Traffic Management Market vendors by Share & Growth Strategies – 2024 | MarketsandMarkets

[215 Pages Report] The global market for traffic management categorized by solution, hardware, service, system, and by region.

Posted on 2020-09-24 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2020-Sep-24 — According to a research report “Traffic Management Market by Solution (Smart Signaling, Route Guidance and Route Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global traffic management market size is expected to grow from USD 30.6 billion in 2019 to USD 57.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Driving factors of the traffic management market include the rising urban population and high demographic rates, government initiatives for traffic management and the Public Private Partnership (PPP) working model, growing need for real-time information systems, and regulatory frameworks and government policies to reduce the growing carbon emissions. The opportunities in the traffic management market include the emergence of Internet of Things (IoT) and sensor technologies in traffic management and penetration of analytics in traffic management network systems.

Browse 114 market data Tables and 56 Figures spread through 215 Pages and in-depth TOC on “Traffic Management Market – Global Forecast to 2024″

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Europe to account for the highest market share during the forecast period

Europe accounts for the highest market share in the traffic management market. The European market has diverse business needs, and similar to North America, enterprises in this region have the strong technical expertise and bigger IT budgets. In addition, there are many traffic management vendors in this region. Europe is the largest regional market in terms of revenue, and the UK is the most developed economy, contributing significantly to the growth of the traffic management market. Europe has a very conducive environment for the implementation of traffic management systems, as the government has planned investments to improve public transportation modes in this region. The budget allocated by the European Commission for the smart, green, and integrated transport challenge is USD 6,684 million for 2014–2020. The challenge aims at improving mobility, lessening instances of congestion, and enhancing safety and security. Traffic management projects that are currently underway in the region include Amsterdam Smart City, Amsterdam; Vilnius Traffic Management System, Lithuania; and Athens Traffic Management System, Greece.

Market Players

The major Traffic Management Market vendors include Accenture (Ireland), Cellint (Israel), Cisco (US), Citilog (France), Cubic Corporation (US), EFKON (Austria), Esri (US), FLIR Systems (US), Garmin (Switzerland), IBM (US), Indra Sistemas (Spain), IMTAC (Oman), IntelliVision (US), Iteris (US), Global Traffic Technologies (US), Jenoptik (Germany), Kapsch TrafficCom (Austria), Lanner Electronics (Taiwan), LG CNS (South Korea), Metro Infrasys (India), PTV (Germany), Q-Free (Norway), Siemens (Germany), SWARCO (Austria), TransCore (US), Savari (US), Dahua Technology (China), Telegra Europe (Croatia), Telit (UK), Huawei (China), International Road Dynamics (Canada ), Rapid Flow Technologies (US), Advance Access (Ireland), Advantech (Taiwan), Redflex (Australia), TRL Software (England), INRIX (England), and TomTom (Netherland).

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Cisco (US) is one of the leading companies in the traffic management market. Cisco Connected Roadways helps secure and connect Intelligent Traffic System (ITS), enabling vehicles, roadways, travelers, and traffic management centers to communicate with one another in real time. It eases the operation of cities and transportation agencies and enables the smooth flow of traffic, along with reducing congestion with secondary collisions. The company designs and sells a broad range of technologies across networking, security, collaboration, applications, and cloud. Cisco has focused on inorganic growth strategies, such as agreements and partnerships. For instance, Cisco signed an agreement with Iteris; as per this partnership, Iteris would become Cisco’s solution technology integrator partner for Cisco’s transportation Internet of Things (IoT) solutions segment. The main objective of this agreement is to provide solutions for public agencies across the US with a focus on improving smart and safe mobility. Moreover, Cisco and PLDT partnered for a 5G-ready Internet Protocol (IP) transport network. The partnership aims at deploying the latest technology to design and build automated, reliable, scalable, and software-defined next-generation infrastructure by using PLDT’s fiber network to deliver improved digital experiences to customers.

IBM (US), one of the leading technology vendors, offers intelligent transportation solutions, integrated fare management, traffic prediction tool, and intelligent operation center solution for traffic management. The company’s offerings are backed by its strong analytics solutions. The intelligent transportation solutions have features that include predictive insights, traffic control, automatic incident detection, active traffic management, and incident and special event traffic management. Additionally, the solution provides system-wide visibility and traffic behavior patterns for better control and measurement of traffic. IBM’s traffic prediction tool uses historical and real-time traffic data to predict the traffic flow of specific areas. The tool empowers traffic operators with better traffic-planning capabilities. The company uses Watson IoT Platform and Node-RED, as well as services, such as Geospatial Analytics, Business Rules, Insights for weather, and Watson AlchemyAPI on Bluemix, to build traffic management app. IBM continuously focuses on developing new products for intelligent transport for traffic management. For instance, IBM developed a new Artificial Intelligence (AI)-powered IoT solution to help extend the lifespan of aging bridges, tunnels, highways, and railways. The new solution will provide task-specific functionalities to help organizations manage, monitor, and administer their infrastructure assets. By implementing maintenance strategies using IBM Maximo, organizations can attempt to model, map, and monitor bridges, roads, and tunnels.

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