Booming Market of Traffic Management System Detailed Analysis over the globe-Forecast to 2020-2026

Traffic Management System Market is poised to witness an appreciable growth over the upcoming years subject to an increased adoption of the system for controlling the traffic originating from accelerated demographic growth and urbanization. There has been an upsurge in the demand for efficient traffic management systems to administer the traffic and ensure safe road transport system.

Smart traffic management system allows real-time traffic analysis which enables the authorities to re-route traffic and eliminate traffic jams. Emergence of smart transportation management centre backed by enhanced traffic management systems help authorities to respond promptly to emergencies.

Speaking on similar lines, robust telecom infrastructure coupled with rising investments in smart transportation projects in Europe and North America will support the implementation of smart traffic management systems across the regions. For instance, in 2017, the traffic authorities of Darmstadt, Germany had installed 200 video detectors delivered by FLIR systems for intelligent traffic management in the city. All traffic data, alarms, events and video images produced by these video detectors are reportedly gathered and analysed using FLUX software developed by FLIR systems.

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With digitization captivating European countries like UK, France and Germany, market players providing inventory management software are reaching out to a larger audience by procuring integrated software solutions. Some established companies dominating the market are NCR Corporation, Lightspeed, SAP SE, Microsoft Corporation, Zoho Corporation, among others.

 

In terms of segmenting the market by type, the manually managed inventory system adoption is anticipated to rise over coming years. Manually managed inventory systems insert formulae as input for inventory calculations, apart from aiding in order and track functionalities in enterprises or business. One inefficiency related to manual importing of formulas in the manmade errors associated with them.

 

The cloud deployment segment in the inventory management software market is slated for an exponential growth, with over 9% CAGR from 2020 to 2026. Cloud-based structure are being deployed for networking, with the substantially growing digitalization in industries. Additionally, to garner more functionalities like offshore installations with lower rates of downtime, SaaS-based inventory management software is preferred.

 

In terms of organization, the revenues form large enterprises for inventory management software industry is expected to show 8% CAGR through 2026. The solutions are useful for various activities, from monitoring and tracking greater volumes of inventory solutions with integrated systems employing barcodes, RFIDs and QR codes, to real-time analysis of stocks. With advancements of electronic scanning and auto tracking and ordering of sales, the large enterprises are taking advantage of inventory management software to achieve improved bottom lines.

 

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This software provides useful information to the traffic control room operator based on the real time analyses of traffic data. Apparently, this project enabled the company to secure a strong regional presence in the country.

According to Global Market Insights, Inc. report, traffic management system market is estimated to surpass USD 25 billion by 2026.

The overall traffic management system market is bifurcated into various segments based on component, deployment model, application and regional landscape.

Based on component bifurcation, video analytics software segment will gain a strong market penetration crediting to its utility in traffic management. It provides useful insights of everyday traffic and enables mitigation of traffic congestion while transferring the information to the console of traffic management software. Video analytics software can be pre-installed on the central server or integrated into cameras that capture real-time images.

The software algorithm helps in distinguishing between vehicles and pedestrians thereby ensuring safety to the pedestrians. The analytics enable monitoring of traffic velocity which serves precise detection of traffic congestion. Further, the software is useful in identification of numbers on vehicle license plate which can be used in traffic control, toll or spotting any suspicious activities.

With regards to deployment model, on-premise segment will depict a remarkable growth during the ensuing years as it offers minimum risk of cyber-attack and data breach as compared to cloud-based model. This model captures sensitive and confidential data while complying with regulations pertaining to data storage and transfer. The meritorious advantages of on-premise deployment will foster the segmental growth over the foreseeable time frame.

In terms of application, adaptive traffic control segment is expected to witness notable growth over the coming years on account of its high usability. This system analyzes the real-time traffic data and provides instant and synchronized responses for altering the predefined duration of signal, thereby resolving the traffic congestion. Based on a study by the Federal Highway Administration (FHWA), adaptive traffic signals improve travel time by approximately 10%. Such technologically advanced traffic management systems offer improved road safety, reduced traffic congestions and minimum greenhouse emissions.

