Traffic Management System Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.
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Traffic management system is defined as an IT solution that facilitates vehicular traffic and improves the safety and security of passengers. It collects data from sources such as traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to extract actionable insights from it. The information is transmitted to passengers, police stations, traffic control agencies, etc.
This is estimated to fuel the demand for the traffic management system market. In addition, the growing need for real-time analysis is also estimated to have a significant impact on the growth of the market. However, the lack of standards and uniform technology and security-related issues associated with the traffic management systems are the major constraints in the growth of the market.
Traffic Management System Market is driven by the rapid industrialization and increasing urbanization across the globe. As the urban population across the globe is increasing, the number of vehicles plying on the roads is also increasing, giving rise to the need for a sound traffic management system.
Europe is estimated to be the leading region in the traffic management system market owing to the high investment in the smart city and smart transportation projects for improving the traffic management and control mechanism. Furthermore, the high adoption of advanced technologies, such as route guidance software and smart signaling, is also estimated to foster the growth of the market. Asia Pacific is estimated to be the fastest growing region during the forecast period owing to the rapid urbanization and growing investments for the development of a smart infrastructure in developing countries such as India and China. Moreover, supportive government initiatives, such as Smart City initiatives in India and China, are also estimated to fuel the demand for the market.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
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The traffic management system market is fragmented with the presence of a substantial number of players. The market includes multinational, regional, and local companies. The major vendors of the traffic management systems are IBM, Cellint, Iteris, Kapsh, Swarco, Accenture, Siemens, Thales, Cubic, Systematics, and Decell. There are several projects that are already in progress in developing countries including the U.S., the UK, and Germany. However, many companies are about to launch their projects in developing countries, which is further estimated to drive the growth of the market.