Smart City Initiatives to Augur Well for the Global Traffic Management Systems Market
Valley Cottage, NY -- (SBWIRE) -- 10/26/2018 -- Future Market Insights (FMI) has published a new report on the global traffic management systems market. The report has been titled "Traffic Management Systems Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028)." The global traffic management systems market is likely to foresee an extensive growth over the course of the forecast period. This growth can be attributed to the burgeoning congestion levels that offer tremendous potential for traffic management systems. The traffic management systems market is also increasing due to increasing government focus on boosting safety as well as expanding the smart city initiatives along with rapid advancements in technology.
In order to capitalise on this opportunity, the players operating in the market are launching new products and entering into mergers and acquisitions in order to acquire new technology and stay competitive in the market. For instance, in May 2015, IBM Corporation launched a transportation management solution for the New Jersey Turnpike Authority (NJTA). The launch is aimed at reducing traffic congestions and improving the traffic flow employing enhanced system that assimilates the Internet of Things to provide advanced analytics and predictive capabilities. Moreover, the system provides central management of approximately 900 devices including drum and portable signs, variable messages, traffic cameras and hybrid displays. The other companies operating in the market are Siemens AG, Thales Group Ad, Mitsubishi Electric Corporation, Kapsch Trafficcom, Iskra, Telegra, SWARCO, and SICE, among several others.
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According to the report, the global traffic management system market is expected to witness a CAGR of 18.2% from 2018 to 2028. The market is expected to reach a worth of US$ 14, 178.4 Mn in 2018 and touch a valuation of US$ 75,228.8 Mn by the end of 2028.
Technological Advancements to Trigger Adoption Rate of Traffic Management Systems
With the growing traffic congestion levels across cities, the implementation of TMS is increasing exponentially. This growing adoption has induced the development of advanced traffic management system devices as well as software to provide extraordinary capabilities and highly improved performances. For instance, the current technologies in TMS include integrated machine learning, wireless charging sensors, integrated toll management systems, weather monitoring solutions, IOT based ITS, ITS for connected vehicles, IOT for autonomous vehicles, and many more.
Owing to the numerous benefits of traffic management systems, governments across various countries in the world are actively engaging themselves in the deployment of smart traffic management systems. This is being done in order to smoothen traffic flow by reducing traffic congestion and reducing pollution levels across cities, by prioritising traffic in accordance with real-time traffic information. For instance, in July 2017, Miami-Dade County signed a smart traffic contract of US$ 11.1 Mn with Econolite Control Products. As part of this contract, the company will install 300 new smart traffic signals that will work on a new technology, namely, changing the flow of vehicles. The traffic signals cover nearly 10% of all Miami-Dade traffic lights. The growing initiatives for successful traffic management and increasing investments are projected to bode well for the global traffic management systems market in the long run.
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Budget Constraints to Restrain Market Development
Notwithstanding all the benefits offered by traffic management systems, the restricted budgets allocated to the traffic industry remain a serious issue. Local authorities are usually budget-constrained, and try to save costs by avoiding the adoption of advanced traffic management systems. Furthermore, the authorities of some developing and underdeveloped regions do not have sufficient budgets to implement the systems across certain countries. Moreover, the additional costs involved in installation, repairs, and maintenance of these systems will increase the overall expenses, eventually deteriorating the situation. Consequently, budgetary restrictions and high costs involved with advanced traffic management systems are impacting the market in a negative manner, thereby encumbering the growth of the market.