Global Traffic Management Systems Market: Overview
The mounting rise in the number of personal and commercial small and heavy vehicles on the roads across the globe has led to an immense rise in the need for effective management of these vehicles so as to track and manage traffic and maximize performance, operations, and reliability of all aspects concerning road networks. These requirements are driving the global market for traffic management systems globally.
In the past few years, a vast variety of traffic management systems have been introduced in the global market, covering aspects such as vehicle detection, tunnel traffic management, ramp metering, and bridge traffic management.
Global Traffic Management Systems Market: Drivers and Restraints
The demand for effective traffic management solutions is expected to rise at a promising pace in the next few years, thanks to the vast rise in vehicle ownership globally and the rising awareness regarding the social and economic losses that economies incur due to traffic jams. The Texas A&M Transportation Institute estimates that Americans spend about 5 bn hours and are required to spend on an extra 3 bn gallons of fuel on an average due to traffic congestions. These numbers translate to extra expenses worth nearly US$120 bn every year. Europe incurs losses amounting to nearly 1% of its GDP every year due to traffic congestions according to the Mobility & Transport department of the European Commission.
The situation is worse in emerging economies across regions such as Asia Pacific and Latin America wherein a vast rise in disposable incomes is promoting vehicle ownership but the outdated infrastructures, rapidly mushrooming urban setups, and slow pace of infrastructural developments are making traffic a major challenge for the population.
Global Traffic Management Systems Market: Segmentation
For a more detailed outlook of the global traffic management systems market, the report segregates it into logical segments based on aspects such as key elements, applications, and geography. On the basis of key elements, which typically make-up a standard traffic management solution, the market has been segmented into software and hardware. The segment of software is further segmented into smart signaling, route guidance, smart surveillance, and traffic analytics. In terms of hardware, the market has been segmented into display board, sensors, and surveillance cameras. Geographically, the market across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa is examined.
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