Global Traffic Management Systems Market: Overview
The mounting rise in the number of personal and commercial small and heavy vehicles on the roads across the globe has led to an immense rise in the need for effective management of these vehicles so as to track and manage traffic and maximize performance, operations, and reliability of all aspects concerning road networks. These requirements are driving the traffic management systems market globally.
In the past few years, a vast variety of traffic management systems have been introduced in the global market, covering aspects such as vehicle detection, tunnel traffic management, ramp metering, and bridge traffic management. With governments across the globe putting increased focus on the effective management of traffic as a way of reducing pollution, fostering social and economic development by reducing the time spent by their populations on roads, keep their limited road networks running smoothly, the demand for effective traffic management systems has significantly increased recently. In this report, Transparency Market Research presents a thorough assessment of the growth prospects of the market in present times as well as the near future.
Grab an Exclusive PDF Brochure of this Report @
Global Traffic Management Systems Market: Drivers and Restraints
The demand for effective traffic management solutions is expected to rise at a promising pace in the next few years, thanks to the vast rise in vehicle ownership globally and the rising awareness regarding the social and economic losses that economies incur due to traffic jams. The Texas A&M Transportation Institute estimates that Americans spend about 5 bn hours and are required to spend on an extra 3 bn gallons of fuel on an average due to traffic congestions. These numbers translate to extra expenses worth nearly US$120 bn every year. Europe incurs losses amounting to nearly 1% of its GDP every year due to traffic congestions according to the Mobility & Transport department of the European Commission.
The situation is worse in emerging economies across regions such as Asia Pacific and Latin America wherein a vast rise in disposable incomes is promoting vehicle ownership but the outdated infrastructures, rapidly mushrooming urban setups, and slow pace of infrastructural developments are making traffic a major challenge for the population. Owing to these factors, and the fact that traffic management systems can have a significant impact on the issue of road congestions, the demand for traffic management solutions is expected to rise at a promising pace in the near future. The market is also expected to benefit from the rising number of solutions at affordable costs, which could allure consumers across emerging and cost-conscious economies as well.
Get More Press Releases by TMR: https://www.prnewswire.co.uk/news-releases/esports-market-to-reach-the-value-of-us-11-16-bn-by-2031-engaging-gaming-competitions-during-covid-19-pandemic-to-boost-industry-growth-says-tmr-852490374.html
Global Traffic Management Systems Market: Segmentation
For a more detailed outlook of the global traffic management systems market, the report segregates it into logical segments based on aspects such as key elements, applications, and geography. On the basis of key elements, which typically make-up a standard traffic management solution, the market has been segmented into software and hardware. The segment of software is further segmented into smart signaling, route guidance, smart surveillance, and traffic analytics. In terms of hardware, the market has been segmented into display board, sensors, and surveillance cameras. Geographically, the market across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa is examined.
Pre Book now our premium research report @
Global Traffic Management Systems Market: Competitive Dynamics
The increasingly competitive vendor landscape is witnessing the rise in number of developers and innovative products. To gain an added share in the overall growth opportunities in the market, companies are diverting their funds towards geographical expansion and innovations. Some of the leading companies in the global traffic management systems market presently are EFKON AG (Austria), Siemens AG (Munich, Germany), Nuance Communications, Inc. (The U.S.), Hitachi Ltd (Tokyo), Iteris, Inc. (The U.S.), WS Atkins PLC (U.K.), Thales Group (France), Telenav, Inc (The U.S.), Garmin International Inc. (The U.S.), and TomTom NV (The Netherlands).
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
About Us:
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyse information. Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7 day free trial!
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
