According to a new market report published by Credence Research Inc “Traffic Management Systems and Services Market By System Type (Urban Traffic Management And Control, Adaptive Traffic Control System, Journey Time Measurement System, Predictive Traffic Modeling System, Incident Detection And Location System, Dynamic Traffic Management System), By Component (Hardware, Software, Services) – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” The worldwide market for traffic management systems and services is motivated mainly by reducing congestion in significant towns around the globe. Traffic officials in significant towns face difficulties from an growing population and an growing amount of on-road cars. Increased government and public concern, supported by current and expected traffic management legislation, is expected to significantly reduce congestion, emissions, road accidents, reduce noise pollution and improve road safety, and will increase advanced traffic management solutions in both developed and developing regions. Rising congestion is increasing the economic strain on the nation.
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According to a latest research released by the’ Texas Transportation Institute,’ road congestion costs US$ 160 billion a year in terms of productivity loss and additional fuel consumed during traffic. It also discovered that urban commuters waste an average of 42 hours of traffic each year. Increased public-private partnerships and development of traffic management alternatives to reduce congestion are also anticipated to boost demand for traffic management alternatives. Increased smart city projects and the rapid deployment of smart and smart transport technologies in developing nations are also anticipated to boost demand for traffic management systems and services. High deployment costs and limitations on public sector budgets are key considerations for traffic management systems and services. The worldwide market for traffic management systems and services is anticipated to increase by USD 116.0 billion by 2026 to CAGR by 20.5 per cent over the forecast period from 2018 to 2026.
The market for traffic management software, including smart signaling, route guidance, traffic analysis and traffic surveillance solutions, accounted for the largest revenue share on the overall market by component. The demand for traffic analysis and tracking software solutions used in traffic monitoring and control is anticipated to grow considerably throughout the forecast period. The traffic management services segment is anticipated to experience the fastest increasing demand for deployment and integration services. Increased demand for integration and deployment services globally is expected to increase the number of smart cities and unbanned traffic management projects in both developed and developing countries.
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U.S., U.K., Germany, Japan, Australia and South Korea are developed market for traffic management systems and services. Considerable investments in smart city and urban traffic management projects contributed to the growth of traffic management systems demand in these markets. North America is the largest regional market for traffic management systems in 2017. Traffic management systems and services market in Asia Pacific is expected to witness fastest growth over the forecast period with rising investment in traffic management solutions in China, India and Southeast Asian countries in the region.
The global traffic management system and services industry is highly competitive in nature with significant number of multinational players. Some major players in the global industry include Siemens AG, Swarco AG, Kapsch Trafficcom AG, IBM Corporation, Redflex Holdings, Q-Free ASA, Iteris, Inc., Metro Infrasys Private Limited, LG CNS Co. Ltd., Cubic Corporation, Indra Sistemas, S.A., Cisco Systems, Inc., Cellint and others.
By System Type (2016–2026; US$ Bn)
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Journey Time Measurement System
- Predictive Traffic Modeling System
- Incident Detection and Location System
- Dynamic Traffic Management System
By Component (2016–2026; US$ Bn)
- Route Optimization
- Traffic Analytics
- Smart Signaling
- Deployment and Integration
- Support and Maintenance
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America