The Tolling And City Congestion Market in APAC is segmented by Product (UTM, Electronic tolling, and ATMS), Application (Highways and Urban areas), and Geography (APAC). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 3573.8 million, at a CAGR of 16.07% during the forecast period. There are several companies that are contributing to the market as per this report. Increasing investment in smart cities by governments.
Utilizing Advanced Unified Traffic Management (UTM) systems, disparate data from various sources such as Variable Message Signs (VMS), Automatic Number Plate Recognition (ANPR) cameras, traffic signals, car parks, air quality monitoring stations, and meteorological data, are effectively integrated into a central console or database. This amalgamation significantly enhances road network capacity, enabling a more robust and intelligent traffic management system to address current and future requirements. UTM systems facilitate seamless communication between applications, ensuring optimal traffic flow and management in APAC cities.
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The APAC Tolling and City Congestion Market represents a significant growth opportunity for businesses offering solutions to mitigate traffic congestion and optimize toll collection systems. This market is driven by increasing urbanization, rising vehicle ownership, and governments' efforts to improve infrastructure and reduce travel time. Implementing advanced technologies such as Intelligent Transportation Systems (ITS), Electronic Toll Collection (ETC), and Real-Time Traffic Management can help address these challenges and generate revenue for businesses.
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In the Asia Pacific region, shipping delays and raw material shortages have highlighted the importance of efficient transportation infrastructure in urban areas. Toll booths have long been a part of the transportation landscape, with toll road operators collecting fees from vehicles using highways, toll roads, toll bridges, and toll tunnels. However, the traditional manual toll collection process can lead to long queues and traffic congestion. To address this issue, advanced traffic management solutions such as Automated Toll Collection Systems (ATCS) and Unified Tolling Management (UTM) are being adopted. These systems use technologies like video analytics, Global Positioning System (GPS), infrared, Dedicated Short-Range Communication (DSRC), and Radio-Frequency Identification (RFID) for electronic toll collection. Vehicles equipped with RFID tags can automatically pay tolls as they pass through tolling points, reducing the need for manual transactions and minimizing traffic congestion. These systems also enable real-time traffic monitoring and management, improving overall transportation efficiency. The tolling market in APAC is expected to grow significantly in the coming years, driven by the increasing demand for efficient transportation infrastructure and the adoption of advanced tolling technologies.
The APAC Tolling and City Congestion Market is witnessing significant growth due to the expansion of the global building products industry. This market covers companies producing building components such as windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio, the global building products market size is determined by the combined revenue generated by manufacturers of these products and equipment. The construction sector's robust growth in both developed and developing economies, driven by urbanization and infrastructure development for residential and healthcare facilities, is a key market driver. - The Tolling And City Congestion Market in APAC is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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