Traffic Management Market to 2025
The traffic management is segmented on the basis of solutions , detection and regions . The solution segment of the market includes retrofit solutions & LED signals , full pedestrians , ELV ( End-of-Life Vehicle ), parking space management & toll management . The retrofit solutions refer to up gradation of already existing traffic signals that may have become obsolete , also ELV ( Extra Low Voltage ) solution for traffic signal accounts for a healthy market share because of its ability of low power consumption and better performance . The parking management is expected to dramatically affect the reduction of traffic congestion , half of the time the traffic is created because of the difficulty faced by the drivers in finding the appropriate parking . Therefore parking managements captures a healthy market share in solutions segment of parking management market . The detection segment is further bifurcated into loop detection , above ground pedestrian and vehicles detection ( AGPVD ), automatic number plate detection ( ANPR ) and closed circuit television ( CCTV ) has accounted for maximum coverage in detection segment of traffic management market . Due to lack of awareness and costing issues with other detection technologies , they have lesser share in the market . Based upon the regions the market is segmented into North America , Asia Pacific , Europe , Middle East & Africa and South America . Asia-Pacific is expected to grow rapidly during the forecast period . Rising utilization of internet has caused change in traffic management service and solutions in APAC . Furthermore , the growing population has caused several traffic issues such as traffic accidents and congestion , resulting in increased acceptance of traffic management solutions . North America has also captured notable share of the traffic management system market globally .
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