Traffic Accident Management System Market: Introduction
A traffic accident management system can be defined as an intelligent public transport mechanism which obtains real-time information and enables the driver to enhance safety and avoid potential accidents while driving the vehicle. Roads have become accessible everywhere and the number of vehicles have increased with economic development across the globe. This has resulted in increasing frequency of traffic accidents and casualties.
A traffic accident management system enables real-time traffic scene monitoring, scheduling, and control. The whole system majorly consists of communication, information storage, traffic accident identification, and traffic accident management.
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Global Traffic Accident Management System Market – Dynamics
Increasing Focus on Road Safety Driving Growth of the Traffic Accident Management System Market
The number of road accidents as well as the number of casualties in road accidents is increasing globally. According to the Association for Safe International Road Travel, and World Health Organizations infographics on road safety, nearly 1.25 million people die in road crashes each year, an average 3,287 deaths a day. Additionally, 20-50 million people are injured or disabled; road traffic crashes rank as the 9th leading cause of death and account for 2.2% of all deaths globally. Deployment of traffic accident management system is increasing to reduce the number of such incidents, which is driving the growth of the market.
Increasing Government Focus on Safety and Security on Roads
According to World Health Organization, over 90% of all road fatalities occur in low and middle-income countries which have less than half of the world’s vehicles, whereas road crashes cost US$ 518 Bn globally, costing individual countries from 1%-2% of their annual GDP. Governments are deploying traffic accident management system to minimize this heavy economic as well as human loss.
Initial Deployment and Integration Technicality is Hampering the Growth of Traffic Accident Management System Market
The initial deployment and integration of traffic accident management system specifically in developing countries is not easy where communication as well as utility infrastructure is not strong. Utility infrastructure as well as communication infrastructure needs to be strong to efficiently monitor and control traffic accidents. In developing countries such as India, China, and Indonesia, the basic infrastructure is not strong enough which can hamper the growth of the traffic accident management system market.
North America Expected to Dominate the Global Traffic Accident Management System Market
In terms of region, the global traffic accident management system market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global traffic accident management system market during the forecast period, due to more motor vehicles per capita in North America compared to other regions.
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Global Traffic Accident Management System Market – Competitive Landscape
- In December 2018, Traffic Accident Management Information System (TAMIS) was launched by Pakistan Information Technology Board (PITB) in collaboration with Traffic Police of Punjab and Punjab Police
Kyosan Electric Manufacturing Co, Ltd.
Established in 1917, Kyosan Electric Manufacturing Co, Ltd. is focused on development and manufacturing of electromechanical interlocking, road traffic signal equipment, and cuprous oxide rectifiers. The company majorly works in the segments of railway signaling solutions, traffic management solutions, power conversion solutions, platform safety equipment, and information systems. The traffic accident management system comes under the traffic management solutions segment.
Advantech Co., Ltd.
Established in 1981, Advantech Co., Ltd. manufactures and sells embedded computing boards, industrial automation products, and applied computers. The company is highly focused on IoT intelligent systems and embedded platforms. The company provides automatic fare collection, station management, wayside control, rolling stock systems, and traffic management and control room solutions within intelligent transportation.
Global Traffic Accident Management System Market: Segmentation
The global traffic accident management system market can be segmented based on:
Global Traffic Accident Management System Market, by Component
Based on component, the global traffic accident management system market can be divided into:
- Communication Sub System Software
- Information Sub System Software
- Traffic Accident Identification Sub System Software
- Traffic Accident Management Sub System Software
Global Traffic Accident Management System Market, by Deployment
Based on deployment, the global traffic accident management system market can be segregated into:
Regional analysis of the global traffic accident management system market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- 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.