Traffic Management Systems Market size is estimated to reach USD 25 billion by 2026, according to a new research report by Global Market Insights Inc.
The rise in demand for smart solutions to reduce traffic congestion and optimize travel time is boosting the traffic management industry growth. Smart intersections created by adaptive traffic lights help manage traffic in response to the patterns that they observe in traffic flow. Multiple adaptive intersections can work together to create a system in which, traffic lights change according to the traffic patterns rather than on a fixed schedule.
Investment in smart mobility in Middle East
Government administration in the Middle East is investing in new transportation projects to adopt smart mobility. Various smart transport solutions are being introduced by governments across the region to improve transportation network and pave a way for the implementation of smarter infrastructure to meet future mobility needs. This includes smart ticketing solutions that are flexible, convenient to use, and provide faster travel means for public transport users.
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Rising concern for road safety & public security solutions
Hardware-based systems accounted for around 55% of the traffic management systems market share in 2019. Various automakers are developing in-vehicle sensors to be used for many applications such as traffic management, roadside assistance, and infotainment.
Browse key industry insights spread across 300 pages with 443 market data tables and 29 figures & charts from the report, “Traffic Management System Market Size By Component (Hardware [Sensors, Surveillance Camera, Display Boards], Software [Route Guidance, Smart Signaling, Traffic Analytics, Video Analytics Software, Video Management Software], Service [Integration, Maintenance & Support, Consulting]), By Deployment Model (On-Premise, Cloud), By Application (Adaptive Traffic Control System, Dynamic Traffic Management System, Incident Detection & Location System, Journey Time Measurement System, Predictive Time Modelling System, Urban Traffic Management & Control System), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026”, in detail along with the table of contents:
Growing demand for urban traffic management solutions in Europe
The rise in population of urban areas has increased traffic time for the commuters. Smart buses are being deployed to address traffic congestion and meet the demand for streamlined public transportation services. These buses offer commuters an efficient means of travelling and enable bus operators to integrate fleet management and improve safety operations. The rapid adoption of smart ticketing solutions in public transport is supported by numerous sustainable transport policies and governments.
Hefty government investments in the Asia Pacific transportation industry
Asia Pacific traffic management systems market revenue is poised to register a growth rate of over 7% up to 2026. Several government authorities in the region are investing in implementation for establishment of smart mobility infrastructure. These authorities are focusing on enhancing the transportation infrastructure to reduce traffic congestion and road crashes.
Strategic alliances between leading market players
Industry participants are focused to develop intelligent traffic management solutions which will offer reliability and flexibility to the government and municipal authorities. The innovative solutions will help in creating cost-efficient transportation network. Also, these companies are focusing on large-scale advanced systems deployments in collaboration with government and municipal authorities to improve roadside safety.
Key players operating in traffic management market include Siemens AG, IBM Corporation, Jenoptik AG, Accenture PLC, Iteris Inc., Cubic Corporation, Global Traffic Technologies, LLC, Accenture PLC, Citilog S.A. (Axis AB), Kapsch TrafficCom AG, Cisco Systems, Inc., Lanner Inc., and Dahua Technology.