Incessant Growth in Vehicular Population Drives the Demand for Traffic Information Services, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Traffic Information Services markets. Global market for Traffic Information Services is projected to reach US$3.8 billion by the year 2018. Continual increase in vehicular population and consequent strain on the existing road infrastructure represents the primary growth driver for deployment of traffic information systems and services. Utilization of traffic services is expected to accelerate in all major regions across the globe, driven by hectic traffic, higher penetration of navigation units as well as the development of communication technologies. Further, with consumer electronics increasingly penetrating into the common population and combined with their capability of alltime connectivity, live services are poised to register considerable growth in future.
San Jose, CA (PRWEB) August 13, 2012 -- Follow us on LinkedIn – Slow movement of traffic, deterioration in air quality, frequent accidents, and fuel wastage, are some of the major fallouts of increasing traffic and inadequate or ill-equipped road network/infrastructure. Constrained capital and physical resources further aggravate the problem of infrastructure inadequacy, leaving no cue for the governments to overcome the ‘necessary evil’. The sheer increase in volume of vehicular traffic across the world over the last couple of decades brings to the fore the importance of monitoring and managing vehicular movement, and keeping commuters pre-informed about various traffic issues that they are likely to encounter. Certainty is of high priority, as pressure for timely delivery/arrival increases. Traffic information is now available in real-time and is analyzed instantly to execute measures to reduce congestion and delays. Of late, advancement of sensor technologies, cross deployment of engineering ideas, and enhanced reliability of networking systems, which make up for the most prominent aspects in the IT era, are emerging as the key enablers of traffic management solutions, such as Intelligent Transportation Systems. Traffic information content and its delivery is expected to transform in the near term, becoming more accurate and precise. By extending their area of coverage, networks specializing in aggregation and provision of traffic information are anticipated to improve accuracy, which is expected to further improve with the addition of new capabilities including video analytics and predictive modeling. The incorporation of data sourced by social means is likely to significantly affect the distribution scenario. Change is expected in the way users obtain content as an increasing number of products enter the market, making inroads into the lives of users. Latest modes of content access include digital radio and in-vehicle satellite services along with traffic information apps for smartphones, tablets and netbooks, which signify a large part of the demand for geo-tagged services and location-based content. Traffic services are enabled via Internet connection and with rapid technological advancements, real-time updates are available to subscribers through their smart phones, in-vehicle embedded navigation and PNDs. Real-time traffic information has gained popularity as a crucial component of navigation systems, consequently witnessing several vendors venturing into collection or/and aggregation of historical, predictive and real-time traffic data. Technological advancement such as crowdsourcing is expected to become a critical tool in data collection for industry operators. Crowd-sourcing through smartphone apps and GPS devices is changing the way in which traffic information is collected and analysed. Further, services utilizing a crowdsourcing model
PRWeb ebooks - Another online visibility tool from PRWeb
are more scalable and cost-effective than existing products. As stated by the new market research report on Traffic Information Services, the US represents the largest regional market. Traffic congestion in the US is estimated to cost the nation over US$150 billion each year. In 2010 alone, US drivers were estimated to have wasted 3.8 billion gallons of fuel while waiting in the traffic. Despite staging a recovery from recession, the nation continues to be plagued by factors such as unemployment and hike in fuel prices, thus prompting Americans to change travel decisions in favor of public transit and carpooling. In Europe, congestion of roads attributes to a cost implication of 1.0% of the region’s GDP. The most developed markets in the region for traffic information services are France, Germany and the UK, where services are provided mainly for controlled access roads. Asia-Pacific is the fastest growing market trailing a projected CAGR of 31.3% over the analysis period. Demand for traffic information systems providing dynamic traffic data is increasing in the Asia-Pacific also, given the rising traffic load in urban areas. Moving away from closed systems that use only static information, automobile navigation systems now use real-time dynamic traffic information. The availability and complexity of traffic-related services in Asia-Pacific, excluding Japan and Korea, is relatively behind Western Europe and North America. With cities in China witnessing rapid economic growth, car ownership is also on rise, thus leading to increasing congestion on roads. Despite the prospective bright future, the traffic information industry in the developing Chinese market is at present weak and dotted with challenges. Major players profiled in the report include Aha Mobile Inc., AirSage, Inc., AutoNavi Holdings Limited, Beijing Lingtu Software Technologies Ltd., Cellint, Decell Technologies Ltd., Google, Inc., Guangdong Ritu Information Systems, Inc., Infoblu S.p.A, Urban Informatics Corporation, INRIX, Inc., Mediamobile S.A., NavInfo Co., Ltd., CenNavi Technologies Co., Ltd., NAVTEQ, TomTom NV, Trafficmaster, Ltd., TrafficCast International, Inc., TrafficTalk, and Waze Mobile, among others. The research report titled “Traffic Information Services: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, mergers, acquisitions, and other strategic industry activities. Market estimates and projections are presented for the United States, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World. For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Traffic_Information_Services_Market_Report.asp About Global Industry Analysts, Inc. Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms. Follow us on LinkedIn Global Industry Analysts, Inc. Telephone: 408-528-9966 Fax: 408-528-9977
Page 2/4 If you have any questions regarding information in these press releases please contact the company listed in the press release. Our complete disclaimer appears here - PRWeb ebooks - Another online visibility tool from PRWeb
Email: press(at)StrategyR(dot)com Web Site: http://www.StrategyR.com/
Page 3/4 If you have any questions regarding information in these press releases please contact the company listed in the press release. Our complete disclaimer appears here - PRWeb ebooks - Another online visibility tool from PRWeb
Contact Information Public Relations Global Industry Analysts, Inc. http://www.StrategyR.com/ (408) 528-9966 Online Web 2.0 Version You can read the online version of this press release here.
Page 4/4 If you have any questions regarding information in these press releases please contact the company listed in the press release. Our complete disclaimer appears here - PRWeb ebooks - Another online visibility tool from PRWeb