New York, NY, March 05, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Traffic Management Market by Component (Software, Hardware, and Services) and by System (Predictive Traffic Modeling System, Urban Traffic Management and Control, Adaptive Traffic Control System, Incident Detection and Location System, Journey Time Measurement System, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global traffic management market was valued at USD 29.7 billion in 2018 and is expected to reach USD 71.9 billion by 2025, at a CAGR of 13.5% between 2019 and 2025.
Rising tourism activities has led to an increase in the demand for car rental services. Car rental service providers, such as Uber, Ola, and Lyft, are focusing on expanding their business operations at a global level. Pick-up and drop services from airports and hotels have increased due to an increase in the number of international passengers traveling by airplanes. According to the Airports Council International (ACI), the international passengers traveling by air increased by 8.4% in 2017 from 2016. It is estimated that this number will increase in the upcoming years due to the rising investments in the tourism sector and an increase in the number of international flights. This will lead to the demand for cars on rent which in-turn will make the roads congested and cause increased traffic. Thus, the demand for traffic management is bound to increase in the future.
Browse through 57 Tables & 23 Figures spread over 138 Pages and in-depth TOC on “Global Traffic Management Market Size & Share 2018 Report: Industry Type, Segments, Demand, Analysis and Forecast 2025”.
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The traffic management market is anticipated to grow over the estimated timeframe due to the rising investments in smart city projects. Traffic management solutions are considered to be a vital part of smart city projects globally. Governments of various countries are focusing on solutions that help in reducing traffic congestions across cities. In 2018, the smart city spending in the U.S. reached about USD 22 billion, whereas China spent nearly USD 21 billion on its smart city projects.
The global traffic management market is bifurcated based on component and system. By system, the traffic management market is divided into predictive traffic modeling system, urban traffic management, and control, adaptive traffic control system, incident detection and location system, journey time measurement system, and others. The journey time measurement system segment is expected to hold a notable market share, owing to the rising demand for cars on rent. By component, the traffic management market is segmented into software, hardware, and services. The hardware segment will grow substantially in the future, owing to the rising adoption of “Internet of Things” (IoT).
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By region, North America is estimated to be the most profitable region for the traffic management market globally over the forecast time period. At the country level, the U.S. is a key contributor due to the presence of key players, such as Cisco Systems, Inc., Accenture, Cubic Corporation, and IBM Corporation.
The Asia Pacific is expected to grow at a notable rate over the forecast time period in global traffic management market. Developing countries, such as China and India, have huge potential for driving this regional market, owing to the rise in the number of smart city projects. Traffic management solutions play a vital role in smart city projects, as they help in reducing traffic congestions and prove to be eco-friendly due to the reduction in vehicle emissions. In 2018, the government of India’s budget for various smart city projects increased by 54%. It is expected that a major portion of this budget will be utilized for the development of transportation infrastructure. In 2018, India and China had about 100 and 500 cities under smart city projects, respectively. IBM Corporation is already involved in transforming public transformation systems in China.
Browse the full “Traffic Management Market by Component (Software, Hardware, and Services) and by System (Predictive Traffic Modeling System, Urban Traffic Management and Control, Adaptive Traffic Control System, Incident Detection and Location System, Journey Time Measurement System, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/traffic-management-market
The demand for traffic management solutions in Europe is anticipated to increase due to the rapid rise in the number of vehicles over the past few years. With the presence of key manufacturers, such as VW Group, BMW, and Daimler, Europe is considered as the hub for renowned automotive manufacturers. UK, France, and Germany are anticipated to be the prime contributors in this region. In 2018, about 30% of families in France owned two cars. The European Union passenger car fleet grew by about 5.7% from 2012 to 2016. During this period, the number of passenger vehicles on road reached 257 million from 243 million. Thus, governments of several European countries are focusing on using technology to streamline road traffic. Thus, the demand for traffic management is expected to increase over the estimated time span.
The Middle Eastern and African region is anticipated to register moderate market growth in the future, owing to the increasing demand for passenger vehicles in the UAE, Qatar, and Saudi Arabia. It is estimated that the number of passenger cars will reach about 13 million by 2020 from 10.2 million in 2015. Saudi Arabia is projected to be the major attraction for vehicle manufacturers as new car sales in the country are likely to reach about 743 thousand by 2020. This rise in the number of vehicles will propel the government bodies to take initiatives for reducing traffic congestion and provide smooth transit for the citizens.
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Some noticeable players of the global traffic management market include IBM Corporation, LG CNS, Siemens AG, Cisco Systems, Inc., Indra Sistemas, S.A., Swarco Holding, Kapsch TrafficCom AG, Accenture, and Cubic Corporation, among others.
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This report segments the global traffic management market into:
Global Traffic Management Market: Component Analysis
- Software
- Smart Surveillance
- Smart Signaling
- Traffic Analytics
- Route Guidance and Optimization
- Hardware
- Sensors
- Surveillance Cameras
- Display Boards
- Others
- Services
- Consulting and Training
- Support and Maintenance
- Deployment and Integration
Global Traffic Management Market: System Analysis
- Predictive Traffic Modeling System
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Incident Detection and Location System
- Journey Time Measurement System
- Others
Global Traffic Management Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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