Northrook, IL -- (SBWIRE) -- 12/18/2019 -- The global Traffic Management Market size is estimated to rise from USD 26.7 billion in the year 2018 to USD 50.7 billion by 2023, at a 13.7% CAGR. The reason for the increase in this growth can be attributed to elevated demographic growth, hyper urbanization that takes place in emerging countries, and traffic management under smart city models.

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Route optimization and guidance bags the highest market shares ensuring higher effectiveness

The route guidance and optimization tools help in the regulation of traffic flow to make optimum use of road infrastructure effectively. It provides information about the best possible route to follow to reduce time and avoid traffic congestion. This software uses automatic feedback controls from a real-time traffic situation and comes with features like static guidance, dynamic guidance with as much possible prediction. It is a boon to drivers as it reduces the journeys traveling time and distance and provides information about the present scenarios of the route they plan to take.

Surveillance cameras segment as a helping hand

Surveillance cameras or CCTV cameras are going to play a crucial role in the traffic management market during the forecast period. These cameras play a vital role by providing video content through its extremely innovative and useful video surveillance technology, which helps in traffic monitoring and control. It includes data on traffic and vehicles and also accidents taking place once in a while on roads, which help in further investigations and is maintained by the various state departments of transportation. These traffic surveillance cameras are the best means of monitoring traffic flow and violations and are very useful for the commuter and invigilators.

Deployment and integration segment aiming at largest shares in the traffic management market

Estimated to rise at the highest CAGR, integration services, and deployment help in decreasing the integration and deployment time of traffic management issues. They help in creating end-to-end smart traffic signaling, smart resolutions for the management of traffic markets and route guidance.

Dynamic Traffic Management System (DTMS) to form the biggest market size

This segment has the fastest growth rate and has been bearing the wrath of increasing demand for traffic management systems. This system simulates various traffic data gathered through numerous sources like cameras, sensors, etc. Its demand has grown massively and it helps traffic controllers to control traffic more dynamically minimizing cost and security risks overcoming the hurdles of traditional traffic management systems.

North America will acquire majority of the global traffic management market share

It is also the fastest technology – adopting region compared to other countries. As it is technologically developed, it is the highest contributor to the loT space. The region has some well advanced smart connected devices, and rapid technological boost has led to the establishment of the traffic management industry.

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The major vendors covered in the traffic management market are Cellint, Accenture PLC, Cisco Systems, Cubic Corporation, Citilog, IBM Corporation, Cubic Corporation, Siemens AG, and EFKON INDIA PRIVATE LIMITED.

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