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.
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114 – Tables
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215 – Pages
The major vendors in the traffic management market 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).
These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global traffic management market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2017 to 2019, which helped them innovate their offerings and broaden their customer base.
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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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