Industry players are focused on providing innovative solutions for effective and adaptive traffic management which would enhance their position in the market. For instance, in 2017, Seattle Department of Transportation had incorporated SCOOT system in its Mercer Corridor for effective management of traffic in the area. SCOOT is an advanced adaptive traffic control system by Siemens. Reportedly, this system had reduced the travel by an average 21% during the busiest hours.

Considering the regional landscape, North America is projected to offer substantial growth opportunities to the traffic management industry on account of developed technology infrastructure in the region with the U.S. being the earliest adopters of modern technology. During the span of 2012 to 2016, Rapid Flow Technologies deployed its intelligent traffic signal control system - Surtrac at 50 intersections in several areas of Pittsburgh, Pennsylvania. The system enabled the reduction of wait time at intersections by 41%, travel time by 26% and emissions by 21%.

Similarly, in 2018, Dallas government collaborated with Telefonaktiebolaget LM Ericsson to incorporate advanced traffic management in the country based on Ericsson’s connected urban transport system. The system helped the government in analysing real-time data from cameras and sensors and enabled dynamic control of traffic lights and message signs.

Such initiatives are expected to undeniably offer considerable push to the overall growth of North America traffic management system market, which in the upcoming years is anticipated to record noteworthy gains.

Browse key industry insights spread across 300 pages with 443 market data tables and 29 figures & charts from the report, Traffic Management System Market in detail along with the table of contents:

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Report Content

Chapter 3.    Traffic Management System Industry Insights

3.1.    Industry segmentation

3.2.    Industry landscape, 2016 – 2026

3.3.    Impact of coronavirus (COVID–19) pandemic

3.3.1. Global outlook

3.3.2. Regional outlook

3.3.2.1.    North America

3.3.2.2.    Europe

3.3.2.3.    Asia Pacific

3.3.2.4.    Latin America

3.3.2.5.    MEA

3.3.3. Industry value chain

3.3.3.1.    Component suppliers

3.3.3.2.    Manufacturers

3.3.3.3.    Marketing & distribution channel

3.3.4. Competitive landscape

3.3.4.1.    Strategy

3.3.4.2.    Distribution network

3.3.4.3.    Business growth

3.4.    Industry ecosystem analysis

3.4.1. Vendor matrix

3.4.2. Distribution channel

3.5.    Technological & innovation landscape

3.5.1. Automatic number plate recongiton (ANPR)

3.5.2. Facial recogniton

3.5.3. Pedestrian dectection

3.5.4. Impact of IoT

3.5.5. AI and machine learning

3.6.    Regulatory landscape

3.6.1. North America

3.6.2. Europe

3.6.3. Asia Pacific

3.6.4. Latin America

3.6.5. MEA

3.7.    Smart city & transportation investments

3.7.1. North America

3.7.2. Europe

3.7.3. Asia Pacific

3.7.4. Latin America

3.7.5. MEA

3.8.    Industry impact forces

3.8.1. Growth drivers

3.8.1.1.    Regulatory frameworks and policies for reduction of carbon footprint

3.8.1.2.    Growing PPP models in transportation industry in North America and Europe

3.8.1.3.    Need for efficient traffic control in Asia Pacific and Latin America

3.8.1.4.    Rapid urbanization and government investment in smart transportation in Middle East & Africa

3.8.1.5.    Rapid adoption of IoT and network cameras for efficient traffic control in North America and Asia Pacific

3.8.1.6.    Growing demand for smart public transport and route guidance in Europe

3.8.1.7.    Increasing focus on urban mobility development in Latin America

3.8.1.8.    High investment in smart mobility projects in MEA

3.8.2. Industry pitfalls & challenges

3.8.2.1.    High installation cost

3.8.2.2.    Data security & privacy concerns

3.8.2.3.    Lack of standardized and uniform technologies

3.9.    Growth potential analysis

3.10.    Porter’s analysis

3.11.    PESTEL analysis

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