According to a new market research report "Traffic Management Market by Software (Smart Signaling, Route Guidance, Traffic Analytics, and Smart Survelliance), Hardware (Display Boards, Sensors, Surveillance Cameras, and Others), Service, System, and Region - Global Forecast to 2022", The traffic management market size is expected to grow from USD 22.96 Billion in 2017 to USD 59.48 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.

Browse 81 market data tables and 72 figures spread through 188 pages and in-depth TOC on "Traffic Management Market by Software Service, System, and Region - Global Forecast to 2022"

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High demographic growth and hyper urbanization in developing countries, and government initiatives for traffic management under smart cities models are some of the factors driving the traffic management market. The base year considered for this study is 2016 and the forecast period considered is 2017–2022.

The traffic management market report has been broadly classified on the basis of software into smart signaling, route guidance, traffic analytics, and smart surveillance; on the basis of hardware into display boards, sensors, surveillance cameras, and others (intelligent traffic controller, networking components, and linked traffic controller); on the basis of services into consulting, deployment and integration, and support and maintenance; on the basis of systems into Urban Traffic Management and Control (UTMC) system, 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); and on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

DTMS segmen has Fastest growth during Forecast- 

The DTMS segment is expected to have the fastest growth rate during the forecast period. There has been an increasing demand for traffic management systems, specifically for the dynamic traffic management that simulates various traffic data gathered by multiple sensors, cameras, and software. In addition, with the growing deployment of traffic management systems among the traffic control and management operators, the demand for DTMS has grown exponentially. This system helps traffic operators to control and manage traffic more dynamically, eliminating any security risk and logistical cost associated with traditional traffic management systems.

Surveillance camera is one of the Major Factor for Growth-

Surveillance camera is expected to gain the highest traction in the traffic management market during the forecast period. Surveillance camera is an innovative and extremely useful video surveillance technology in traffic monitoring and control. Further, the cameras record traffic patterns for future studies, observe and monitor traffic flow, and issue tickets in case anybody violates the rule. Traffic cameras are an extremely popular form of video surveillance. Surveillance cameras offer several advantages to the commuters. They provide valuable data of traffic and vehicles, which is maintained by the state departments of transportation.

The deployment and integration services segment is expected to have the largest market share and projected to grow at the highest CAGR during the forecast period. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market.

APAC is the fastest-growing region, in terms of CAGR. Increased urbanization has resulted in traffic congestions. High adoption of solutions to minimize congestions, along with better traffic management and control, has led to a wider demand for traffic management solutions in the APAC region. The adoption of traffic management solutions has increased due to the ongoing and emerging smart cities and smart transportation projects, thus enabling APAC to become a highly potential market.

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Lack of standardized and uniform technology is one of the major restraints, whereas high-security risks, reshaping the legacy infrastructure into smart traffic solutions, and data fusion challenges due to multiple sensors and touchpoints in the traffic management system are some of the challenges for the market. Some of the key vendors in the traffic management market are Accenture PLC (Dublin, Ireland), Atkins Group (London, UK), Cellint (Tel Aviv, Israel), Cisco Systems, Inc. (California, US), Citilog (Arcueil, France), Cubic Corporation (California, US), EFKON AG (Raaba, Austria), Esri (California, US), FLIR Systems, Inc. (Oregon, US), IBM Corporation (New York, US). These players have adopted various strategies, such as new product developments, acquisitions, and partnerships to serve the traffic management market. Continuous technology innovation is an area of focus for these players to maintain its competitive position in the market and promote customer satisfaction.

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