The global Route Guidance & Traffic Management Software market is anticipated to grow at a CAGR of 10.5% during the forecast period (2021-2027). The adoption of route optimization and traffic management systems in the transportation sector to curb the traffic conjunction and to create an efficient transport plan using app and software to cut costs, save time, and utilize sources to drive the market growth. Route optimization and traffic management systems and software offer numerous advantages such as identification of the most effective routes leads lower cost and increases customer satisfaction. These advantages offered by the system increase their adoption. Moreover, the advancements in traffic management systems and technologies lead to market growth. The real-time traffic management and route guidance systems: the major advancement in traffic management aids in handling billions of GPS data points feed on incidents sources and vehicle sensor data from millions of cars. The real-time traffic management and route guidance systems make effective use of the camera and sensors to deduct the real-time traffic and gives its action immediately to reduce the traffic as much as possible. This method is the achievement of the AI system. The US is among the earliest adopters of advanced technologies. Surtrac, an intelligent traffic signal control system developed by Rapid Flow Technology has been deployed at 50 intersections across several areas in Pittsburgh, Pennsylvania. The system helped to reduce travel time by 26.0%, wait time at intersections by 41.0%, and emissions by 21.0%.
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The development of traffic management systems by major market players is likely to boost the market growth. For instance, in October 2020, FUSION, a real-time traffic management system developed by Siemens Mobility in collaboration with Transport for London (TfL) and supported by the University of Southampton, provides a new mapping roadacross the city by optimizing signalized junctions and pedestrian crossings based on all road users’ needs. In July 2020, Econolite has launched a new, highly flexible cloud-based platform Centracs Mobility, to augment traffic management toolsets with actionable information.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Deployment
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- AMCS Group, Cisco Systems, Inc, The Descartes Systems Group Inc., Esri Global Inc., and Scientific Logistics, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Route Guidance & Traffic Management Software Market Report Segment
By Deployment
- On-premises
- Cloud-based
By Application
- On-demand Food Delivery
- Retail & FMCG
- Field Services
- Others
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