Today, majority of population travelling on daily basis face the problem of traffic. Due to rising level in number of vehicles running on road, the traffic congestion has become intolerable resulting in emergence of effective and efficient traffic management system. Government and Municipal Corporation of various regions share the common traffic management issue. Also, these days due to rising disposable income, a person’s ability to buy expensive commodities has increased, thus, leading to more than one car in a single house. The global traffic management system is expected to experience high growth in demand in next few years.
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Rapid growth in sales of commercial vehicles and passenger cars, rising number of travelers, bolstering tourism industry and increasing road accidents are some of the major factors driving the traffic management market. The trending intermodal traffic management systems, increasing commercial drones’ demand, growing demand for vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication and rising need of innovative smart parking management is expected to drive the growth of global traffic management market next few years.
Deployment of data analytical tools for real-time traffic management, and route guidance, JTM (Journey Time Monitoring), etc., by travelers on mobile devices such as smartphones and tablets are emerging as the vital functional areas that are increasing the usage of traffic management technology. Some of the limitations faced by the traffic management market are lack of transformation and funding interruption. The alteration of the traffic management technology would require the installation of new system, hardware and solutions. The emerging numbers of smart cities and the IoT technology is expected to open new opportunities for the market.
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The traffic management is segmented on the basis of solutions, detection and regions. The solution segment of the market includes retrofit solutions & LED signals, full pedestrians, ELV (End-of-Life Vehicle), parking space management & toll management. The retrofit solutions refer to up gradation of already existing traffic signals that may have become obsolete, also ELV (Extra Low Voltage) solution for traffic signal accounts for a healthy market share because of its ability of low power consumption and better performance. The parking management is expected to dramatically affect the reduction of traffic congestion, half of the time the traffic is created because of the difficulty faced by the drivers in finding the appropriate parking. Therefore parking managements captures a healthy market share in solutions segment of parking management market. The detection segment is further bifurcated into loop detection, above ground pedestrian and vehicles detection (AGPVD), automatic number plate detection (ANPR) and closed circuit television (CCTV) has accounted for maximum coverage in detection segment of traffic management market. Due to lack of awareness and costing issues with other detection technologies, they have lesser share in the market. Based upon the regions the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and South America. Asia-Pacific is expected to grow rapidly during the forecast period. Rising utilization of internet has caused change in traffic management service and solutions in APAC. Furthermore, the growing population has caused several traffic issues such as traffic accidents and congestion, resulting in increased acceptance of traffic management solutions. North America has also captured notable share of the traffic management system market globally.
However, because of increasing adoption of cloud based technology and SaaS many companies are now capable of providing large number of traffic management solutions to fulfil the customer requirements. Some of the key vendors in this market are IBM Corporation, GE Transportation, TraffiCom, Cisco Systems Inc., Siemens AG, Kapsch AG, Alstom SA, Cubic Corporation, Cellint Traffic Solution, LG CNS, among others.
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