Traction control helps limit tire slip in acceleration on slippery surfaces. In the past, drivers had to feather the gas pedal to prevent the drive wheels from spinning wildly on slippery pavement. Many of today's vehicles employ electronic controls to limit power delivery for the driver, eliminating wheel slip and helping the driver accelerate under control.
The traction control system and the anti-lock brake system work together to apply the brakes to either stop wheel lockup or tire spinning. So the components for the systems are shared for the most part.