Sarasota, FL -- (SBWIRE) -- 03/11/2019 -- Zion Market Research has published a new report titled "Traffic Management Market by Component (Software, Hardware, and Services) and by System (Predictive Traffic Modeling System, Urban Traffic Management and Control, Adaptive Traffic Control System, Incident Detection and Location System, Journey Time Measurement System, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025''. According to the report, the global traffic management market was valued at USD 29.7 billion in 2018 and is expected to reach USD 71.9 billion by 2025, at a CAGR of 13.5% between 2019 and 2025.

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Rising tourism activities has led to an increase in the demand for car rental services. Car rental service providers, such as Uber, Ola, and Lyft, are focusing on expanding their business operations at a global level. Pick-up and drop services from airports and hotels have increased due to an increase in the number of international passengers traveling by airplanes. According to the Airports Council International (ACI), the international passengers traveling by air increased by 8.4% in 2017 from 2016. It is estimated that this number will increase in the upcoming years due to the rising investments in the tourism sector and an increase in the number of international flights. This will lead to the demand for cars on rent which in-turn will make the roads congested and cause increased traffic. Thus, the demand for traffic management is bound to increase in the future.

The traffic management market is anticipated to grow over the estimated timeframe due to the rising investments in smart city projects. Traffic management solutions are considered to be a vital part of smart city projects globally. Governments of various countries are focusing on solutions that help in reducing traffic congestions across cities. In 2018, the smart city spending in the U.S. reached about USD 22 billion, whereas China spent nearly USD 21 billion on its smart city projects.

The global traffic management market is bifurcated based on component and system. By system, the traffic management market is divided into predictive traffic modeling system, urban traffic management, and control, adaptive traffic control system, incident detection and location system, journey time measurement system, and others. The journey time measurement system segment is expected to hold a notable market share, owing to the rising demand for cars on rent. By component, the traffic management market is segmented into software, hardware, and services. The hardware segment will grow substantially in the future, owing to the rising adoption of "Internet of Things" (IoT).

By region, Asia Pacific is expected to hold a significant share of the global traffic management market over the estimated timeframe. India, China, and Japan are expected to generate huge demand for traffic management systems, owing to the rise in the number of smart city projects and increased spending on technology. Latin America will witness substantial growth in the traffic management market over the forecast timeframe, due to the rising expenditure on smart public solutions in Brazil and Argentina.

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Some noticeable players of the global traffic management market include IBM Corporation, LG CNS, Siemens AG, Cisco Systems, Inc., Indra Sistemas, S.A., Swarco Holding, Kapsch TrafficCom AG, Accenture, and Cubic Corporation, among others.

This report segments the global traffic management market into:

Global Traffic Management Market: Component Analysis

Software
Smart Surveillance
Smart Signaling
Traffic Analytics
Route Guidance and Optimization
Hardware
Sensors
Surveillance Cameras
Display Boards
Others
Services
Consulting and Training
Support and Maintenance
Deployment and Integration

Global Traffic Management Market: System Analysis

Predictive Traffic Modeling System
Urban Traffic Management and Control
Adaptive Traffic Control System
Incident Detection and Location System
Journey Time Measurement System
Others

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Global Traffic Management Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa