Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Traffic Management Systems Market Scope of Current and Future Industry 2028

by markit Wired

Future Market Insights (FMI) has published a new report on the global traffic management systems market. The report has been titled “Traffic Management Systems Market: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028).” The global traffic management systems market is likely to foresee an extensive growth over the course of the forecast period. This growth can be attributed to the burgeoning congestion levels that offer tremendous potential for traffic management systems. The traffic management systems market is also increasing due to increasing government focus on boosting safety as well as expanding the smart city initiatives along with rapid advancements in technology.

For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-6469

In order to capitalise on this opportunity, the players operating in the market are launching new products and entering into mergers and acquisitions in order to acquire new technology and stay competitive in the market. For instance, in May 2015, IBM Corporation launched a transportation management solution for the New Jersey Turnpike Authority (NJTA). The launch is aimed at reducing traffic congestions and improving the traffic flow employing enhanced system that assimilates the Internet of Things to provide advanced analytics and predictive capabilities. Moreover, the system provides central management of approximately 900 devices including drum and portable signs, variable messages, traffic cameras and hybrid displays. The other companies operating in the market are Siemens AG, Thales Group Ad, Mitsubishi Electric Corporation, Kapsch Trafficcom, Iskra, Telegra, SWARCO, and SICE, among several others.

According to the report, the global traffic management system market is expected to witness a CAGR of 18.2% from 2018 to 2028. The market is expected to reach a worth of US$ 14, 178.4 Mn in 2018 and touch a valuation of US$ 75,228.8 Mn by the end of 2028.

Technological Advancements to Trigger Adoption Rate of Traffic Management Systems

With the growing traffic congestion levels across cities, the implementation of TMS is increasing exponentially. This growing adoption has induced the development of advanced traffic management system devices as well as software to provide extraordinary capabilities and highly improved performances. For instance, the current technologies in TMS include integrated machine learning, wireless charging sensors, integrated toll management systems, weather monitoring solutions, IOT based ITS, ITS for connected vehicles, IOT for autonomous vehicles, and many more.

Request a report sample to gain comprehensive market insights @ https://www.futuremarketinsights.com/reports/sample/rep-gb-6469

Owing to the numerous benefits of traffic management systems, governments across various countries in the world are actively engaging themselves in the deployment of smart traffic management systems. This is being done in order to smoothen traffic flow by reducing traffic congestion and reducing pollution levels across cities, by prioritising traffic in accordance with real-time traffic information. For instance, in July 2017, Miami-Dade County signed a smart traffic contract of US$ 11.1 Mn with Econolite Control Products. As part of this contract, the company will install 300 new smart traffic signals that will work on a new technology, namely, changing the flow of vehicles. The traffic signals cover nearly 10% of all Miami-Dade traffic lights. The growing initiatives for successful traffic management and increasing investments are projected to bode well for the global traffic management systems market in the long run.

Budget Constraints to Restrain Market Development

Notwithstanding all the benefits offered by traffic management systems, the restricted budgets allocated to the traffic industry remain a serious issue. Local authorities are usually budget-constrained, and try to save costs by avoiding the adoption of advanced traffic management systems. Furthermore, the authorities of some developing and underdeveloped regions do not have sufficient budgets to implement the systems across certain countries. Moreover, the additional costs involved in installation, repairs, and maintenance of these systems will increase the overall expenses, eventually deteriorating the situation. Consequently, budgetary restrictions and high costs involved with advanced traffic management systems are impacting the market in a negative manner, thereby encumbering the growth of the market.

About Technology Division at Future Market Insights

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

The post Traffic Management Systems Market Scope of Current and Future Industry 2028 appeared first on Industry News Analsis.