According to a new market research report published by 6418 MarketsandMarkets, the traffic management market is predicted to grow from US$4.12 billion in 2015 to US$17.64 billion by 2020, at a compound annual growth rate (CAGR) of 33.8 per cent during the forecast period.
Increasing environmental concerns, rapid urbanisation and population explosion, together with demand for real-time information are the main drivers driving the growth of the 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 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 systems, helping to understand the roadway system, various events in the cities that could cause congestion and emergency situations. According to the report, rapid urbanisation, increased interest in smart cities and the need for planning efficient transportation system will drive the need for ITPS during the forecast period.
Increasing traffic security concerns has made customers focus more on detection solutions such as CCTV and ANPR detection to capture traffic activities. Moreover, various real-time data can be collected through these solutions, which helps in predictive analysis for making various decisions on traffic congestion, accidents, and emergency relief.
North America is contributing the maximum toward the traffic management systems 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 market is competitive due to the entry of new players with new and innovative offerings. Major vendors in the traffic management system market space include a large number of vendors such as1968 Accenture, 1028 Cisco Systems, 940 GE Transportation, 62 IBM, 81 Kapsch, 6203 LG CNS, 729 Schneider Electric, and 189 Siemens.
The report provides a picture of growth of the traffic management 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. Furthermore, the report 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.
Increasing environmental concerns, rapid urbanisation and population explosion, together with demand for real-time information are the main drivers driving the growth of the 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 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 systems, helping to understand the roadway system, various events in the cities that could cause congestion and emergency situations. According to the report, rapid urbanisation, increased interest in smart cities and the need for planning efficient transportation system will drive the need for ITPS during the forecast period.
Increasing traffic security concerns has made customers focus more on detection solutions such as CCTV and ANPR detection to capture traffic activities. Moreover, various real-time data can be collected through these solutions, which helps in predictive analysis for making various decisions on traffic congestion, accidents, and emergency relief.
North America is contributing the maximum toward the traffic management systems 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 market is competitive due to the entry of new players with new and innovative offerings. Major vendors in the traffic management system market space include a large number of vendors such as
The report provides a picture of growth of the traffic management 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. Furthermore, the report 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.
