During the Forecast Period
- Asia-Pacific to Grow at the Highest Rate During the Forecast Period
- Singapore to Account for High Growth During the Forecast Period
Market Dynamics
Drivers
- Increasing Concerns Related to Public Safety
- Rising Number of Vehicles and Insufficient Infrastructure
- Government Initiatives for Effective Traffic Management
- Development of Smart Cities Across the World
Restraints
- Slow Growth in the Infrastructure Sector
Opportunities
- Increasing Concerns About Protecting the Environment with Eco-Friendly Automobile Technology
- Designing and Developing Smart Vehicles Compatible with Advanced Technologies
- Growth of Analytics Software
Challenges
- High Expenses Associated with Equipment Installation
- Security Threats and Hacker Challenges
- Multiple Sensors and Touchpoints Pose Data Fusion Challenges
- COVID-19 Market Outlook for Traffic Management Market
- Cumulative Growth Analysis
Traffic Management Projects
- Sidewalk Labs Linknyc
- Smart City Corridor, Kansas City, Missouri
- Verizon: Envision Charlotte
- Singapore
- Dubai
- Sheikh Jaber Al-Ahmed Al-Sabah Causeway, Kuwait
- Thompsons Roadways Project, Melbourne, Australia
- Elizabeth River Tunnels Project, United States
- Smart Traffic Management, Chennai, India
Patent Analysis
Case Study Analysis
- Cisco Helps Texas City with Automated Traffic Management and Gain New Opportunities
- Partnership of Swarco and Aitek Helping Riyadh for Traffic Management
- Siemens Concert Suite for Seattle Traffic Management Centers
- Siemens Deploys Intelligent Traffic System in Ann Arbor
- Tomtom Helps Helsinki to Study Traffic Flow
Technology Analysis
- Artificial Intelligence
- Big Data and Analytics
- Internet of Things
- Edge Computing
- 5G Network
Companies Mentioned
- Alibaba
- Bercman Technologies
- Bluesignal
- Chevron
- Cisco
- Citilog
- Cubic
- Flir
- Huawei
- Ibm
- Inrix
- Invarion
- Kapsch Trafficcom
- Notraffic
- Oriux
- Ptv Group
- Q Free
- Sensys Networks
- Siemens
- Swarco
- Telegra
- Thales Group
- Tomtom
- Transcore
- Waycare
For more information about this report visit https://www.researchandmarkets.com/r/3okql
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