Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) — According to the report, the global Advanced Traffic Management System market size is projected to showcase growth in the foreseeable future due to increasing traffic congestion in urban areas. This information is published by Fortune Business Insights in its report, titled “Advanced Traffic Management System Market (ATMS), 2021-2028”.
Rapid urbanization of several regions and migration of individuals on a domestic and international basis resulted in increased consumption of automobiles. Moreover, rising disposable income coupled with affordable prices of vehicles is anticipated to propel product sales. Various municipalities and city managements are also actively looking for traffic management solutions to lower the frequency of traffic congestion.
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COVID-19 Impact:
Declined Sales Owing to Minimal Traffic under Lockdown Restriction
The demand for advanced traffic management systems reduced drastically during the pandemic-induced lockdown. This was due to stringent restrictions on traveling imposed by local and national governments across the globe. Individuals had time limits in most of the regions for satisfying their essential needs under the lockdown and most of the industries were non-operational. Work-from-home adopted across most of the industries resulted in minimal traffic during the pandemic. Although, as their restrictions are being relaxed, it is highly anticipated that the product will experience an increase in demand.
Adoption of Product by Government in North America to Aid Growth
North America is expected to lead the advanced traffic management system market share in the foreseeable future. This is due to the adoption of the system by government bodies in the U.S. The environment-friendly culture being adopted rapidly in the region is also contributing to product awareness.
Asia Pacific is anticipated to hold a substantial market share in the coming years. This is due to rapid urbanization of countries, such as India and China, in the region. In addition, increasing affordable range of cars available in this region is propelling the product demand.
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Traffic Prediction Provides Data for Traffic Optimization
On the basis of type, the market is divided into traffic information, traffic assignment, traffic optimization, and traffic prediction. Based on geography, it is studied across North America, Europe, Asia Pacific, and the Rest of the world.
Rising Cases of Traffic Congestion in Urban Areas to Propel Market Growth
The increasing number of affordable vehicle options along with rising disposable income is projected to increase the problem of traffic congestion, especially in urban areas. This usually hampers the schedule of professionals, leads to air pollution, and leaves a substantial carbon footprint. For example, according to the U.S. Environmental Protection Agency (EPA), on average, a passenger car emits 4.6 metric tons of carbon dioxide annually. The aforementioned factors are major contributors to advanced traffic management system market growth.
In addition, global leaders are investing in solutions to reduce carbon footprint, air pollution, and promote environmental friendliness. This is anticipated to encourage product sales across developing nations.
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List of the Companies Operating in the Market:
- L&T Construction
- Siemens
- Clever Devices Ltd.
- Hitachi Ltd.
Global Advanced Traffic Management System Market Segmentation:
By Type:
- Traffic Information
- Traffic Assignment
- Traffic Optimization
- Traffic Prediction
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Advanced Traffic Management System Market
5. Global Advanced Traffic Management System Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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