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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