The Global Traffic Management Systems Market is expected to witness explosive growth during the 2014-2019 period, raking in nearly US$8 billion by 2019. The obsolescence of existing traffic management systems is a major factor contributing to this, leading to the replacement and upgrading of systems.
Typically, the lifecycle of traffic management systems is between 6 and 9 years. With advances in Internet and communication technologies, traffic management systems are now equipped to reduce congestion, provide real-time information, and reduce revenue leakages.
The growth of the market is supported by the need to replace the old systems with this advanced technology.
Investments in Traffic Management
Major projects in North America
Smart Parking Project Montreal, Canada
In March 2014 Stationnement de Montréal, the organization that manages parking for the city of Montreal, signed a project with Streetline, a leading provider of smart parking solutions worldwide. The Streetline system aims to improve the parking experience for motorists by reducing congestion and increasing the availability of parking spaces. This system enables data-driven decisions to make optimal use of city resources and serve the citizens of Montreal efficiently.
Elizabeth River Tunnels Project, US
The Elizabeth River Tunnels Project is expected to offer a wide range of benefits to the Hampton Roads transport system, including:
- A decrease in the average round trip time of half an hour, which would mean fuel savings and reduced pollution
- Improvement in road safety
- Reduced travel costs for end users, resulting in increased use of the public transportation system
- Around 500 new direct jobs and 1000 indirect jobs
Elgin O’Hare Western Access Project, US
This project includes the building of a new route called Illinois Route 390 and involves widening the existing roadways and providing the necessary upgrades to ensure travel efficiency. It also involves connecting the Illinois Route 390 with other major routes to speed up travel time. The project is estimated to cost around $3.5 billion.
Major projects in EMEA
Lusail Expressway, Qatar
This project will provide a connection from Pearl, Katara to Doha’s fastest growing city, Lusail. It will involve the construction of complex tunnels, junctions, and flyovers, and is expected to meet high traffic demands and deliver an efficient road infrastructure that reduces overall transit time. The estimated cost of this project is $945 million.
Single European Sky ATM Research Project, Europe
The objective of this project is to improve air traffic management by modernizing the technology infrastructure. It is a collaboration between the European commission and the SESAR deployment alliance consortium.
Major Projects in APAC
Gateway WA Perth Airport and Freight Access Project, Australia
This billion-dollar project involves upgrading the road network surrounding the Perth airport and the industrial hubs of Forrestfield and Kewdale. The project is to meet the demands of increased passenger traffic to the airport and also road freight demands.
Secondary National Roads Development Project (SNRDP), Philippines
The 138-mile road network that connects Wright, Taft, and Borongan and Guiuan of Samar is undergoing renovations that involve the following activities:
- Road widening
- Pavement strengthening
- Traffic control measures
The goal of this project is to improve access for residents of Samar to urban areas for employment, education, healthcare, and for marketing agricultural produce by reducing the overall transit time and costs incurred.
Chenani-Nashri Tunnel (Patnitop Tunnel), India
This is the longest road tunnel project in India and is expected to be completed by 2016. It is a part of the road-widening program for the four-lane national highway between Srinagar and Jammu. The estimated cost of this project is $725 million.
Why Are So Many Countries Investing in Traffic Management?
Demand for Real-Time Information
Passengers are demanding access to real-time information on the timing and routes of buses, subways, and trains. Traffic authorities and transport agencies are embracing traffic management systems that can predict relevant information about traffic by employing predictive analytics.
Demand from Other Transport-Related Services
Vehicle parking is a $20-23 billion industry and is highly fragmented. However, parking operations and services are being consolidated and outsourced. The emergence of smart cities has led to an increased demand for smart parking technology, which includes electronic payment and mobile payment systems. Smart parking, together with tolls, is expected to exert a positive impact on market growth.
Need for Advanced Transportation Systems and Services
Traditional traffic management systems provide information about traffic and travel times. However, there is a rising demand for intelligent transportation systems that use innovative fare collection
