The traffic management system market is forecast to grow from USD 4.12 billion in 2015 to USD 17.64 billion by 2020, at a compound annual growth rate (CAGR) of 33.8 per cent during the forecast period (2015 - 2020), according to the latest research report by Markets and Markets. Increasing environmental concerns, rapid urbanisation and population explosion, and demand for real-time information are the main drivers driving the growth of the traffic management system market.
In 2015, parking space and toll management accounted for the largest market share in the traffic management system markets, by solution during the forecast period. Increasing population along with rapid proliferation of the number of vehicles due to urbanisation, have resulted in parking space issues along with the need to manage the toll services. Moreover, narrow roads and meagre land space has added more to the parking problem. This has generated the demand for parking management solutions to manage parking and curb traffic congestion. Toll management has also become a necessary aspect of traffic management as this helps in centralised toll payment, cashless toll payment, reducing toll submitting time, and faster payment processing.
North America captured the largest market share in 2015 and Asia-Pacific is the fastest growing region in terms of CAGR. Increasing population has led to a rapid increase in the number of vehicles in Asia-Pacific. This eventually leads to traffic management issues such as traffic congestion, parking problems, and accidents. These issues have led the countries in this region to embrace various traffic management solutions that will lead to more development during the forecast period. Increasing cloud adoption and traffic issues are driving the traffic management system market in North America.
The latest trends in the traffic management market include real-time traffic management, remote monitoring system, data management, and Software as a Service (SaaS) based solutions and Internet of Things. Rapid urbanisation and the emerging concept of smart cities and smart traffic have further boosted the demand for SaaS-based solutions in the traffic management system market. Asia-Pacific is also gaining high market traction due to the improving economic condition and increasing cloud adoption in the region.
The report segments the market into various sub-segments and provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across the different regions.
There is a separate section on competitive landscape, which includes competitor systems, mergers and acquisitions, integrations and expansions and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
In 2015, parking space and toll management accounted for the largest market share in the traffic management system markets, by solution during the forecast period. Increasing population along with rapid proliferation of the number of vehicles due to urbanisation, have resulted in parking space issues along with the need to manage the toll services. Moreover, narrow roads and meagre land space has added more to the parking problem. This has generated the demand for parking management solutions to manage parking and curb traffic congestion. Toll management has also become a necessary aspect of traffic management as this helps in centralised toll payment, cashless toll payment, reducing toll submitting time, and faster payment processing.
North America captured the largest market share in 2015 and Asia-Pacific is the fastest growing region in terms of CAGR. Increasing population has led to a rapid increase in the number of vehicles in Asia-Pacific. This eventually leads to traffic management issues such as traffic congestion, parking problems, and accidents. These issues have led the countries in this region to embrace various traffic management solutions that will lead to more development during the forecast period. Increasing cloud adoption and traffic issues are driving the traffic management system market in North America.
The latest trends in the traffic management market include real-time traffic management, remote monitoring system, data management, and Software as a Service (SaaS) based solutions and Internet of Things. Rapid urbanisation and the emerging concept of smart cities and smart traffic have further boosted the demand for SaaS-based solutions in the traffic management system market. Asia-Pacific is also gaining high market traction due to the improving economic condition and increasing cloud adoption in the region.
The report segments the market into various sub-segments and provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across the different regions.
There is a separate section on competitive landscape, which includes competitor systems, mergers and acquisitions, integrations and expansions and collaborations of various market vendors. Besides, there are company profiles of ten players in this market. In this section, market internals are provided that can put one ahead of the competitors. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.
