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Nowadays, increasing urbanization and affordable access to vehicles have led to the problem of traffic congestion causing the main reason for air pollution. Traffic congestion costs us money, time, and health. The vehicles are burning major fuels in traffic congestion than on free traffic, and this leads to air pollution. According to the data provided by the United States Environmental Protection Agency (EPA), an average passenger car emits 4.6 metric tons of CO2 per year. Municipalities, cities, and countries are facing significant challenges in road transportation. They require a solution to overcome these challenges with better and efficient mobility while meeting their economic and environmental goals. The global market leaders in transport engineering are developing innovative solutions for traffic management tasks such as signal heads, traffic controllers, and traffic detectors to overcome traffic challenges.
Key Market Driver -
The rising taffic congestion in the urban areas is expected to drive the growth of the market
Key Market Restraint -
The high cost of installation of this system is expected to be hamper the growth of the market.
The development of transportation infrastructure for the increasing number of vehicles to reduce traffic congestion is expected to be one of a method for the management of the traffic. This method is also expected to be best feasible for developing countries, where a place is major constraints. The high installation cost of an advanced traffic management system is expected to hamper the growth of the advanced traffic management system market during the forecast period.
Some of the major companies that are present in the advanced traffic management system market include L&T Construction, Seimens, Clever Devices Ltd., Hitachi Ltd., among others.
The global advanced traffic management system market has been segmented into type and region. By type, the global advanced traffic management system market is segmented into traffic information, traffic assignment, traffic optimization, and traffic prediction. Manual and automatic approaches obtain traffic information. This information is the base for the advanced traffic management system. Traffic assignment segment is important for the travel time and traffic flow forecasting in short term traffic operation management and control as well as long-term transportation planning. The cost-effective method to deal with traffic congestion is traffic optimization with the control and optimization of the urban transport network. The traffic prediction segment provides essential data for the traffic optimization segment and traffic assignment segment. Traffic prediction can be used effectively for the route choice by network users.
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Geographically, the advanced traffic management system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate this market over the forecast period owing to the implementation of this system by government bodies in the United States in this region. Asia-Pacific is also expected to show good growth in the advanced traffic management system market over the forecast period. The growing urbanization and rise in vehicles in this region are driving the traffic management system market’s growth. Europe is also expected to show good growth in the advanced traffic management system market over the forecast period. The established and developed infrastructure in this region is likely to drive the growth of the market. Also, the presence of market players in this region is expected to drive the market over the forecast period.
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