Advanced Traffic Management for Smart Cities Market: Introduction
- Advanced traffic management for smart cities is meant to provide services, solutions, and products to ease traffic congestion, in order to improve quality of life. Advanced traffic management for smart cities uses advance technologies such as artificial intelligence to bolster traffic signals, to obtain data on real- time traffic conditions.
- Furthermore, collecting data about traffic and vehicle, since there is rise in automobiles, across the developed and developing economies especially in urban areas, is expected to enhance the demand of advanced traffic management for smart cities market. Thus, advanced traffic management for smart cities helps traffic authorities to acquire the details of traffic analytics. Smart cities have started to adopt adaptive traffic control and traffic analytics solutions, in order to decrease traffic congestion. Additionally, some cities worldwide have also adopted decentralized systems in various intersections that uses a combination of video detection and radar which help in detecting traffic and also adjusts signals in real-time using AI-driven software.
- The COVID-19 outbreak has been the main catalyst for the growth and adoption of advanced traffic management for smart cities. Advanced traffic management for smart cities during the pandemic outbreak has helped governments across various countries to improve traffic congestion after the lockdown. Real- data intelligence actions, is used by the government agencies in smart cities for public safety monitoring. This helps them to monitor, control, optimize, and operate traffic in urban areas.
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Global Advanced Traffic Management for Smart Cities Market: Dynamics
Global Advanced Traffic Management for Smart Cities Market: Key Drivers and Restraints
- Rising concerns about traffic congestion and motor accidents worldwide is expected to boost the growth of the advanced traffic management for smart cities market.
- Growing adoption of Artificial Intelligence (AI), Internet of Things (IoT), and Machine Learning (ML) to control traffic congestion is expected to drive the demand for advanced traffic management for smart cities across the world.
- Increasing investment for smart city development from government bodies and private construction companies across developed and developing countries, is expected to trigger the demand for advanced traffic management for smart cities over the forecast period, 2020- 2030.
- Detecting traffic jams, predictive optimization of traffic, and evidence in accidents or traffic law violations are some of the factors which drive the advanced traffic management for smart cities market.
- However, high initial setup cost of advanced traffic management in smart cities across the globe, and threat of hacking the system are factors that can restrain the advanced traffic management for smart cities market.
- Rising awareness among legal bodies worldwide about detecting the data related to traffic management in smart cities, in order to develop mitigation strategies and make operational improvements to existing traffic signal timing systems is expected to enhance the market growth.
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North America to Account for Major Share of the Global Advanced Traffic Management for Smart Cities Market
- In terms of region, the global advanced traffic management for smart cities market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global advanced traffic management for smart cities market, due to government initiatives and investment for smart city development in the U.S and Canada, which in turn is expected to accelerate the growth of the advanced traffic management for smart cities market in the region.
- The advanced traffic management for smart cities market in Asia Pacific is expected to hold significant share due to rising investments by governments for infrastructure for smart cities in developing countries. The China government has launched an initiative called ‘Made in China 2025,’ to promote industrial growth. In the same way, India launched the ‘Make in India’ initiative, all of which are factors expected to fuel the growth of the advanced traffic management for smart cities market across Asia Pacific.
Global Advanced Traffic Management for Smart Cities Market: Competitive Landscape
Key Players Operating in the Global Advanced Traffic Management for Smart Cities Market
Local, regional, and international players are active in the advanced traffic management for smart cities market. The market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global advanced traffic management for smart cities market are:
- Alphabet Inc.
- Cisco Systems, Inc.
- Cubic Corporation
- IBM Corporation
- Microsoft Corporation
- Rapid Flow Technologies
- Siemens AG
- Telefonaktiebolaget LM Ericsson
- Verizon Communications
Global Advanced Traffic Management for Smart Cities Market: Research Scope
Global Advanced Traffic Management for Smart Cities Market, by Component
- Training and Consulting
- Integration and Deployment
- Support and Maintenance
Global Advanced Traffic Management for Smart Cities Market, by Application
- Intelligent Transportation Systems (ITS) Solutions
- Vehicle to-infrastructure (V2I) Communications
- Traffic Controlling Systems
Global Advanced Traffic Management for Smart Cities Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.