According to a new market research report "Traffic Management Market by Software (Smart Signaling, Route Guidance,Traffic Analytics, and Smart Survelliance), Hardware (Display Boards, Sensors,Surveillance Cameras, and Others), Service, System, and Region - GlobalForecast to 2022", The traffic management market size is expected to grow fromUSD 22.96 Billion in 2017 to USD 59.48 Billion by 2022, at a Compound AnnualGrowth Rate (CAGR) of 21.0% during the forecast period.
Browse 81 market data tables and72 figures spread through 188 pages and in-depth TOC on "Traffic ManagementMarket by Software Service, System, and Region - Global Forecast to 2022"
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The demand for traffic management market is driven by factors,such as high demographic growth and hyper urbanization in developing countries,and government initiatives for traffic management under smart cities models.With the increase in the deployment of smart transportation solutions among thesmart cities, the traffic management market is expected to gain a majortraction during the forecast period.
The traffic management software segment is expected tocontribute to the largest market share:
The traffic management software segment is expected to hold thelargest market share. The scope of this traffic management software coverssmart signaling, route guidance, traffic analytics, and smart surveillance.There has been a tremendous increase in urban population, resulting in trafficcongestions across the city, which has increased the need to manage and controlthe traffic. The traffic management software ensures streamlining of trafficinformation for predictive analytics and traffic enforcement.
Deployment and integration services segment is expected togrow at the highest CAGR during the forecast period:
The deployment and integration services segment is expected tohave the largest market share and projected to grow at the highest CAGR duringthe forecast period. Deployment and integration services help in reducing thedeployment and integration time. These services are crucial for developingend-to-end traffic smart signaling, route guidance, traffic analytics, andsmart surveillance solutions for the traffic management market. The increasing requirementfor upgrading traditional traffic management systems to support various smartcities and traffic management drives the deployment and integration servicessegment in the traffic management market
Europe is expected to contribute to the largest marketshare, whereas Asia Pacific to grow at the fastest CAGR during the forecastperiod:
Europe is expected to hold the largest market share and dominatethe traffic management market from 2017 to 2022. The region has been extremelyresponsive toward adopting the latest technological advancements, such as smartsignaling and route guidance software. The major growth drivers for this regionare the large-scale investments in the smart transportation and smart citiesprojects and need for better traffic management and control mechanisms. TheAsia Pacific (APAC) region is in the initial growth phase; however, it is thefastest-growing region in the global traffic management market. Increasedurbanization has resulted in traffic congestions. High adoption of solutions tominimize congestions, along with better traffic management and control, has ledto a wider demand of traffic management solutions in the APAC region.
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The major vendors providing traffic managementare Accenture PLC (Dublin, Ireland), Atkins Group (London, UK), Cellint (TelAviv, Israel), Cisco Systems, Inc. (California, US), Citilog (Arcueil, France),Cubic Corporation (California, US), EFKON AG (Raaba, Austria), Esri(California, US), FLIR Systems, Inc. (Oregon, US), IBM Corporation (New York,US), Indra Sistemas, S.A. (Madrid, Spain), Industrial Management Technology& Contracting (IMTAC) LLC (Muscat, Sultanate of Oman), IntelliVisionTechnologies (California, US), Iteris, Inc. (Delaware, US), Jenoptik AG (Jena,Germany), Kapsch TrafficCom AG (Vienna, Austria), Lanner Electronics Inc. (NewTaipei, Taiwan), LG CNS Co. Ltd. (Seoul, South Korea), Metro Infrasys Pvt. Ltd.(New Delhi, India), PTV Planung Transport Verkehr AG (Baden-Württemberg,Germany), Q-Free ASA (Trondheim, Norway), Siemens AG (Munich, Germany), SWARCOAG (Wattens, Austria), TransCore, LP (Pennsylvania, US), and Savari, Inc. (California,US).
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