Global Traffic Management System Market Overview
Traffic management systems are mainly installed with the objective to ensure safety, reduced and trouble-free travel time followed by comfort of effective infrastructure. It is a necessary to monitor the road incidents proactively in order to acquire preventive measures for effective transportation. The main aim behind the implementation of traffic management system is to provide constructive traffic management solutions that enables private concessioners, highway operators or government authorities to take preventive actions that ultimately results in improving the safety of road users along with improving the traffic passage, increase transportation system efficiency, increase economic productivity and enhance mobility.
Market Size & Forecast
Global traffic management system market was valued at USD 4 billion in 2015; the market is anticipated to reach USD 18 billion by the end of 2023 witnessing a promising compound annual growth rate of 32% over the forecast period i.e. 2016-2023.
In terms of revenue share, North America accounted for the highest revenue share in 2015 owing to the advanced traffic management system of the region. Asia Pacific is anticipated to be the most attractive market in terms of compound annual growth rate owing to the increasing population and urbanization in developing countries such as India and China that has led to a rapid increase in the number of vehicles in Asia Pacific.
In 2015, parking space and toll management accounted for the highest market share in the traffic management system market as the system effectively manage the centralized toll payment, cashless toll payment, toll submitting time, and helps in faster payment processing.
Governments of highly populated countries such as India and China are taking initiatives to improve the road connectivity in their countries by implementing advance traffic management systems. The system evaluates the real-time data from the road side equipments to ensure smooth traffic movement and timely reaction to hazardous situations.
Global Traffic Management System Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Increasing number of vehicles on the road along with the rising population has raised the need for effective traffic management system; this will further propel the growth of traffic management system market over the forecast period. i.e. 2016-2023.
Rising passenger traffic, growing public concerns for road safety, increasing vehicle density in highly populated countries, these are major factors that possess strong demand for advance traffic management solutions in the upcoming 5-6 years.
Government initiatives towards the improvement of road transportation in developing countries such as India and China coupled with the emerging highway and expressway megaprojects to improve the road connectivity in these countries is anticipated to be the major factor driving the global traffic management market.
Regular operating and maintenance costs of traffic management systems along with the regular up gradation and monitoring of road side equipments is expected to be major challenge for the expansion traffic management system market.
Scope and Context
Overview of the Parent Market
Global Traffic Management System Market has been studied on countries and regions like:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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