Increasing traffic congestion, rising vehicle fleet size and growing technological advances will drive global traffic management market through 2021, according to the latest TechSci Research report, Global Traffic Management Market by Transportation Mode, By System Type, By Region, Competition Forecast and Opportunities, 2011-2021.
According to the research, the global market for traffic management is projected to surpass US$22 billion by 2021, due to rising demand for traffic management in roadways, railways and airways; increasing demand for real-time traffic monitoring for traffic control planning, incident detection, vehicle location, route planning, journey time measurement, etc., coupled with growing need for automating traffic management
In 2015, 89.68 million new vehicles registrations were recorded across the globe. Rapid growth in sales of passenger as well as commercial vehicles, rising demand for public transit vehicles for easy commute, declining air fares, increasing air passenger traffic, rising government initiatives towards controlling traffic congestion are the major underlying factors that are expected to boost demand for traffic management systems and solution across the globe over the next five years.
Over the past few years, traffic management has undergone radical changes in terms of technologies being used. This has also led to robust growth in road solutions, where parking space and toll management are projected to emerge as the fastest growing road traffic management solutions across the globe in the coming years. In 2015, an average of around 161.9 million passengers travelled by metro railways on a daily basis across the globe. With an increase in demand for metro railways as a preferred mode of transportation along with modernisation of traffic management system for tramways, railway traffic management market is anticipated to witness robust growth during the forecast period. Nevertheless, roadways segment dominated global traffic management market in 2015, and the segment is expected to continue its dominance through 2021.
"Growing demand for intermodal transportation planning, urban traffic management and control, route guidance, predictive traffic modelling, etc., in roadways, railways as well as airways are driving global traffic management market. Growing adoption of air travel coupled with booming tourism industry and rising number of low cost air carriers is boosting demand for navigation and surveillance services as well as air traffic management systems, that will not only reduce air traffic congestion but also drive growth in the global air traffic management market in the coming years.", said Karan Chechi, research director with TechSci Research.
According to the research, the global market for traffic management is projected to surpass US$22 billion by 2021, due to rising demand for traffic management in roadways, railways and airways; increasing demand for real-time traffic monitoring for traffic control planning, incident detection, vehicle location, route planning, journey time measurement, etc., coupled with growing need for automating traffic management
In 2015, 89.68 million new vehicles registrations were recorded across the globe. Rapid growth in sales of passenger as well as commercial vehicles, rising demand for public transit vehicles for easy commute, declining air fares, increasing air passenger traffic, rising government initiatives towards controlling traffic congestion are the major underlying factors that are expected to boost demand for traffic management systems and solution across the globe over the next five years.
Over the past few years, traffic management has undergone radical changes in terms of technologies being used. This has also led to robust growth in road solutions, where parking space and toll management are projected to emerge as the fastest growing road traffic management solutions across the globe in the coming years. In 2015, an average of around 161.9 million passengers travelled by metro railways on a daily basis across the globe. With an increase in demand for metro railways as a preferred mode of transportation along with modernisation of traffic management system for tramways, railway traffic management market is anticipated to witness robust growth during the forecast period. Nevertheless, roadways segment dominated global traffic management market in 2015, and the segment is expected to continue its dominance through 2021.
"Growing demand for intermodal transportation planning, urban traffic management and control, route guidance, predictive traffic modelling, etc., in roadways, railways as well as airways are driving global traffic management market. Growing adoption of air travel coupled with booming tourism industry and rising number of low cost air carriers is boosting demand for navigation and surveillance services as well as air traffic management systems, that will not only reduce air traffic congestion but also drive growth in the global air traffic management market in the coming years.", said Karan Chechi, research director with TechSci Research.
