Latest TMR Report Explores Impact of COVID-19 Outbreak on Traffic Management Systems Market

Global Traffic Management Systems Market: Overview

The mounting rise in the number of personal and commercial small and heavy vehicles on the roads across the globe has led to an immense rise in the need for effective management of these vehicles so as to track and manage traffic and maximize performance, operations, and reliability of all aspects concerning road networks. These requirements are driving the global market for traffic management systems globally.

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In the past few years, a vast variety of traffic management systems have been introduced in the global market, covering aspects such as vehicle detection, tunnel traffic management, ramp metering, and bridge traffic management. With governments across the globe putting increased focus on the effective management of traffic as a way of reducing pollution, fostering social and economic development by reducing the time spent by their populations on roads, keep their limited road networks running smoothly, the demand for effective traffic management systems has significantly increased recently. In this report, Transparency Market Research presents a thorough assessment of the growth prospects of the market in present times as well as the near future.

Global Traffic Management Systems Market: Drivers and Restraints

The demand for effective traffic management solutions is expected to rise at a promising pace in the next few years, thanks to the vast rise in vehicle ownership globally and the rising awareness regarding the social and economic losses that economies incur due to traffic jams. The Texas A&M Transportation Institute estimates that Americans spend about 5 bn hours and are required to spend on an extra 3 bn gallons of fuel on an average due to traffic congestions. These numbers translate to extra expenses worth nearly US$120 bn every year. Europe incurs losses amounting to nearly 1% of its GDP every year due to traffic congestions according to the Mobility & Transport department of the European Commission.

The situation is worse in emerging economies across regions such as Asia Pacific and Latin America wherein a vast rise in disposable incomes is promoting vehicle ownership but the outdated infrastructures, rapidly mushrooming urban setups, and slow pace of infrastructural developments are making traffic a major challenge for the population. Owing to these factors, and the fact that traffic management systems can have a significant impact on the issue of road congestions, the demand for traffic management solutions is expected to rise at a promising pace in the near future. The market is also expected to benefit from the rising number of solutions at affordable costs, which could allure consumers across emerging and cost-conscious economies as well.

Global Traffic Management Systems Market: Segmentation

For a more detailed outlook of the global traffic management systems market, the report segregates it into logical segments based on aspects such as key elements, applications, and geography. On the basis of key elements, which typically make-up a standard traffic management solution, the market has been segmented into software and hardware. The segment of software is further segmented into smart signaling, route guidance, smart surveillance, and traffic analytics. In terms of hardware, the market has been segmented into display board, sensors, and surveillance cameras. Geographically, the market across regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa is examined.

Global Traffic Management Systems Market: Competitive Dynamics

The increasingly competitive vendor landscape is witnessing the rise in number of developers and innovative products. To gain an added share in the overall growth opportunities in the market, companies are diverting their funds towards geographical expansion and innovations. Some of the leading companies in the global traffic management systems market presently are EFKON AG (Austria), Siemens AG (Munich, Germany), Nuance Communications, Inc. (The U.S.), Hitachi Ltd (Tokyo), Iteris, Inc. (The U.S.), WS Atkins PLC (U.K.), Thales Group (France), Telenav, Inc (The U.S.), Garmin International Inc. (The U.S.), and TomTom NV (The Netherlands).

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps

Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities

Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better
decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

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This release was published on openPR.