Traffic Management Systems Market: Analysis and Forecast upto 2025
Road authorities deploy advanced traffic management systems to maximize operation performance and reliability of all aspects of road networks such as traffic management, control, and surveillance. Traffic management systems include urban and inter-urban systems, vehicle detection systems, ramp metering systems, bridge traffic management systems, and tunnel traffic management systems.
According to Texas A&M Transportation Institute, on an average,
Americans spend more than 5 billion hours in traffic and purchase an extra 3 billion gallons of fuel, costing more than USD 120 billion per year. According to the European Commission’s department for Mobility & Transport, congestion costs Europe 1% of its GDP every year. Congestion costs China about 4% to 5% of its GDP. Traffic jams are a major problem in several other major economies across the world, which significantly affects their economic and social growth. Deployment of ATMS in urban and inter-urban road networks improves the efficiency of utilizing existing road networks. This minimizes financial burden on transportation authorities and governments by reducing necessary investments required for road network expansions for congestion control. Obtain Report Details @ http://www.transparencymarketresearch.com/traffic-management-systems-market.html Aggressive demand for traffic management solutions is expected from emerging countries such as India, China, and Brazil due to rapidly increasing congestion issues in their major cities. Some of the key factors driving the market include high growth rate of demographics as also the fact that developing countries are facing hyper urbanization. Further, availability of connectivity and hardware devices at affordable cost is another key factor driving the traffic management systems market. Growing need for real time information systems and rise in focus of government investment for setting up traffic management systems with latest technology is expected to drive the demand for traffic management systems over the next few years. Lack of uniform and standardized technology in traffic management is a key factor restraining market growth. Further, the emergence of IoT (Internet of Things) and the application of edge analytics in traffic management systems is a key opportunity for the traffic management system market.