Traffic Management Market: A Study of the Industry’s Key Applications and Technologies
The Traffic Management Market size was USD 36.40 Billion in 2021 and is expected to register a revenue CAGR of 11.6% during the forecast period, according to the latest analysis by Emergen Research. Increasing number of vehicles and insufficient infrastructure are key factors driving growth of the market. Development and launch of multiple smart vehicles by automotive giants are expected to create several opportunities for major market players. In addition, by launching linked and partially automated vehicles, automakers are gradually developing the market for autonomous vehicles. GPS and sensor technology, such as radar and ultrasonic, help autonomous vehicles to sense their environment. These vehicles have sophisticated control systems that analyze sensory data to determine best navigation routes and locate blind spots, obstructions, and pertinent signage. As driver assistance technologies advance in sophistication, more autonomous driving is anticipated.
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Some players analyzed in the report are:
Cisco, Tomtom, Chevron, Siemens, IBM, Atkins, BioEnable, Omnitec Group, Cubic Corporation, and Kapsch TrafficCom., Others
However, use of multiple sensors and access to several touchpoints can cause data fusion challenges. The data collected from numerous touchpoints and sensors is combined using data fusion and lessens measuring systems complexity and blind spots. Numerous sensors, including loop detectors, ultrasonic wave detectors, pedestrian sensors, and cameras, are used in traffic management systems and all of them produce enormous volumes of data.
Some Key Highlights From the Report
The solution segment is expected to register a significant market revenue growth. With vendors of traffic management solutions enabling businesses to ensure that each traffic control center is connected to other systems, such as traffic light systems and other detection devices, and to properly integrate traffic control systems, it is anticipated that the solution sector will maintain its larger market size. Hardware and software on computers adhere to international standards. The program makes monitoring simple and responds quickly to events. Route guidance and route optimization are the most widely used techniques. With the help of route optimization, users can select the most practical and affordable route for their travel.
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The adaptive traffic control system segment is expected to register steady growth. It dramatically cuts travel time and improves flow efficiency, which decreases traffic congestion, by progressively moving automobiles through green lights. Adaptive traffic control system’s real-time responses take into account traffic patterns and vehicle movements of developing countries. It uses downstream detection and provides a user-friendly interface to enable daily operations.
In June 24, 2022. HyperloopTT, a French-American company began working with Hitachi, the rail giant to adapt Hitachi Rail’s European Rail Traffic Management simulators for new technology. One of many projects advancing hyperloop concept, HyperloopTT promises high speeds of up to 1,200 km/h. According to the company’s vision, pressurized “capsules” would convey 28 to 50 passengers through low-pressure tubes while floating on a magnetic cushion and propelled by electricity.
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Emergen Research has segmented the traffic management market based on component, system, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- System Outlook (Revenue, USD Billion; 2019–2030)
- Urban Traffic Management and Control
- Adaptive Traffic Control System
- Predictive Traffic Modelling System
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- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Benefits of Buying the Global Traffic Management Report:
- Comprehensive analysis of the changing competitive landscape
- Assists in decision making processes for the businesses along with detailed strategic planning methodologies
- The report offers an 8-year forecast and assessment of the Global Traffic Management Market
- Extensive profiling of the key stakeholders of the business sphere
- Detailed analysis of the factors influencing the growth of the Global Traffic Management Market
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