SELBYVILLE, Del., Aug. 6, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the traffic management system market, which estimates the market valuation for traffic management systems will cross US $25 billion by 2026. Growing adoption of innovative traffic management systems, powered with technologies such as IoT and video analytics for effective traffic management systems, will drive market growth.
The integration of video analytics into traffic management systems provides in-depth insights into daily traffic and curbs congestions while transferring information to the traffic management console. Video analytics software can be pre-installed on the central server system or built into cameras that capture real-time images. The algorithm helps to differentiate between pedestrians and vehicles, improving pedestrian safety. Analytics also helps to detect traffic velocity, thereby detecting traffic congestion precisely. The software can be used to identify and read vehicle license plate numbers that can be used for toll, traffic control, or to identify suspicious activities.
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The on-premise deployment model will grow at a remarkable rate in the traffic management system market over the forecast timespan. It offers benefits of low risk of data breaches and cyberattacks compared to cloud-based model. The capturing of confidential and sensitive data makes this model highly beneficial to fulfill regulatory requirements for data storage and transfer. However, the costs associated with maintaining and managing data will result in increasing demand for cloud-based solutions in the long run. Companies are rapidly adopting a cloud-based deployment model due to low infrastructure requirements and affordable costs.
The adaptive traffic control market is forecast to witness significant gains in the traffic management market at the end of 2026. It is a system designed to work in response to real-time traffic scenarios. This system aims to resolve traffic congestion by enabling real-time variation of signal duration. It analyzes data pertaining to traffic at a particular time and provides instant and synchronized responses to alter the predefined signal duration. A study conducted by the Federal Highway Administration (FHWA) states that adaptive traffic signals improve travel time by 10% on an average. Advanced traffic management technologies improve road safety and reduce traffic congestions and greenhouse gas emissions.
North America will provide significant growth opportunities for the traffic management market due to the advanced technology infrastructure in the region. The U.S. is among the earliest adopters of advanced technologies. From the years 2012 to 2016, Surtrac, an intelligent traffic signal control system from Rapid Flow Technology, has been deployed at 50 intersections across several areas in Pittsburgh, Pennsylvania. The system helped to reduce travel time by 26%, wait time at intersections by 41%, and emissions by 21%.
Similarly, in January 2018, the Dallas government partnered with Telefonaktiebolaget LM Ericsson to install an advanced traffic management system based on Ericsson's connected urban transport solution in the country. The solution enabled the government to analyze real-time data from sensors and cameras to dynamically control traffic lights and message signs.
Browse key industry insights spread across 300 pages with 443 market data tables and 29 figures and charts from the report, "Traffic Management System Market Share & Forecast, 2020 – 2026" in detail, along with the table of contents:
Some major findings of the traffic management system market report are:
- Rapid demographic growth and hyper urbanization in developing countries have led to an increase in the flow of traffic on roads. This has surged the demand for efficient traffic management systems to optimize traffic and ensure a safe road transport system.
- Traffic management systems help to manage traffic congestions and avoid accidents on roads. Active traffic management (ATM) enables managing congestion based on prevailing and predicted traffic conditions. Electronic signs on roads alert commuters about road congestion, accidents, or information related to traffic conditions. ATMs monitor traffic and use the collected data to predict vehicle arrival patterns.
- Smart traffic management systems enable real-time traffic monitoring that helps authorities to re-route traffic and avoid traffic jams. Smart transportation management centers powered by advanced traffic management systems enable authorities to respond promptly to emergencies.
- Video surveillance cameras are installed above signals or mounted on every corner of intersection to catch traffic violators and monitor traffic congestion or accidents in real time. Smart traffic signals help to reduce congestion & idle time at intersections. Intelligent lights can manage vehicle queues and clear traffic irrespective of predefined timing system.
- Automatic Incident Detection (AID) utilizes computers to constantly detect incidents and monitor traffic conditions. Road networks integrated with cameras and detectors aid in automated continuous monitoring of traffic. AID helps to detect vehicles going the wrong way, pedestrians or animals, and vehicle speed.
- The robust telecom infrastructure in Europe and North America will support the implementation of smart traffic management systems. High investments in smart transportation projects in these regions will propel traffic management market growth.
Browse the report's complete table of contents https://www.gminsights.com/toc/detail/traffic-management-system-market
Partial chapters of the report's table of contents (TOC):
Chapter 3. Traffic Management System Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact of coronavirus (COVID–19) pandemic
3.3.1. Global outlook
3.3.2. Regional outlook
188.8.131.52. North America
184.108.40.206. Latin America
3.3.3. Industry value chain
220.127.116.11. Component suppliers
18.104.22.168. Marketing & distribution channel
3.3.4. Competitive landscape
22.214.171.124. Distribution network
126.96.36.199. Business growth
3.4. Industry ecosystem analysis
3.4.1. Vendor matrix
3.4.2. Distribution channel
3.5. Technological & innovation landscape
3.5.1. Automatic number plate recognition (ANPR)
3.5.2. Facial recognition
3.5.3. Pedestrian detection
3.5.4. Impact of IoT
3.5.5. AI and machine learning
3.6. Regulatory landscape
3.6.1. North America
3.6.4. Latin America
3.7. Smart city & transportation investments
3.7.1. North America
3.7.4. Latin America
3.8. Industry impact forces
3.8.1. Growth drivers
188.8.131.52. Regulatory frameworks and policies for reduction of carbon footprint
184.108.40.206. Growing PPP models in transportation industry in North America and Europe
220.127.116.11. Need for efficient traffic control in Asia-Pacific and Latin America
18.104.22.168. Rapid urbanization and government investment in smart transportation in Middle East & Africa
22.214.171.124. Rapid adoption of IoT and network cameras for efficient traffic control in North America and Asia-Pacific
126.96.36.199. Growing demand for smart public transport and route guidance in Europe
188.8.131.52. Increasing focus on urban mobility development in Latin America
184.108.40.206. High investment in smart mobility projects in MEA
3.8.2. Industry pitfalls & challenges
220.127.116.11. High installation cost
18.104.22.168. Data security & privacy concerns
22.214.171.124. Lack of standardized and uniform technologies
3.9. Growth potential analysis
3.10. Porter's analysis
3.11. PESTEL analysis
Browse related report:
Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
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Traffic Management Systems Market size worth $25 Bn by 2026
Traffic Management Systems Market size is estimated to reach USD 25 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.