DUBLIN, March 8, 2019 /PRNewswire/ -- The "Traffic Management Market by Solution (Smart Signaling, Route Guidance and Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Factors such as high demographic growth and hyper-urbanization in the developing countries and the government initiatives for traffic management under smart cities models are some of the factors driving the traffic management market
The traffic management market is expected to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7%.
The market is driven by factors, such as the government initiatives for traffic management and the PPP working model, the rising need for real-time information system, high demographic growth and hyper-urbanization in developing countries, and regulatory frameworks and government policies to reduce carbon emissions. However, the traffic operators face various obstacles while adopting cloud traffic management solutions, and these obstacles include security concerns, data protection, and lack of a standardized and uniform technology for traffic management.
Route guidance and optimization segment is expected to have the fastest growth rate during the forecast period
The route guidance and optimization software helps in regulating traffic flows to make efficient use of the existing road infrastructures. Furthermore, it reduces the traveling time and distance for drivers. It shows the best-possible route that has less traffic congestions and disruptions. It also enables drivers to get real-time information about the traffic congestion, accidents, and other such events on the roads they plan to drive on.
Incident Detection and Location System (IDLS) is expected to hold the largest market share
IDLS discovers and verifies the occurrence of any incident and ascertains its exact location on the roadway system. Any incident will bring abnormalities in the flow of traffic in a nearby area. The role of IDLS is to find out the anomalies of the incident that is likely to take place. The input devices for IDLS are roadway sensors and external data links. The incidents recorded are mainly system breakdowns or partial malfunctions, such as traffic signal outages, signal timing phase problems, and traffic problems caused by major/minor freeway accidents or surface street accidents. If the probability of an incident and its location has been detected by the system, then IDLS tries to verify the incident and estimate the severity of the incident.
Sensors segment is expected to have the fastest growth rate during the forecast period
Sensors are hardware components that detect and respond to physical parameters of an environment. They convert the physical parameters into signals that can be measured to get insights. Sensors are used in traffic management for gathering data and sending traffic safety warnings. The sensors used in traffic management systems are further segmented into 3 types, namely, vehicle detection sensors, pedestrian presence sensors, and speed sensors. Sensors play a pivotal role in controlling and managing a city's traffic. Further, they help in providing driving assistance and traffic safety warnings.
Asia Pacific (APAC) is projected to grow at the highest CAGR
Europe is expected to hold the largest market share in 2018, while APAC is the fastest-growing region, in terms of CAGR. The increased urbanization has resulted in traffic congestions. High adoption of solutions to minimize congestions, along with better traffic management and control, has led to a wider demand of traffic management solutions in the APAC region. The adoption of traffic management solutions has increased, due to the ongoing and emerging smart cities and smart transportation projects, and this has led APAC to become a highly potential market.
- Rising Urban Population and High Demographic Rates
- Government Initiatives for Traffic Management and the PPP Working Model
- Rising Need for Real-Time Information Systems
- Regulatory Frameworks and Government Policies to Reduce Carbon Emissions
- Lack of Standardized and Uniform Technologies
- Recovering Roi From Legacy Systems
- Emergence of IoT and Sensor Technologies in Traffic Management
- Penetration of Analytics in Traffic Management Network Systems
- Multiple Sensors and Touchpoints Pose Data Fusion Challenges
- Security Threats and Hackers Challenge the Growth of the Market
- Low Penetration of DSRC Protocol
Traffic Management Projects
- Smart City Bhubaneswar, India
- Cavite-Laguna Expressway (Calax), Philippines
- Sheikh Jaber Al-Ahmed Al-Sabah Causeway, Kuwait
- Vilnius Traffic Management System, Lithuania
- Thompsons Roadways Project, Melbourne, Australia
- Elizabeth River Tunnels Project, United States
- Inuvik to Tuktoyaktuk Highway Projects, Canada
- Cost Road Junction Upgrade, United Kingdom
- Smart City Kochi, India
- Indra Sistemas
- Intelvision Technologies
- Kapsch Trafficcom
- Lanner Electronics
- LG CNS
- Metro Infrasys
- PTV Group
For more information about this report visit https://www.researchandmarkets.com/research/vrql7s/traffic?w=5
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