The traffic management market has been forecast to increase at a compound annual growth rate (CAGR) of 37.5% over the next five years, increasing from a value of around $2.58 billion at the start of 2013, to reach a total of $12.69 billion by 2018.
This growth is primarily due to high adoption of smart cities, transportation solutions, amongst small as well as mega cities. The growing popularity of traffic management is due to the reduction in the volume of vehicles' travel time, connectivity's in the modes of transportation which has helped in improving traffic flow.
Traffic management can involve the directing of vehicular and pedestrian traffic around a construction zone, accident or other road disruption, thus ensuring the safety of emergency response teams, construction workers and the general public.
Traffic control also includes the use of CCTV and other means of monitoring traffic by local or State roadways authorities to manage traffic flows and providing advice concerning traffic congestion.
Traffic management also proves to be money saving as it reduces the wastage of fuel. It decreases the carbon emissions from the vehicles and thus supports to keep our environment clean.
According to a recent report, 'Traffic Management Market: Global Market Forecasts and Analysis 2013-2018,' North America represents the largest region, with revenues of $955.1 million, followed by $762.1 million from Western Europe and $499 million from APAC.
The transportation system in the United States is complex and extensive. Traffic volumes, types of vehicles, driving styles, population density, speed limits, and many other factors vary dramatically from one region to the next. As a result, highway traffic control measures (including type of equipment and implementation), are not strictly consistent.
This responsibility is managed on a state or local agency level, and therefore certification requirements are not consistent and are administered locally. Safety standards (irrespective of traffic control) are mandated by OSHA as well as state-level occupational safety departments.
For more information on the traffic management market, see the latest research: Traffic Management Market
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