Global Traffic Management System market is majorly driven by government initiatives towards the improvement of road transportation and increasing global population, according to our research report “Global Traffic Management System Market Outlook 2023”.
Regionally, the traffic management system market is segmented into North America, Latin-America, Europe, Asia-Pacific, Middle-East & Africa and Rest of World (ROW). Among these, North-America dominated the global traffic management system market in 2015, followed by Europe and Asia-Pacific. However, Asia-Pacific region is expected to be the most opportunistic market across the globe in near future on the back of rising transportation sector and rapid development of economic corridors in the region.
Global traffic management system market stood at USD 4 billion in 2015, witnessing a promising compound annual growth rate of 32% the market is anticipated to reach USD 18 billion by the end of 2023. Geographically in 2015, North America accounted largest share to global traffic management system market. However Asia Pacific is anticipated to expand at a higher rate and occupy the largest market share by the end of 2023.
Government Initiatives towards the Improvement of Road Transportation: Uplift
It is a necessary to monitor the road incidents proactively in order to acquire preventive measures for effective transportation. Increasing number of road accidents along with the huge capital investment by the regional governments to provide safe and secure transport facilities will further propel the growth of traffic management system market in upcoming 5-6 years.
Increasing Global Population: Impetus
Global population is increasing at an alarming rate. Global population has reached to 7.4 billion in august 2015. This has led to strong demand for transportation facilities all across the globe. Growing global traffic and global call of better transportation facilities is boosting the growth of traffic management system market.
The report titled “Global Traffic Management System Market Outlook 2023” delivers detailed overview of the traffic management system market in terms of market segmentation by system, by solution, by detection, by display.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the traffic management system industry which includes company profiling of Accenture PLC, Alstom Holding SA, Cubic Corporation, GE Transportation, IBM Corporation, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global traffic management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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