TRAFFIC MANAGEMENT SYSTEM MARKET ANALYSIS

Traffic Management System MarketSize and Trends

Increasing urbanization and growing public concerns for the safety are major factors driving the growth of the global traffic management system market

Increasing urbanization results in the rise of traffic density levels, making traveling troublesome for common folk. For instance, according to the Global Health Observatory (GHO), the urban population in 2014 accounted for 54% of the total global population, and continues to grow. Over half of the population in the world is staying in urban areas, which increases overcrowding in small areas. More people leads to more usage of vehicles triggering traffic congestion. Hence, traffic management system is the major need to control the traffic problems such as traffic congestions and others will positively impact the growth of traffic management market.

Rising concerns for the safety regarding the road traffic accidents leading to injuries and deaths is another factor fueling growth of the market. These are the major factors that are expected to influence the growth of this market during the forecast period. For instance, according to World Health Organization (WHO), an estimated 1.25 million road accidents occurred globally in 2013, among them around 93% road traffic death occurs in low and middle income economies and over 50 million people are injured by road accidents. Therefore, people are increasingly concerned and cautious regarding the safety aspect, which tends to increase in the growth of traffic management system market size.

Market Trends

Market trends include advancements in intelligent traffic systems, increase in urbanization and population density, and governmental initiatives for smart city projects. Technologies like CCTV, ITS, and adaptive signaling are becoming integral parts of traffic management systems to control congestion and ensure safety.