1
Global Traffic Management Market is expected to reach USD 90.3 Billion by 2024 from USD 22.59 Billion in 2017 at a CAGR of 21.9%.
Global traffic management market is segmented into a system, solution, software, hardware, service, and region. In terms of system, the traffic management market is classified into urban traffic management and control (UTMC) system, an adaptive traffic control system (ATCS), journey time measurement system (JTMS), predictive traffic modeling system (PTMS), incident detection and location system (IDLS), and dynamic traffic management system (DTMS). Based on the solution, the traffic management market is categorized into hardware, software, and services. On the basis of the solution, the traffic management market is segmented into route guidance, smart surveillance, smart signaling, and traffic analytics. In terms of hardware, the traffic management market is segregated into display boards, surveillance cameras, sensors, and others. Based on service, the traffic management market is segmented into deployment & integration, consulting, and support & maintenance. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

The key driving factor for this market include the high demographic growth and hyper-urbanization in developing countries, and government initiatives for traffic management under smart cities models are some of the driving factors for this market. Also, growing public concern for safety are the factors boosting the global traffic management market. Increased use of advanced technologies such as cloud-based services is driving the global market. Moreover, huge interest in the population all over the world to own more than one vehicle is rising the traffics and indirectly elevating the global traffic management market. On the other hand, growing infrastructures that include the building of huge and smooth national highways are hampering the global market. Furthermore, the growing awareness of the people about traffic rules is one of the factors that are hampering the global traffic management market.

Comments

Who Upvoted this Story

What is Kliqqi?

Kliqqi is an open source content management system that lets you easily create your own user-powered website.

Latest Comments