The global traffic management is growing rapidly. The market growth attributes to the spurring rise in airline traffic control volume. Besides, inventions and development of new traffic management systems drive the market growth, replacing the outdated technology. The traffic management software segment contributes to the largest market share.
Moreover, the development of advanced traffic management software escalates market growth. According to Market Research Future (MRFR), the global Traffic Management Market is estimated to create a valuation of approximately USD 65 BN by 2023, growing at 20% CAGR throughout the projected period (2017-2023).
Players leading the traffic management market are Atkins Group (UK), Accenture PLC (Ireland), Cellint (Israel), Citilog (France), Cisco Systems, Inc. (US), Cubic Corporation (US), ESRI (California, US), EFKON AG (Austria), FLIR Systems, Inc. (US), and IBM Corporation (US), among others.
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Additionally, the augmenting demand for efficient traffic management platform to control the air traffic volume and transport needs boosts the market size. Also, growing traffic due to the increasing population in the city and urbanization influences the growth of the market. Technological advancements provide impetus to the market growth, allowing accessibility and availability of various automatic devices.
Rising R&D investments made by market key players accelerate the market growth, bringing about novelties in automatic traffic handling devices. Besides, government initiatives & funding to promote traffic management systems and increased smart city projects positively impact market growth. Efforts of the airport officials aiming to expand the infrastructure favor the market growth, increasing the uptake of smart technologies.
Global Traffic Management Market- Segments
The report is segmented into three dynamics;
By Component: Hardware (Display board, Sensors, Surveillance Cameras, others), Software (Smart Signalling, Route Guidance, Traffic Analytics, Smart Surveillance, others), and Service (Consulting, Deployment & Integration, Support & Maintenance, others).
By Systems: Urban Traffic Management & Control (UTMC) System, Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), Dynamic Traffic Management System (DTMS), and others.
By Regions: Europe, Americas, APAC, and Rest-of-the-World.
Traffic Management Market - Regional Analysis
Europe dominates the global traffic management market. The largest market share is attributed to the rising adoption of smart traffic management software in the region. Besides, increased adoption of software such as smart signaling and route guidance for better traffic management drives the growth of the regional market.
Moreover, government investments in the production of traffic management software boost regional market growth. The European traffic management market is projected to retain its dominance throughout the estimated period.
North America stands second in the global traffic management market. Market growth is driven by the presence of several notable players and technology development centers in the region, enabling the early adoption of traffic management platforms. Additionally, the presence of some of the leading players fosters the growth of the regional market. Continuing with these growth trends, the region is expected to witness a spectacular growth during the review period.
The Asia Pacific traffic management market has emerged as a profitable market globally. Some of the APAC countries such as China, India, Japan, and South Korea, which are currently focused on upgrading their airport infrastructure to accommodate the growing air traffic, would majorly support the growth of the regional market. Furthermore, increasing smart city projects in India, China, South Korea, and Japan contribute to the development of the traffic management market.
Global Traffic Management Market - Competitive Analysis
Highly competitive, the traffic management market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies, such as mergers& acquisitions, collaborations, expansion, and product & technology launch.
The competitive nature of the market is projected to intensify as more products and new players enter the mass market. In the wake of increasing government regulations & consumer demand for traffic safety and advanced features, the market would witness relentless innovations and new products.
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Industry/Innovation/ Related News:
October 05, 2020 ---- The Satellite Industry Association (SIA) announced the release of a number of recommendations addressing space traffic management and sustainability issues. The goal of the whitepaper is to support a long-term sustainable, and safe space environment for commercial satellites & spacecraft.
The recommendations include an SIA White Paper titled "The Future of Space and Space Traffic Coordination and Management (STCM)." The Association and its members are intensely focused on the critical importance of now - while developing and maintaining a safe and long-term sustainable on-orbit environment for domestic and international commercial satellites and spacecraft.
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