The global market for traffic management systems is expected to witness an extensive growth during the forecast period, 2018-2028. Government focus and initiatives on increasing the safety and expansion of smart city together with rapid technological advancement will drive the growth of global market.
Future Market Insights’ latest study predicts an outstanding 18.2% CAGR growth for the global traffic management systems market during the period, 2018-2028. The global market is projected to touch an evaluation of over US$ 75,228.8Mn by 2028-end. Developing effective and convenient traffic management systems for the end-users will be an eyeballing trend impelling the growth of traffic management systems in the near future. The study additionally offers credible landscapes for the growth of global traffic management systems market in the approaching years.
The analysts concerned with the making of this report have provided important insights on how global traffic management systems market will increase through 2028. Moreover, analysts have answered to the major concerns of industry shareholders and the market observers.
What according to you is mainly restraining the growth of global traffic management systems market?
Well, my viewpoint on this note is that the local authorities are generally lacking with budget. The reason being, they follow cost-savings pattern by avoiding the usage of advanced or innovative traffic management systems. Apart from this, in many underdeveloped and developing regions, there is no sufficient budget to execute such systems. Most of all, the additional costs related with maintenance, repairs and installation of these systems eventually deteriorates the situation.
Recently any sector has increased the adoption of traffic management systems?
Yes. Very much. Apart from the roads, rail and aviation industry is increasing the adoption of traffic management systems. Increasing intra-region and inter-region economic activities is increasing the need for improvement in airline facilities. Growing incidences of accidents is also triggering the demand for traffic management systems.
What is government across the globe planning to do about traffic management systems?
Governments across the globe do understand the advantages of traffic management system but then it takes time for implementation. Therefore, they are actively involving themselves in implementing smart traffic management system for easing the traffic flow. Main focus will be to reduce traffic congestion, decreasing pollution levels and considering real-time traffic data.
In what way can advancement in technology be beneficial for traffic management systems?
As all of us know, traffic congestion mainly is increasing globally, especially across cities. Therefore, software that can offer highly improved performances and extraordinary capabilities are being utilized on a larger basis. Technologies such as IOT for the autonomous vehicles, ITS for the connected vehicles, weather monitoring solutions, wireless charging sensors and many more likewise are playing a major role in traffic management.
What are the manufacturers working on currently? Anything beneficial that can take a rapid pace?
Well, the manufacturers are working on launching innovative products and are focusing on M&A for acquiring new technology, which would also help them in staying competitive in the market.
Can you mention some key players in the global traffic management systems market?
Yes, definitely I can. The analysts have profiled IBM Corporation, Mitsubishi Electric Corporation, Telegra, Econolite, Moxa, Siemens AG, Kapsch Trafficcom, SWARCO, EFKON GmbH, Rhythm Engineering, Thales Group Ad, Iskra, SICE, Metro Infrasys Pvt. Ltd. and Houston Systems Inc. as the key players in the global traffic management systems market. By initiating innovative traffic management systems, the major players are concentrating on securing a competitive position in the global traffic management systems market.
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