Traffic Management Systems Market is poised to touch USD 58.80 billion by 2023
Traffic Management Systems Market Size and Growth Rate:
Traffic Management System Market was valued at USD 21.85 billion in 2017 and is anticipated to reach USD 58.80 billion by the end of 2023, witnessing a promising compound annual growth rate of 19.5% over the forecast period 2017-2023.
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Traffic Management Systems Market Overview:
The traffic management systems market is deemed to have enormous growth rate during the forecast period. The traffic management systems have a perspective to improve the traffic problems everywhere. The intelligence transportation system domain is a primary subfield for these systems. The management evolves severe actions on violating the traffic rules and is observed through CC cameras now and then. The most important thing is that utilization of speed sensors in order to eradicate the road accidents and is monitored in the real time traffic data. The traffic management systems main motto is to enhance the mobility, improve safety and also to reduce the consumption of fuel.
Traffic Management Systems Market Growth Drivers and Restraints:
The growing concern about the environment safety measures by the authorities is primarily accelerating the growth of the market. Government initiatives in solving the traffic congestion problems and rising awareness about the traffic management and rules especially in rural areas is fueling the demand of the market.
The negligence and violations of the strict rules of government by some authorities in improving the management systems is restraining the growth of the market. Lack of standardization and changes of capital income are also hampering the growth of the market.
The aim to reduce the fuel consumption of the vehicles and also safety concerns to eradicate the accidents by using speed sensors are lucratively surging the opportunities for the market to grow. Another factor ascribed to outshine the growth of the market is emerging of software technology and launch of various devices that are helping the traffic management systems.
Geographical Insights of the Traffic Management Systems Market:
Regionally, the traffic management systems are segmented into Asia Pacific, NorthAmerica, Europe, and Middle East and Africa. North America is dominating with the highest shares of the market, owing to quick adoption of advanced technology and raise in the IT sector innovations in these management systems. Europe is holding the largest revenue shares of the market with the increased transportation and also stringent rules by government towards environment safety. Asia Pacific and Middle East & Africa are deemed to dominate the market shares in the coming years.
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Key Players of the Traffic Management Systems Market:
Some of the prominent players in the traffic management systems market are EFKON AG (Austria), Siemens AG (Munich, Germany), Nuance Communications, Inc. (The U.S.), Hitachi Ltd (Tokyo), Iteris, Inc. (The U.S.), WS Atkins PLC (U.K.), Thales Group (France), Telenav, Inc (The U.S.), Garmin International Inc. (The U.S.), and SWARCO, Siemens, THALES, IBM, Cubic, Fujits
Traffic Management System Market key Segmentation:
By Product:
- Integrated Urban Traffic Control System
- Freeway Management System
- Electronic Toll Collection (ETC)
- Advanced Public Transportation System
By Application:
- Crosslinking Agent
- Sensitive Adhesive Tape
- Adhesives
- Anti-Migration Agent
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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