Traffic Management Market Overview
The global traffic management is growing rapidly. The market growth attributes to the spurring rise in airline traffic control volume. Besides, inventions and development of new Traffic Management Market growth, replacing the outdated technology. The traffic management software segment contributes to the largest market share.
Moreover, the development of advanced traffic management software escalates market growth. According to Market Research Future (MRFR), the global traffic management market is estimated to create a valuation of approximately USD 61.9 Billion by 2030, growing at 20.10% CAGR throughout the projected period (2022-2030).
Additionally, the augmenting demand for efficient traffic management platform to control the air traffic volume and transport needs boosts the market size. Also, growing traffic due to the increasing population in the city and urbanization influences the growth of the market. Technological advancements provide impetus to the market growth, allowing accessibility and availability of various automatic devices.
Rising RD investments made by Traffic Management Market key players accelerate the market growth, bringing about novelties in automatic traffic handling devices. Besides, government initiatives funding to promote traffic management systems and increased smart city projects positively impact market growth. Efforts of the airport officials aiming to expand the infrastructure favor the market growth, increasing the uptake of smart technologies.
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Major Players:
Players leading the traffic management market are Atkins Group (UK), Accenture PLC (Ireland), Cellint (Israel), Citilog (France), Cisco Systems, Inc. (US), Cubic Corporation (US), ESRI (California, US), EFKON AG (Austria), FLIR Systems, Inc. (US), and IBM Corporation (US), among others.
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Global Traffic Management Market- Segments
The report is segmented into three dynamics.
By Component: Hardware (Display board, Sensors, Surveillance Cameras, others), Software (Smart Signalling, Route Guidance, Traffic Analytics, Smart Surveillance, others), and Service (Consulting, Deployment Integration, Support Maintenance, others).
By Systems: Urban Traffic Management Control (UTMC) System, Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modelling System (PTMS), Incident Detection and Location System (IDLS), Dynamic Traffic Management System (DTMS), and others.
By Regions: Europe, Americas, APAC, and Rest-of-the-World.
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Traffic Management Market - Regional Analysis
Europe dominates the global traffic management market. The largest market share is attributed to the rising adoption of smart traffic management software in the region. Besides, increased adoption of software such as smart signaling and route guidance for better traffic management drives the growth of the regional market.
Moreover, government investments in the production of traffic management software boost regional market growth. The European traffic management market is projected to retain its dominance throughout the estimated period.
North America stands second in the global traffic management market. Market growth is driven by the presence of several notable players and technology development centers in the region, enabling the early adoption of traffic management platforms. Additionally, the presence of some of the leading players fosters the growth of the regional market. Continuing with these growth trends, the region is expected to witness a spectacular growth during the review period.
The Asia Pacific traffic management market has emerged as a profitable market globally. Some of the APAC countries such as China, India, Japan, and South Korea, which are currently focused on upgrading their airport infrastructure to accommodate the growing air traffic, would majorly support the growth of the regional market. Furthermore, increasing smart city projects in India, China, South Korea, and Japan contribute to the development of the traffic management market.
