Road authorities deploy advanced traffic management systems to maximize operation performance and reliability of all aspects of road networks such as traffic management, control, and surveillance. Traffic management systems include urban and inter-urban systems, vehicle detection systems, ramp metering systems, bridge traffic management systems, and tunnel traffic management systems. Transportation systems play an important role in a country’s economic and social development. Metropolitan cities around the world are facing a challenge from increasing traffic jams due to continuous increase in population, increase in vehicle ownership, and limited road networks. This results in increased fuel wastage, traffic time, and monetary losses. According to Texas A&M Transportation Institute, on an average, Americans spend more than 5 billion hours in traffic and purchase an extra 3 billion gallons of fuel, costing more than USD 120 billion per year. According to the European Commission’s department for Mobility & Transport, congestion costs Europe 1% of its GDP every year. Congestion costs China about 4% to 5% of its GDP. Traffic jams are a major problem in several other major economies across the world, which significantly affects their economic and social growth. Deployment of ATMS in urban and inter-urban road networks improves the efficiency of utilizing existing road networks. This minimizes financial burden on transportation authorities and governments by reducing necessary investments required for road network expansions for congestion control. This benefit fuels the demand for traffic management solutions across the world.
Aggressive demand for traffic management solutions is expected from emerging countries such as India, China, and Brazil due to rapidly increasing congestion issues in their major cities. Some of the key factors driving the market include high growth rate of demographics as also the fact that developing countries are facing hyper urbanization. Further, availability of connectivity and hardware devices at affordable cost is another key factor driving the traffic management systems market. Growing need for real time information systems and rise in focus of government investment for setting up traffic management systems with latest technology is expected to drive the demand for traffic management systems over the next few years. Lack of uniform and standardized technology in traffic management is a key factor restraining market growth. Further, the emergence of IoT (Internet of Things) and the application of edge analytics in traffic management systems is a key opportunity for the traffic management system market.
The traffic management systems market by software is segmented by route guidance, smart signaling, traffic analytics, and smart surveillance. The smart surveillance segment has been further segmented into video management software, video analytics by application, and video analytics. The video analytics by application segment has been further segmented into facial recognition, ANPR, incident detection, and pedestrian detection.
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The traffic management systems market by hardware has been segmented into sensors, display board, surveillance cameras and others. The sensors segment is further segmented into speed sensor, vehicle detection over the next few years. High adoption of traffic management systems in the region is resulting in this high revenue share. High penetration rate of latest technology in traffic management systems is expected to drive the market further in the region.
Some of the key players operating in the traffic management systems market include Siemens AG (Munich, Germany), Hitachi Ltd (Tokyo), WS Atkins PLC (U.K.), Nuance Communications, Inc. (The U.S.), EFKON AG (Austria), Garmin International Inc. (The U.S.), Iteris, Inc. (The U.S.), Telenav, Inc (The U.S.), Thales Group (France), and TomTom NV (The Netherlands). The key players operating in the traffic management market are a focusing a considerable amount of their revenue in research and development for developing new products and gain competitive advantage over its competitors.
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