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Asia Pacific is the fastest-growing region for Traffic Management Market, and would grow at a significant pace during the forecast period. The developing regions have many impediments to growth, and road traffic jams have and will be a major problem causing massive delays, increased fuel wastage and monetary losses. The fast-changing regional landscape has led to poorly planned road networks. Due to unplanned road networks, small critical areas become the hot-spots for congestion and ineffective and poor traffic management around these hotspots potentially results in extended traffic jams.
Privatizations of highways and road pricing have been some initiatives proposed to reduce congestion. Rapid urbanization has caused immense levels of traffic congestions in the region, especially in the developing countries. The need for superior traffic management solutions would drive the market in the region. The smart cities initiatives by the governments of the region would significantly contribute to the growth of the traffic management market in the Asia Pacific region. The traffic management market is segmented based on Solutions (software hardware and Services), Systems and Countries.
Based on software, the market is segmented into smart signaling, route guidance, traffic analytics, and smart surveillance. Based on hardware, the market is segmented into display boards, sensors, surveillance cameras, and others (intelligent traffic controller, networking components, and linked traffic controller). Based on services, the market is segmented into consulting, deployment and integration, and support and maintenance. The traffic management software segment would be the most potential market, and would hold the largest market share. The rapid growth in the urban population has led to traffic congestions, demanding better traffic management systems.
The traffic management software allows live streamlining of traffic information which can be later used for predictive analytics and define traffic management rules. Based on the systems, the market is segmented into Urban Traffic Management and Control (UTMC) system, Adaptive Traffic Control System (ATCS), Journey Time Measurement System (JTMS), Predictive Traffic Modeling System (PTMS), Incident Detection and Location System (IDLS), and Dynamic Traffic Management System (DTMS). Based on Country, Traffic Management market is segmented into China, Japan, India, South Korea, Singapore, Australia and Rest of Asia Pacific. China remained the dominant Country in the Asia Pacific Traffic Management market in 2016.
India and Australia would witness promising CAGR during the forecast period (2017-2023). The report covers the analysis of key stakeholders of the Traffic Management market. Key companies profiled in the report include International Business Machines Corporation (IBM), Cisco System, Inc., LG Corporation (LG CNS Co. Ltd.), Swarco AG, Siemens AG, Kapsch (Kapsch Trafficcom AG), Q-Free ASA, and Accenture Plc.