According to the new market research report "Traffic Management Market by Solution (Smart Signaling, Route Guidance and Optimization, Traffic Analytics, and Smart Surveillance), Hardware (Display Boards, Sensors, and Surveillance Cameras), Service, System, and Region - Global Forecast to 2023", The traffic management market size is expected to grow from USD 26.7 billion in 2018 to USD 50.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.
The major factors driving the traffic management market include high demographic growth and hyper-urbanization in developing countries and the government initiatives for traffic management under smart cities models.
Report Objectives
• To determine and forecast the global traffic management market by component (solutions, services, and hardware), systems, and region from 2018 to 2023 and analyze the various macroeconomic and microeconomic factors that affect the market growth
• To forecast the size of the market segments with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Latin America and Middle East and Africa (MEA)
• To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
• To profile the key market players, provide comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials, and illustrate the competitive landscape of the market
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities in the market
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Recent Developments
1. In April 2018, SWARCO acquired the majority shareholding in Bergauer, which develops and integrates intelligent traffic guidance and control systems, as well as, customer-specific guidance systems for infrastructure and security projects, to provide better service to customers.
2. In April 2017, Siemens acquired HaCon, a Germany-based company offering mobility and logistics solutions. The acquisition strengthened Siemens’ existing portfolio and increased its market presence.
3. In October 2018, Kapsch TrafficCom and OMV Aktiengesellschaft (producer and marketer of oil and gas) partnerered for the provision of a standardized European Electronic Toll Service (EETS) for trucks.
The major players in the traffic management market include Accenture PLC (Accenture), Cellint (Cellint), Cisco Systems, Inc. (Cisco), Ciitilog (Citilog), Cubic Corporation (Cubic), EFKON INDIA PRIVATE LIMITED (EFKON),Esri (Esri),FLIR Systems, Inc. (FLIR),Garmin Ltd. (Garmin), IBM Corporation (IBM), Indra Sistemas, S.A. (Indra), Industrial Management Technology & Contracting LLC (IMTAC), IntelliVision (IntelliVision), Iteris, Inc (Iteris),Jenoptik AG (Jenoptik), Kapsch TrafficCom (Kapsch TrafficCom), Lanner Electronics Inc. (Lanner Electronics), LG CNS (LG CNS), Metro Infrasys Pvt. Ltd. (Metro Infrasys), PTV Planung Transport Verkehr Group (PTV Group), Q-Free A.S.A (Q-Free), Siemens AG (Siemens), SWARCO AG (SWARCO), and TransCore (TransCore).These players have adopted various growth strategies, such as new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. Product launches and acquisitions were the 2 major strategies adopted by these players to achieve a strong foothold in the traffic management market.
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