Traffic Management Systems Market Expected to Grow at a CAGR
NEWARK, Del, June 23, 2022 (GLOBE NEWSWIRE) — The traffic management systems market is estimated to be worth US$21.3 billion in 2022, likely to grow at a vigorous CAGR of 12.1% during the evaluation period 2022-2032
Future Market Insights (IMF) has released a new report on the global traffic management systems market. The report was titled “Traffic Management Systems Market: Global Industry Analysis (2013-2021) and Opportunity Assessment (2022-2032)”. The global traffic management systems market is likely to predict significant growth during the forecast period.
This growth can be attributed to soaring congestion levels which offer huge potential for traffic management systems. The market for traffic management systems is also growing owing to the growing government focus on enhancing security as well as expanding smart city initiatives alongside the rapid advancements in technology.
In order to capitalize on this opportunity, the players operating in the market are launching new products and entering into mergers and acquisitions in order to acquire new technologies and stay competitive in the market. For example, in May 2015, IBM Corporation launched a transportation management solution for the New Jersey Turnpike Authority (NJTA).
The launch aims to reduce traffic congestion and improve traffic flow using an enhanced system that assimilates the Internet of Things to provide advanced analytics and predictive capabilities. Additionally, the system offers centralized management of approximately 900 devices, including drum and portable signs, variable messages, traffic cameras and hybrid displays. 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.
Get a sample copy Of traffic management system market @ https://www.futuremarketinsights.com/reports/sample/rep-gb-6469
Technological advances To Trigger Adoption Rate Of Traffic management systems
With increasing levels of traffic congestion in cities, the implementation of TMS is growing exponentially. This growing adoption has driven the development of advanced traffic management system devices as well as software to provide extraordinary capabilities and greatly improved performance. For example, current TMS technologies include embedded machine learning, wireless load sensors, embedded toll management systems, weather monitoring solutions, IOT-based ITS, ITS for connected vehicles , IOT for autonomous vehicles, etc.
Due to the many benefits of traffic management systems, governments in various countries around the world are actively engaging in the deployment of intelligent traffic management systems. This is done in order to make traffic smoother by reducing traffic congestion and reducing pollution levels in cities, by prioritizing traffic in accordance with real-time traffic information. For example, in July 2021, Miami-Dade County signed a US$11.1 million smart traffic contract with Econolite control products.
Under this contract, the company will install 300 new smart traffic lights that will operate on a new technology, namely the modification of the flow of vehicles. Traffic lights cover nearly 10% of all traffic lights in Miami-Dade. Growing initiatives for successful traffic management and increasing investments are expected to bode well for the global traffic management systems market in the long term.
Ask For After Analysis of ideas On Report@ https://www.futuremarketinsights.com/ask-question/rep-gb-6469
Budget constraints To Restrict market development
Despite all the advantages offered by traffic management systems, the restricted budgets allocated to the traffic industry remain a serious problem. Local authorities usually have limited budgets and try to reduce costs by avoiding the adoption of advanced traffic management systems. In addition, authorities in some developing and underdeveloped regions do not have sufficient budgets to implement the systems in some countries.
Moreover, the additional costs associated with the installation, repairs and maintenance of these systems will increase the overall expenses, possibly worsening the situation. Hence, budget restraints and high costs associated with advanced traffic management systems are negatively impacting the market, thereby hampering the growth of the market.
Traffic Management System Outlook by Category
By Making up:
- Traffic management hardware
- traffic management software
- Traffic management services
- Urban traffic management systems
- Adaptive traffic control systems
- Travel time management systems
- Incident detection and localization systems
By End User:
Table Of Contents
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
Check the report For Detailed Contents…
Get customization Of Report @ https://www.futuremarketinsights.com/customization-available/rep-gb-6469
Have A See To Related Research Reports Of Technology Domain:
Industrial Machine Vision Market: The global demand for Industrial Machine Vision is expected to be valued at US$8.45 billion in 2022, and is expected to grow at a CAGR of 6.9% to be valued at US$16.46 billion. US dollars from 2022 to 2032.
Mhealth Solutions Market: Rising demand for Mhealth Solutions across the globe is expected to propel the market expansion at an astronomical CAGR of 27% from 2022 to 2030. At present, the global Mhealth Solutions market stands at US$101.12 billion, and this Revenue is expected to reach an impressive US$685.99 billion by the end of 2030.
5G in Automotive and Intelligent Transportation Market: The global 5G in automotive and intelligent transportation market is currently worth US$1.49 billion, and detailed market analysis reveals that it is expected to reach a valuation of US$9.77 billion by the end of 2030 Demand for 5G in automotive and smart transportation is expected to grow at a phenomenal CAGR of 26.5% from 2022 to 2030.
Digital Risk Protection Platforms Market: The global digital risk protection platforms market is expected to grow at a high CAGR of 9.8% from 2022 to 2030. The market currently represents a valuation of 946 .6 million US dollars and is expected to reach 946.6 million US dollars. 1.96 billion by the end of 2030.
Mindfulness Meditation Apps Market: The global mindfulness meditation apps market is expected to enjoy a valuation of US$192.7 million in 2022, and further expand at a CAGR of 9.5% to reach US$397.9 million by 2030.
Intelligent Enterprise Data Capture Software Market: The global intelligent enterprise data capture software market is estimated to be worth US$9 billion in 2022 and is expected to approach a valuation of US$21.1 billion by 2029, expanding at a CAGR of 12.9% 2022 to 2029.
I2C Bus Market: The global I2C Bus Market is expected to be valued at US$7.57 Billion in 2022 and to reach US$12.44 Billion by 2032. A CAGR valued at 5.1% is expected for the market during the forecast period 2022-2032.
Centralized Workstation Market: The global Centralized Workstation Market is currently valued at approximately US$14,687.4 million in 2022. The Centralized Workstation Market is expected to grow at a CAGR of 11.9% to reach US$45,160.2 million by 2032.
Legal Transcription Market: The global legal transcription market was worth approximately US$1,988.9 million in 2021 and is expected to grow at a CAGR of 6.5% to reach a valuation of US$3,267.7 million. US dollars by 2029.
Disaster Recovery as a Service Market: The global disaster recovery as a service market is expected to grow at a prolific CAGR of 24.8% from 2022 to 2030. The market represents a valuation of $12.81 billion US dollars at present, and is expected to reach 75.22 billion US dollars by the end of 2030.
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
Future Market Outlook Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
Such. : +1-845-579-5705
For sales inquiries: [email protected]
Browse other reports: https://www.futuremarketinsights.com/reports
Linkedin| Twitter| Blogs