DUBLIN, Jan. 20, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/j3mmds/traffic) has announced the addition of the "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" report to their offering.
The traffic management market is expected 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%
Rapid urbanization, advancement in communication technology, need for real-time information, and increasing concern over the environment has facilitated the growth of traffic management solutions across the globe.
Intermodal Transportation Planning System (ITPS), Maintenance Tracking System (MTS), and Journey Time Measurement System (JTMS) are the top growing traffic management system types. Increasing traffic management infrastructure has raised the demand for its maintenance. Various traffic management software and devices require continuous maintenance support to deliver better quality and error proof information. Thus, maintenance tracking system has witnessed a high growth rate during the forecast period.
Closed Circuit Television (CCTV) and Automatic Number Plate Recognition (ANPR) capabilities detection type has captured the largest market and dominated the traffic management detection type market from 2015 to 2020. Increasing security concerns and the need to curb the rise in the number of road accidents have led to an increased demand for this solution. Parking space & toll management solutions have the largest market share among the solution segment. The growing population has also increased the amount of traffic. Due to this, the issue of parking space and toll management has emerged rapidly. Moreover, due to lack of parking spaces and other emerging problems of conurbation, several market players are coming up with high-end and greater quality parking space & toll management solutions.
Asia-Pacific is expected to grow at the highest CAGR from 2015 to 2020 in the traffic management market. Increasing usage of internet has led to changing traffic management solutions and services in Asia-Pacific. Moreover, the increasing population has led to many traffic issues such as traffic congestion and accidents, thereby increasing the adoption of traffic management solutions in the region. North America has captured the largest market share of the traffic management system market in 2015.
The restraints which the traffic management market faces are lack of funding and transformation downtime. Capital funding and expenditure are becoming one of the critical restraints for the ambitious smart city projects. Government does not have the required vision and clarity for the need of smarter infrastructure. If the budget allocation for such expensive and mega projects is insufficient, then the slow capital inflow in the transformation project results into a slow-paced development spanning over a long time. The transformation of the traffic management technology would require the deployment of new system, solutions, and hardware.
However, due to increasing cloud adoption and SaaS based solutions many companies are able to provide huge number of traffic management solutions to cater the customer requirements. The major vendors in the traffic management market includes IBM Corporation, Cisco Systems Inc., GE Transportation, Siemens AG, LG CNS, Alstom SA, Cubic Corporation, Kapsch TraffiCom, Cellint Traffic Solution, and Kapsch AG. These players adopted various strategies such as new product development, mergers and acquisitions, collaboration, and partnerships to serve the market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Traffic Management: Projects
6 Market Overview
7 Industry Trends
8 Traffic Management Market Analysis, By System Type
9 Market Analysis, By Road Traffic Management Type
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Accenture PLC - Alstom Holding SA - CISco System, Inc. - Cellint - Cubic Corporation - GE Transportation - IBM Corporation - Kapsch AG - Lg Cns - Siemens AG
For more information visit http://www.researchandmarkets.com/research/j3mmds/traffic
Laura Wood , +353-1-481-1716, email@example.com
SOURCE Research and Markets