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What are the factors and trends playing a role in the evolution of the Traffic Management System Market

Author : Ronak Bora | Published Date : 2019-03-19 

Europe is estimated to be the leading region in the traffic management system market owing to the high investment in the smart city and smart transportation projects for improving the traffic management and control mechanism. Furthermore, the high adoption of advanced technologies, such as route guidance software and smart signaling, is also estimated to foster the growth of the market. Asia Pacific is estimated to be the fastest growing region during the forecast period owing to the rapid urbanization and growing investments for the development of a smart infrastructure in developing countries such as India and China. Moreover, supportive government initiatives, such as Smart City initiatives in India and China, are also estimated to fuel the demand for the market. 

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Traffic Management System Market size is driven by the rapid industrialization and increasing urbanization across the globe. As the urban population across the globe is increasing, the number of vehicles plying on the roads is also increasing, giving rise to the need for a sound traffic management system.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • IBM
  • Cellint
  • Iteris
  • Kapsh
  • Swarco
  • Accenture
  • Siemens
  • Thales
  • Cubic
  • Systematics
  • Decell

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Furthermore, supportive government initiatives for developing the traffic infrastructure is a primary factor that is driving the growth of the traffic management system market. For instance, the Indian government in their union budget 2017-2018 has allocated over USD 9.5 billion in National Highway Authority of India (NHAI) for the development of roads and highway and USD 4.0 billion in Pradhan Mantri Gram Sadak Yojana (PMGSY).

The traffic management is not only used for managing the traffic congestion and reducing the fuel wastage, but it is also used to assist passengers in planning their journey in advance, to avail on-demand services during journey, and to find the shortest route in the traffic. Increasing urban population is estimated to be the major factor driving the growth of the market.

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The traffic management system market is fragmented with the presence of a substantial number of players. The market includes multinational, regional, and local companies. The major vendors of the traffic management systems are IBM, Cellint, Iteris, Kapsh, Swarco, Accenture, Siemens, Thales, Cubic, Systematics, and Decell. There are several projects that are already in progress in developing countries including the U.S., the UK, and Germany. However, many companies are about to launch their projects in developing countries, which is further estimated to drive the growth of the market.  

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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