Traffic Management System Market Estimated To Witness a Phenomenal Growth by 2025
Traffic management is a system that providing traffic management solutions that improve traffic flow and safety of road users. It also advices the command control and signaling system which receives the information about the current traffic and the disturbances in the surrounding. Traffic management system includes pedestrian access, lane and sidewalk closures, traffic plans, services, and others.
Increasing urbanization and growing public concerns for the safety are major factors driving the growth of the global traffic management system market
Increasing urbanization results in the rise of traffic density levels, making traveling troublesome for common folk. For instance, according to the Global Health Observatory (GHO), the urban population in 2014 accounted for 54% of the total global population, and continues to grow. Over half of the population in the world is staying in urban areas, which increases overcrowding in small areas. More people leads to more usage of vehicles triggering traffic congestion. Hence, traffic management system is the major need to control the traffic problems such as traffic congestions and others will positively impact the growth of traffic management market.
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Rising concerns for the safety regarding the road traffic accidents leading to injuries and deaths is another factor fueling growth of the market. These are the major factors that are expected to influence the growth of this market during the forecast period. For instance, according to World Health Organization (WHO), an estimated 1.25 million road accidents occurred globally in 2013, among them around 93% road traffic death occurs in low and middle income economies and over 50 million people are injured by road accidents. Therefore, people are increasingly concerned and cautious regarding the safety aspect, which tends to increase in the growth of traffic management system market.
However, High initial installation cost for traffic management systems which includes CCTV cameras among others are hampering the growth of the market.
Global Traffic Management System Market: Regional Insights
North America accounted for the largest share in the global traffic management market in 2016. U.S. is the major growth engine in North America market. This is owing to increasing initiatives from the U.S. government towards improvement of traffic management facilities and implementation of intelligent transportation systems (ITS). For instance, the America’s Surface Transportation Act or “FAST Act” was passed in 2015, in order to solve congestion issues regarding the traffic management, and enhance the transportation within the country.
Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is due to increasing urbanization and growing initiatives for better traffic management in the developing countries such as India and China. For instance, in 2015 Government of India launched “100 Smart Cities Mission” with project investments of US$ 30.02 billion which includes the technologies such as CCTV cameras, ITS (Intelligent transportation System) and others, which is expected to positively influence the growth of regional traffic management system market.
Global Traffic Management System Market: Competitive Background
The key players in the global traffic management market include Accenture PLC, Atkins Group, Affiliated Computer Services, Inc., Alstom SA, Cisco Systems, Inc., Cubic Corporation, ESRI, GE Transportation, IBM, Indra, Ineo, Kapsch, LG CNS, and Schneider Electric.
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