Where there is problem, there is an opportunity. With technological advancements comes new problems and new opportunities. With ever increasing traffic on Roadways, Railways, Airways and Waterways demand for real-time traffic monitoring systems is on rise. According to a report by TechSci Research market for Global Traffic Management is projected to surpass $ 22 billion by 2021.
According to TechSci Research report, “Global Traffic Management Market By Transportation Mode, By System Type, By Region, Competition Forecast and Opportunities, 2011-2021″, the global market for traffic management is projected to surpass $ 22 billion by 2021, due to rising demand for traffic management in roadways, railways and airways; increasing demand for real-time traffic monitoring for traffic control planning, incident detection, vehicle location, route planning, journey time measurement, etc. Over the past two years, consumer preferences have shifted towards air travel majorly due to reduction in air fares. This is driving growth in sales of aircrafts by air companies across regions. Various recent deals in aviation industry, such as purchase deal of 250 Airbus planes by Indigo in 2015, purchase of 100 planes from Boeing by Iran Civil Aviation Organization in 2016, etc. would fuel air traffic congestion and air traffic management market in the near future, worldwide. With growth in air-passenger traffic, it is projected that Asia-Pacific would emerge as the fastest growing region in the air-traffic management market, globally during 2016-21.
In 2015, 89.68 million unit sales of new vehicles were registered. According to International Road Transportation Union, traffic congestion increases fuel consumption, leading to increase in carbon emissions by 300%. Growth in number of road accidents, increasing demand for parking space management, rising government initiatives to reduce carbon emission, etc. are some of the major factors driving the growth of the road traffic management market. It is projected that due to robust growth in road solutions, parking space and toll management would emerge as the fastest growing road traffic management solutions, worldwide during 2016-21. Growth in alternative transportation mode for daily commuters, such as metro by government of various countries’ along with modernization of traditional railway system has propelled demand for railway traffic management system, worldwide. Siemens, Thales, Hitachi, Alstom, Bombardier, Cubic, Kapsch TrafficCom, Iteris, and so on are few of the leading players in the global traffic management market.
“Growth in tourism industry, ease of traveling with reduced time and air-fares has propelled growth in number of aircrafts in the air. With growth in consumer disposable income and shift in preference towards air travel, air traffic management is set to pose robust growth in the coming years. Further, rising concerns towards reduction of carbon emissions due to negative impacts over the environment and country’s economy along with growth in number of road accidents has propelled demand for inter-modal transportation planning, predictive traffic modeling, etc. Rising demand for reducing traffic congestion across transportation modes would propel growth of global traffic management during the forecast period, worldwide.”, said Ms. Neha Tayal, Research Manager with TechSci Research.
The Research Report has evaluated the future growth potential of global traffic management market and provides statistics and information on market structure, size, share and future growth of global traffic management market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the global traffic management market.
- Global Traffic Management market to surpass $ 22 billion by 2021.
- Shifting consumer preference towards towards air travel due to reduced air fares is driving growth in Airplane sales and hence the air traffic.
- 89.68 million new vehicles were registered in 2015 according to International Road Transportation union.
- Asia-Pacific to become the fastest growing air traffic management market by 2021.
via: TechSci Research