Smart traffic market on the up

Dallas, Tx (USA)

The latest report from Marketsandmarkets suggests that the traffic management market is expected to grow from $3,564.9 million in 2014 to $16,894.9 million by 2019, at an estimated Compound Annual Growth rate of 36.5% from 2014 to 2019.

The population rate is tremendously growing globally and is predicted by 2050 it will reach 9.7 billion. This will increase the statistics percentage of congestion, traffic, accidents and insecurity in all developed, and developing unless some intelligent technologies, solutions or applications are undertaken to control them. The report on traffic management includes the opportunity analysis of technology adoption across all solutions and services market such as Cloud services, Traffic Management Services (TMS), Intelligent Transport System (ITS) and many more. The ancient solutions only saved time to an extent but there was money wastage due to the congestion problem. Whereas, the new adopted technologies and solutions saves time, money, and is safe.

Some of the wide range of solutions offered is such as intersection controller, full pedestrian solution, LED signals and retrofit solutions, extra low voltage and many more. The traffic management market holds the maximum percentage of market share in these and is expected to grow in the future years. Cloud service is one of the services adopted in the overall traffic management market by services, because of the innovation in performance and functions of smart devices.

Out of all the regions, North America is the largest revenue generator for services in the Smart transportation market. Asia Pacific (APAC) is expected to show a significant rise in the revenues because of the budding inter-Asian and intra-Asian trade that exists between different countries of Asia.

The report also draws the competitive landscape of the Traffic Management Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors. The key strategies followed by most companies in the global Traffic Management Market are geographic expansion, diversification, acquisitions and investment in R&D. According to Marketsandmarkets, some of the major players in this market are IBM, LG CNS, Cisco, Accenture, Cubic, Affiliated computer services, Thales, Kapsch, ESRI, GE transportation, Siemens, and many others.

The report is called " Traffic Management Market by Solutions, Displays & Systems (Full Pedestrian, Parking Space and Toll Management, Above Ground Pedestrian and Vehicle Detection) - Global Advancements, Projects, Worldwide Forecast & Analysis (2014 - 2019)".

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