Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 160 | Code: MRS - 828585
According to the report published by Market Research Store, global demand for the adaptive traffic control system management market was estimated at approximately USD 3,400 Million in 2019 and is anticipated to generate revenue of around USD 10,850 Million by end of 2026, growing at a CAGR of around 18% between 2020 and 2026.
Global Adaptive Traffic Control System Management Market: Overview
The adaptive traffic control system management system is a technology that was conceived and implemented to address the increasing traffic problems that metropolitan cities are experiencing. The adaptive traffic control system analyzes traffic flow in real-time and adjusts the brake timings of traffic signals to maximize traffic flow in order to minimize and prevent road congestion. The adaptive traffic control system consists of a mixture of hardware and software components that allow operators to collect data on traffic movement from each city intersection in order to reduce delays and stops. By steadily shifting vehicles across green lights to create a faster flow of traffic, the device greatly reduces travel time.
Global Adaptive Traffic Control System Management Market: Growth Factors
In recent years, the global adaptive traffic control system management industry has grown at an accelerating rate. Cities' growing populations and rapid urbanization have resulted in massive traffic congestion. One of the factors driving the market's potential and increasing the need for traffic control system maintenance firms is the exponential rise in city population. Accidents have become more common over time, and the most appropriate approach to this issue is the wider use of integrated traffic control management solutions. The demand for these solutions has increased as a result of recent advances and constant improvements in the production of modern management systems. The inefficiency of old traffic networks demonstrates that the environment needs more advanced and intelligent traffic management. The specialized technologies used in traffic incident control programs reduce air traffic and transportation requirements. The intelligent traffic management business is growing in tandem with the internet and connectivity industries, and it aids in the reduction of collisions, hazardous pollution, and congestion. Both of these favorable trends would accelerate the growth of the traffic management industry in the near future. However, the development of the adaptive traffic control system management industry has been hampered by the spread of the coronavirus pandemic. Both manufacturing activities were halted during the lockdown, disrupting the whole supply chain. During the lockdown, several people stayed at home, resulting in a reduction in traffic flow. The traffic control industry was severely impacted by the decreased traffic level. The rising population, on the other hand, is a major factor in the development of heavy traffic, which drives the traffic management industry. Nevertheless, The benefits of traffic control system management solutions outnumber the benefits of obsolete traffic management approaches. Since modern and smart technologies are beneficial in successfully handling traffic, the traffic control market share is at optimal levels. Cities' growing populations and rapid urbanization have resulted in increased traffic, which necessitates careful planning and management. The industry is also being boosted by innovation and innovations in the area of traffic management. The demand for advanced smart traffic management systems is growing in tandem with the rapid advancements in the internet and connectivity industries. The benefits of reduced pollution and collisions will propel the global traffic management industry to greater heights in the coming years.
Global Adaptive Traffic Control System Management Market: Segmentation
The adaptive traffic control system management market is bifurcated on the basis of type, component type, and application. Based on type segmentation, the market is split into SCATS, OPAC, SCOOT, RHODES, and others. The SCATS system is anticipated to hold the maximum share as it is entirely made up of computers and is completely adaptable to traffic demand. Its connectivity network allows for incredibly efficient and scalable device management. The method, the theory behind it, and the predicted benefits are all defined. Not only would there be less delay, more traffic, and less congestion, but there will also be fewer collisions, less use of petroleum products, less noise, and increased residential amenity. By the component type, the segment of services is expected to grow owing to the need for successful traffic management systems and solutions is growing as the new traffic management systems are driven by technology such as Artificial Intelligence (AI) and the Internet of Things (IoT) become more widely adopted. Plan and consultancy, system integration and implementation, and support and servicing are among the services offered by traffic management vendors. Clients benefit from these programs in a variety of ways, including quick solution execution, customized repair services, and creative digital services. In terms of application, the market is segmented into highways and urban cities where the market has dominated the segment of urban cities.
Global Adaptive Traffic Control System Management Market: Regional Analysis
In the forecast period of 2020 to 2026, Europe dominates the adaptive traffic control system management market owing to the adoption and the implementation of new technologies in traffic control systems. Owing to the presence of developed countries like Germany and France along with the favorable outlooks against IoT due to its various advantages, as well as other governmental benefits, the presence of a modern digital system, and a heavy focus on road safety have positively helped to flourish the market in the region. The region of Asia-Pacific is expected to grow at the fastest rate due to the presence of the largest manufacturers in the automotive industry along with the development of cities in countries such as Bangladesh, China, India, and Vietnam.
Global Adaptive Traffic Control System Management Market: Covid-19 Analysis
The COVID-19 outbreak has impacted negatively on the electronics supply chain and production, including the hardware aspect of adaptive traffic control systems. The spread of COVID-19 across the world resulted in lockdown situations, prompting market analysts to estimate that the communications equipment supply chain will be at least a quarter behind. As governments around the world gradually raise multiple containment policies in order to revive the economy, the electronics equipment industry is expected to pick up speed faster. From 2021 onwards, the demand for electronics equipment is expected to increase, which is expected to have a positive impact on electronics equipment manufacturing, including hardware components for adaptive traffic control systems.
Global Adaptive Traffic Control System Management Market: Competitive Players
Some of the key players in the adaptive traffic control system management market are IBM Corporation, Onnyx Electronisys Pvt. Ltd., Kapsch TrafficCom AG, Siemens AG, Cubic Corporation, Atkins Group, EFKON India Private Limited, Aldridge Traffic Controllers Pty Limited, Johnson Controls, Analog & Digital Labs, Efftronics Systems Pvt. Ltd., TransCore Atlantic LLC, CMS Computers Limited, Swarco Holding. Digicon S/A, and IntelliVision among others.
Adaptive Traffic Control System Management Market: Regional Segment Analysis
Adaptive Traffic Control System Management Market
Adaptive Traffic Control System Management Market