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Traffic Management System Market Size

Report ID: GMI2363
Published Date: Aug 2020
Report Format: PDF

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Traffic Management System Market Size

Traffic Management System Market size surpassed USD 20 billion in 2019 and is anticipated to grow at over 5% CAGR between 2020 and 2026. Growing demand to reduce traffic congestion and ease traffic flow for commuters is driving the industry growth.

Increasing need for route guidance & optimization solutions to reduce carbon footprint is being witnessed. Rapid urbanization and congestion in cities globally have led to several government administrations to invest in smart city projects with an aim to provide proper infrastructure and smart transportation systems to all its citizens.

Traffic Management System Market

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The industry had observed decline in 2020 owing to the coronavirus (COVID-19) pandemic. The scale of the pandemic can be compared to 9/11 or the 2008 financial crisis that impacted the global economy. The coronavirus pandemic has caused global trade tensions, financial disruptions, and sharp downturns in major economies.

Traffic Management System Market Report Attributes
Report Attribute	Details
Base Year:	2019
Traffic Management System Market Size in 2019:	20 Billion (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	5%
2026 Value Projection:	25 Billion (USD)
Historical Data for:	2016 to 2019
No. of Pages:	300
Tables, Charts & Figures:	472
Segments covered:	Component, Deployment Model, Application and Region
Growth Drivers:	Regulatory frameworks and policies for reduction of carbon footprint Growing PPP models in transportation industry in North America and Europe Need for efficient traffic control in Asia Pacific and Latin America Rapid urbanization and government investment in smart transportation in Middle East & Africa Rapid adoption of IoT and network cameras for efficient traffic control in North America and Asia Pacific Growing demand for smart public transport and route guidance in Europe Increasing focus on urban mobility development in Latin America High investment in smart mobility projects in MEA
Pitfalls & Challenges:	High installation cost Data security & privacy concerns Lack of standardized and uniform technologies

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of traffic management system is predicted to cross USD 25 billion by 2026 growing at a rate of 5%, says this GMI report.

The U.S. traffic management system market is expected to register 9% CAGR through 2026. The software is being widely deployed to reduce traffic congestions and offer real-time traffic alerts to commuters.

Owing to the rapidly growing volume of freight transport, the UAE dynamic segment is forecast to register a CAGR of 2% through 2026.

The pandemic which has hit hard on the worldwide economy and created a wave of recession is expected to restrict the market demand.

Key participants are Accenture PLC, Siemens AG, Citilog S.A. (Axis AB), Cisco Systems, Inc., FLIR Systems, Garmin Ltd., Cubic Corporation, Iteris Inc., IBM Corporation, Jenoptik AG, Global Traffic Technologies, LLC, Lanner Inc., Kapsch TrafficCom AG and Dahua Technology.