Global Traffic Management Systems Market: Overview
The mounting rise in the number of personal and commercial small and heavy vehicles on the roads across the globe has led to an immense rise in the need for effective management of these vehicles so as to track and manage traffic and maximize performance, operations, and reliability of all aspects concerning road networks. These requirements are driving the global market for traffic management systems globally.
In the past few years, a vast variety of traffic management systems have been introduced in the global market, covering aspects such as vehicle detection, tunnel traffic management, ramp metering, and bridge traffic management. With governments across the globe putting increased focus on the effective management of traffic as a way of reducing pollution, fostering social and economic development by reducing the time spent by their populations on roads, keep their limited road networks running smoothly, the demand for effective traffic management systems has significantly increased recently. In this report, Transparency Market Research presents a thorough assessment of the growth prospects of the market in present times as well as the near future.
Global Traffic Management Systems Market: Drivers and Restraints
The demand for effective traffic management solutions is expected to rise at a promising pace in the next few years, thanks to the vast rise in vehicle ownership globally and the rising awareness regarding the social and economic losses that economies incur due to traffic jams. The Texas A&M Transportation Institute estimates that Americans spend about 5 bn hours and are required to spend on an extra 3 bn gallons of fuel on an average due to traffic congestions. These numbers translate to extra expenses worth nearly US$120 bn every year. Europe incurs losses amounting to nearly 1% of its GDP every year due to traffic congestions according to the Mobility & Transport department of the European Commission.
The situation is worse in emerging economies across regions such as Asia Pacific and Latin America wherein a vast rise in disposable incomes is promoting vehicle ownership but the outdated infrastructures, rapidly mushrooming urban setups, and slow pace of infrastructural developments are making traffic a major challenge for the population. Owing to these factors, and the fact that traffic management systems can have a significant impact on the issue of road congestions, the demand for traffic management solutions is expected to rise at a promising pace in the near future. The market is also expected to benefit from the rising number of solutions at affordable costs, which could allure consumers across emerging and cost-conscious economies as well.
Global Traffic Management Systems Market: Segmentation
For a more detailed outlook of the global traffic management systems market, the report segregates it into logical segments based on aspects such as key elements, applications, and geography. On the basis of key elements, which typically make-up a standard traffic management solution, the market has been segmented into software and hardware. The segment of software is further segmented into smart signaling, route guidance, smart surveillance, and traffic analytics. In terms of hardware, the market has been segmented into display board, sensors, and surveillance cameras. Geographically, the market across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa is examined.
Global Traffic Management Systems Market: Competitive Dynamics
The increasingly competitive vendor landscape is witnessing the rise in number of developers and innovative products. To gain an added share in the overall growth opportunities in the market, companies are diverting their funds towards geographical expansion and innovations. Some of the leading companies in the global traffic management systems market presently are EFKON AG (Austria), Siemens AG (Munich, Germany), Nuance Communications, Inc. (The U.S.), Hitachi Ltd (Tokyo), Iteris, Inc. (The U.S.), WS Atkins PLC (U.K.), Thales Group (France), Telenav, Inc (The U.S.), Garmin International Inc. (The U.S.), and TomTom NV (The Netherlands).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.