OYSTER BAY, New York, Aug. 22, 2018 /PRNewswire/ -- Traffic management approaches are evolving from legacy monitoring solutions based on embedded road sensors and centralized, manually operated control centers to closed loop systems leveraging real-time, hyper-granular traffic data crowdsourcing and allowing active response management. These transformative technologies and business models will create shifts in the types of traffic management revenues but will continue to drive growth rates of around 10% to generate over US$6 billion by 2023 according to a new report from ABI Research, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies.
"The traffic management industry is moving from passive monitoring and traffic information dissemination to active, intelligent rerouting to maintain traffic flows," says Dominique Bonte, Vice President End Markets at ABI Research. "(Semi-) automated response management to incidents is accomplished through adaptive digital signage, road section closures, alternative routing, and seamless integration with backup public transport. Suppliers like Kapsch, Siemens, and PTV Group (Porsche SE) are among the leading actors in this transforming landscape."
From a planning perspective, predictive traffic data and advanced AI-based analytics allow adopting preventive measures to avoid or at least reduce the worse instances of foreseeable congestion. Additionally, instruments like HOV lanes, intelligent traffic lights, congestion zones, and dynamic Road User Charging (RUC) allow either prioritizing or influencing traffic levels. Traffic data can also be used for long-term urban planning and design.
However, the inherent limitations of traffic management solutions in terms of their incremental and reactive nature can only be offset through long-term structural solutions, ranging from car sharing to smart parking and future driverless mobility.
These findings are from ABI Research's Intelligent Transportation Systems Market Forecast report. This report is part of the company's Intelligent Transportation and eFreight research service, which includes research, data, and Executive Foresights.
About ABI Research
ABI Research provides strategic guidance for visionaries needing market foresight on the most compelling transformative technologies, which reshape workforces, identify holes in a market, create new business models and drive new revenue streams. ABI's own research visionaries take stances early on those technologies, publishing groundbreaking studies often years ahead of other technology advisory firms. ABI analysts deliver their conclusions and recommendations in easily and quickly absorbed formats to ensure proper context. Our analysts strategically guide visionaries to take action now and inspire their business to realize a bigger picture. For more information about ABI Research's forecasting, consulting and teardown services, visionaries can contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.
SOURCE ABI Research