According to a new market research report from MarketsandMarkets, the traffic management system market is expected to grow from US$4.12 billion in 2015 to US$17.64 billion by 2020, at a compound annual growth rate of 33.8 per cent during the period.
The report, 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, says that increasing environmental concerns, rapid urbanisation and population explosion, and demand for real-time information are the main drivers driving the growth of the traffic management system market. The increasing need to access real-time information captured by sensors and cameras is one of the major reasons for the introduction of advanced traffic management systems.
It claims that intermodal transportation planning systems (ITPS) are the fastest-growing traffic management systems, saying it has become imperative for the traffic management department to understand the importance of strategic planning to control and manage traffic congestion. ITPS provides strategic simulation to intelligent transport management system, thereby helping to understand the roadway system, various events in the cities that could cause congestion, and emergency situations. Rapid urbanisation, increased interest in smart cities and the need for planning efficient transportation system drives the need for ITPS during the forecast period.
CCTV and ANPR detection types have captured the largest market share in traffic management detection market, due to increasing traffic security concerns which have made customers focus more on detection solutions to capture traffic activities. Moreover, various real-time data can be collected through these solutions which help in predictive analysis for making various decisions on traffic congestion, accidents and emergency relief.
North America is contributing the maximum toward the traffic management system market through solutions, detections, displays, and systems. This is mainly due to the increased focus of the government, thus increasing the need for traffic management projects and various initiatives toward traffic management solutions and services. Europe and Asia-Pacific are the second and third-largest regions in terms of market size for traffic management.
The report provides a picture of growth of the traffic management system market in various regions. The report aims at estimating the market size and future growth potential of this market across segments such as system types, management types, and regions.
It also includes an in-depth competitive analysis of the key players in the traffic management system market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
The report, 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, says that increasing environmental concerns, rapid urbanisation and population explosion, and demand for real-time information are the main drivers driving the growth of the traffic management system market. The increasing need to access real-time information captured by sensors and cameras is one of the major reasons for the introduction of advanced traffic management systems.
It claims that intermodal transportation planning systems (ITPS) are the fastest-growing traffic management systems, saying it has become imperative for the traffic management department to understand the importance of strategic planning to control and manage traffic congestion. ITPS provides strategic simulation to intelligent transport management system, thereby helping to understand the roadway system, various events in the cities that could cause congestion, and emergency situations. Rapid urbanisation, increased interest in smart cities and the need for planning efficient transportation system drives the need for ITPS during the forecast period.
CCTV and ANPR detection types have captured the largest market share in traffic management detection market, due to increasing traffic security concerns which have made customers focus more on detection solutions to capture traffic activities. Moreover, various real-time data can be collected through these solutions which help in predictive analysis for making various decisions on traffic congestion, accidents and emergency relief.
North America is contributing the maximum toward the traffic management system market through solutions, detections, displays, and systems. This is mainly due to the increased focus of the government, thus increasing the need for traffic management projects and various initiatives toward traffic management solutions and services. Europe and Asia-Pacific are the second and third-largest regions in terms of market size for traffic management.
The report provides a picture of growth of the traffic management system market in various regions. The report aims at estimating the market size and future growth potential of this market across segments such as system types, management types, and regions.
It also includes an in-depth competitive analysis of the key players in the traffic management system market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
