With the population explosion has increased number of vehicles on road, thereby leading to an increase in traffic density, accidents, and other issues, especially in metropolitan areas in developed and developing countries. Therefore, with increasing industrialization and urbanization, there’s a greater need for implementation of a sound traffic management system, which can efficiently manage the traffic. These systems provide real-time data and ability to analyze and respond to a situation immediately. And with constant developments and innovations in technology and ever-growing population, the demand for effective traffic management systems has increased a lot over the past few years, thereby boosting the growth of this market across the globe.

What Drives the Market?

The growth of the global traffic management market can be primarily attributed to the following factors:

• Growing concerns and awareness about environment
• Rapid urbanization
• Increasing population
• Rising demand for real-time information

Moreover, increasing concept of smart cities and smart transportation projects and adoption of IoT are likely to further create growth opportunities over the coming years. Although lack of funding from government, transformation downtime, and issues related to security may hamper the growth of this market, increasing cloud adoption and SaaS-based solutions may cater to the requirements for customers for traffic management solutions.

What the Market Looks Like?

Projected to grow at a CAGR of 33.8% during the forecast period, the size of the global traffic management market which was estimated to be USD 4.12 Billion in 2015 is expected to reach USD 17.64 Billion by the end of 2020. Currently, North America holds the largest share of the market, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to grow at the highest CAGR over the forecast period, mainly due to increasing population, which in turn has led to traffic-related problems like traffic congestion and accidents.

Among system type, intermodal transportation planning system (ITPS) is the fastest-growing traffic management system due to rapid urbanization, growing interest in smart cities, and need for efficient transportation system. Whereas, based on detection type, CCTV and ANPR account for the largest market share, and will continue dominating the market over the forecast period as well.

IBM Corporation, Cisco Systems Inc., GE Transportation, Siemens AG, LG CNS, Alstom SA, Cubic Corporation, Kapsch TraffiCom, Cellint Traffic Solution, and Kapsch AG are some of the major players operating the market for traffic management.

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Research Scope

As per the researchers, the global market for traffic management has been analyzed and predicted by splitting it into the following categories and sub-categories:

• System Type: Urban Traffic Management and Control (UTMC) System, Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modeling System (PTMS), Incident Detection and Location System (IDLS), Route Guidance System, Dynamic Traffic Management System (DTMS), Intermodal Transportation Planning System (ITPS), Traffic Management Training System (TMTS), Maintenance Tracking System (MTS), Traffic Data Management System (TDMS)
• Management Type
• Solution: Extra Low Voltage (ELV) solutions, Intersection controllers, Full pedestrian solutions, LED signals and retrofit solutions, Parking space and toll management solutions
• Detection: Above-Ground Pedestrian and Vehicle Detection (AGPVD), Loop detection, CCTV and ANPR capabilities
• Display: Variable Message Sign, Vehicle Information Terminal, Others
• Geography: North America, Europe, Asia-Pacific, Middle East & Africa, Latin America