HOME › Research Insight › Traffic management detection is expected to play a vital role in the traffic management system market and is expected to witness a high growth rate during the forecast period of 2015-2020
Traffic management detection is expected to play a vital role in the traffic management system market and is expected to witness a high growth rate during the forecast period of 2015-2020
In the traffic management system market, the medium-sized and startup companies have to directly compete with the global giants. This market involves a large number of vendors such as Accenture, Cisco Systems, GE Transportation, IBM, Kapsch, LG CNS, Cellint, and Siemens. Other than the big players, the traffic management market remains competitive due to the emergence of niche players as well, such as Alstom SA and Cubic Corporation. These players, along with the others present in the market, are expected to develop more advanced and user-friendly solutions to create notable market traction during the forecast period.
Parking space & toll management solutions has the largest market share among the solutions segment. With the increasing population, one can witness the increasing number of vehicle per person, every year. This has significantly increased the demand for parking space and toll management at a prime position. Moreover, due to lack of parking spaces and other emerging problems of conurbation, several market players are coming up with high-end and greater quality parking space & toll management solutions.
North America is contributing the maximum towards the traffic management system market through solutions, detections, displays, and systems. Increasing cloud penetration and concern for highway traffic congestion is the major factor driving the growth of traffic management in North America. The introduction of new technologies, such as Electronic Stability Control (ESC), in Europe is motivating the region to develop traffic management solutions. Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to increasing volumes of traffic and rapid increase in the usage of the internet. Apart from these, MEA and Latin America will grow at a slower pace and will emerge as important and growing markets for the implementation of traffic management solutions in the coming years.
Although there are many drivers pushing the growth of the traffic management system market, there are a few challenges as well. High security risk is one of the major challenges faced by the market. The growing technology and use of big data and analytics have introduced huge amount of real-time and private data, thereby increasing privacy concerns. This is also increasing the security risk during traffic hours. Internet of Things is more vulnerable to threats and these threats are becoming more dangerous and can result in huge financial and data loss. Followed by challenges, the emerging concepts of smart cities and smart transportation have brought great opportunity for the traffic management system market.
The global traffic management market is expected to grow from USD 4.12 Billion in 2015 to USD 17.64 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 33.8% during the forecast period.
Traffic Management Market by Solutions (ELV, Full Pedestrian, Led Signals & Retrofit Solutions, Intersection Controllers Parking Space and Toll Management), Detection (AGPVD, Loop Detection & CCTV and ANPR), & by Region - Global forecast to 2020
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