The Global Market for Traffic Information Services is Projected to Reach US$11.7 Billion by 2024

Growing Importance of Real-Time Traffic Data Amid Alarming Rise in Traffic Congestion Drives Growth of Traffic Information Services, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Traffic Information Services market. The global market for Traffic Information Services is projected to reach US$11.7 billion by 2024, driven by the growing importance of real-time traffic alerts and updates on the back of ever-increasing inconvenience of traffic congestion and growing use of GPS navigation by motorists worldwide.

Against the backdrop of ever-growing inconvenience of traffic congestion, real-time traffic information has emerged as an area of interest for motorists around the world. Traffic Information Services (TIS) are aimed at notifying road users including drivers with real-time information related to their specific travel routes including road network, suggested alternative routes, traffic regulations such as speed limits, estimated travel times, expected delays, information about road closures, warnings about traffic congestion and weather conditions and other relevant information. The information allows drivers to avoid delays and plan their route efficiently. Growing importance of access to real-time traffic data among road users to seek respite from inconvenience of traffic congestion continues to drive demand for Traffic Information Services. At the same time, significant increase in user base for GPS navigation in the form of in-vehicle on-board systems, GPS-enabled smartphones and standalone GPS navigation devices; spurt in Internet usage; and refinements and advancements in traffic data collection technologies would drive uptake of traffic information services.

Ongoing wider roll out of 4G mobile communication networks further augments the role of smartphones in route navigation and TIS applications. The market will benefit from rising emphasis on Intelligent Transport Systems (ITS), which strives to achieve efficiency, safety and security in road travel on urban roads as well as on highways. Big data is also emerging as new focus area in the TIS domain. Integration of big data analytics into TIS platforms enables deriving predicative traffic analytics in a seamless and affordable manner.  Going forward, big data is expected to widen its role in TIS domain with the proliferation of high-tech concepts such as ‘Smart City’ and ‘Internet of Things (IoT)’.

 

As stated by the new market research report on Traffic Information Services, the United States represents the largest market worldwide. Trailing at a CAGR of 19.8% over the analysis period, Asia-Pacific ranks as the fastest growing market led by factors such as growing population matched by rapidly increasing affluence of the expanding base of middle class population and the resulting rise in vehicle ownership and vehicular traffic; robust proliferation of smartphones, mobile Internet subscriptions and multi-functional use of mobile computing devices; inadequacy of road infrastructure in several emerging Asian countries and the increased role of route navigation in road travel as well as for beating congestion by rerouting around traffic jams.

Major players in the market include Airsage Inc., Alibaba Group Holding Limited, Apple Inc., Beijing Lingtu Software Technology Co. Ltd., Cellint, Cubic Corporation, Garmin International Inc., Global Traffic Network Inc., Google Inc., HERE Global B.V., Infoblu S.p.A., INRIX Inc., Kapsch TrafficCom AG, LG CNS, NavInfo Co. Ltd., Q-Free ASA, Sirius XM Holdings Inc., TomTom International B.V., TrafficCast International Inc., 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, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections of Traffic Information Services in terms of dollar revenues for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific and Rest of World.

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