The traffic management system market, with respect to component is classified into services, hardware, and software. The hardware component segment is further classified into display boards, surveillance camera, sensors, and others. Among these, sensors segment is expected to witness heavy growth as sensors play a very important role in traffic surveillance and monitoring systems to keep a track of prevailing conditions across the transportation network. Numerous sensors are installed in, on, and above the roadways for obtaining relevant geographical and critical time coverage.
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The services segment in traffic management system market is classified into consulting services, maintenance & support service, and integration service. Among these, the integration service segment will witness tremendous growth in coming years. To effectively install smart transport systems, customers need the help of experts who can carefully analyze as well as evaluate the business-specific requirements and then create optimal solutions. These systems are tested before installation so that clients could have business process continuity while protecting investments into their IT infrastructure.
The traffic management system market is likely to register lucrative growth owing to the rising government investments towards the transportation infrastructure and the rapidly increasing number of personal and commercial vehicles. Traffic management is a combination of measures that serve to preserve traffic capacity and improve safety, security, and reliability of the overall road transport system.
In the U.S. video management software market, the case management solution segment is projected to observe substantial growth rate through the forecast time period driven by rising demand for visual evidences to accelerate the crime investigation process. The rise in digital surveillance due to increasing penetration of surveillance cameras is further supporting the demand for case management solutions.
Security and surveillance systems segment is expected to register lucrative growth as they assist in reducing the collision rate by informing drivers and the concerned emergency staff of potential collisions. The key companies operating in the market are offering their security solutions, which includes cameras, to transport agencies to automatically detect incidents and continuously monitor real-time traffic data. This in turn will drive the demand for surveillance cameras in the traffic management system market.
The software segment in traffic management system market is categorized into video management software, video analytics software, traffic analytics, smart signaling, and route guidance. Among these, the video management software segment is likely to register tremendous gains over the coming years.
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In terms of application, the overall traffic management system market is bifurcated into urban traffic management and control system; predictive time modelling system; journey time measurement system; incident detection and location system; dynamic traffic management system; and adaptive traffic control system. Among these, the urban traffic management and control system segment is likely to witness immense growth over the projected period.
Hefty government investment in MEA is driving traffic management system market growth for traffic management system. For instance, in June 2018, the Israeli government invested approximately $8.4 million in a pilot program to boost innovation in the transportation industry. The project essentially aims to promote innovative ideas in the fields of transit & traffic, supporting the country's transportation to be more efficient.
Smart buses are being deployed to address traffic congestion and to meet the demand for streamlined public transportation services. These buses offer commuters an efficient means of travelling and also enable bus operators to improve safety operations and to integrate fleet management.
On the geographical front, in Latin America the emergence of new business models and technologies, new transport solutions are being implemented for mobility. The government agencies, especially in Brazil and Mexico, are actively offering support for the implementation of smart transport solutions. These factors will further drive the demand for traffic management system in Latin America.
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