ID: MRFR/SEM/2308-HCR | February 2021 | Region: Global | 100 pages
The traffic management market is surging rapidly over the years, and in the next few years, it will reach greater heights. The estimation of global traffic management market value by the year 2023 is USD 65 billion, and the CAGR is expected to reach around 20 percent for the forecast period from 2016 to 2023.
Traffic management is defined as a remarkable branch within logistics that comprises controlling services, services for planning and controlling traffic, and transport services purchase. In recent years, the cases of accidents have taken significant growth, and the traffic management market plays an important role in reducing the growing number of cases. The traffic management industry is constantly evolving and is present in a growth stage in which several inventions and developments are taking place. Further developments in the new traffic management solutions will encourage alleviating the outdated methods of traffic management. All these will result in propelling the growth of the traffic management market share.
Over the years, there is a rapid growth in the volume of airline traffic control which is demanding for the development of more air traffic management market. Globally, the incidents of heavy traffic and congestion on roads require proper planning and control, which can only be achieved with the smart traffic management system market. The software section of these management systems includes route guidance, smart signaling, smart surveillance, and traffic analytics which helps in directing the traffic to move in the right direction and decreases the congestion. It holds the major traffic management market share as advanced software minimizes air traffic volume and other transport needs.
The main reason for the increased traffic is the rising population in the city and fast urbanization. The deployment and integration sector is also escalating at a faster rate due to urbanization and city traffic. In the modern era, the developments in the field of the internet and communication industry have resulted in the reduction of harmful emissions, accidents, and traffic jams. These beneficial features have led to boost the growth of the traffic management systems market.
The traffic management market report describes the in-depth analysis of the market along with the valuation and growth rate in the forecast years. It includes the effect on the global traffic management market due to the COVID19 pandemic. The report also puts light on the market dynamics and gives an idea about the opportunities and challenges of the traffic management market growth. It elaborates on the market segments and key players that impact the growth of the traffic control industry in the forecast years. An analysis is given on different geographical areas and their influence on the potential of the global traffic management market.
The COVID19 epidemic has devastated the world economy drastically and created a surge in health-related issues. Many offices and businesses have seen the worst phases dealing with the harsher consequences of the pandemic. The lockdown measures imposed the worldwide closure of industrial work and manufacturing operations. Due to this, the supply chain got heavily disturbed, and the demand-to-supply gap kept increasing.
During the lockdown, people were restricted to stay at home, and overall outside traffic was very less which affected the growth of the traffic management market. However, the rising demand for smart and advanced technology and ineffective operations of outdated traffic management has fuelled the growth of the smart traffic management system market.
Value Chain Analysis
As per the traffic management market report, the revenue generation from traffic management systems is gaining momentum over the years. It is presumed that by the end of 2023, the traffic management market will attain optimum levels and will surpass the previous growth rates.
The global traffic management market is fragmented into different parts on the basis of software, hardware, traffic management systems, and service. The traffic management market segmentation on the basis of software involves traffic analytics, route guidance, smart surveillance, and smart signaling. The software section of traffic management market is expected to grow more during the forecast period as it manages the traffic volume. Route guidance systems contain receivers and transmitters in the location of main road intersections convey the directions for different routes to the specially equipped vehicles. It enables drivers to access maps, and the database of maps is frequently updated, unlike traditional software. It also provides information to the drivers to avoid obstacles such as low bridges, narrow roads, or weight-limited bridges in unfamiliar routes.
On the basis of hardware, the traffic management market segment includes sensors, display boards, surveillance cameras, and others. The traffic management segment of the traffic management market comprises Adaptive traffic control systems, urban traffic control systems, predictive traffic modeling systems, dynamic traffic management systems, incident detection and location system, and journey time measurement system. On the basis of service, the traffic management market segment consists of deployment and integration, consulting, and support and maintenance. Out of all the services, the deployment and integration sector has the highest growth rate.
The global traffic management market is studied in certain regions like Asia-Pacific, Europe, North America, and other parts of the world. The European region holds the largest traffic management market share due to the increased adoption of traffic management systems and software utilization for better traffic control. The Asia-pacific region is the fastest growing traffic management market as the rising population demands better traffic management systems.
Competitive Landscape of the market
The traffic management market prominent key players are:
Frequently Asked Questions (FAQ) :
The traffic management market is presumed to reach around 65 billion by the end of the year 2023.
The growth rate of the traffic management market is expected to be 20 percent from 2016 to 2023.
Europe has the maximum share in the traffic management market worldwide.
The software segment is having the maximum growth in the traffic management market as it helps in smart signaling, traffic analytics, surveillance, and route guidance.