The global integrated traffic systems market was valued at US$ 21.98 Bn in 2018 and is anticipated to grow to US$ 41.06 Bn, expanding at a CAGR of 7.2% during the forecast period from 2019 to 2027. For decades, the proliferating complexities of urban traffic have been forcing city planners and government authorities to find smarter ways to control the traffic. As a result, government authorities are inclined toward traffic management solutions that improve mobility by reducing traffic congestion, ensuring road safety, and limiting serious environmental damage due to increased pollution. Systematic improvements in traffic management are one of the prominent solutions to address the ongoing challenge of urban dependence on transport. An integrated traffic system aims to improve the traffic system's effectiveness and efficiency stem.
Market Synopsis
Traffic Monitoring to Dominate; Traffic Control set to Register Maximum Growth throughout the Forecast Period
Based on application, the globally integrated traffic system market is categorized into traffic monitoring, traffic operation, and traffic control. Traffic Monitoring, being one of the most important applications, is dominant and is expected to register significant growth throughout the forecast period. This is due to the information gathered by traffic monitoring systems, providing benefits including road safety, real-time traffic observation, and reducing vehicle-related crimes, among others. In addition, it helps in avoiding illegal driving practices, tracking and penalizing based on vehicle registration numbers. The lack of state-of-the-art transport infrastructure in both developed and developing economies is propelling the development of new and advanced technologies. In contrast, traffic control systems provide advanced solutions to improve traffic flow in urban areas. Through optimum usage of transport infrastructure, traffic control systems such as advanced traffic light controllers and parking systems, among others, are providing more efficient utilization of mobility networks, improved traffic safety, and reduced environmental impact. As a result of these factors, the integrated traffic systems market growth is bolstered.
Europe Dominates, followed by North America; the Asia Pacific Touted to Register Highest Growth during the Forecast Period.
In 2019, Europe was the largest value contributing region to the globally integrated traffic system market, trailed by North America. Europe is expected to grow steadily during the forecast period from 2019 to 2027. This is due to the presence of state-of-the-art infrastructure and the early adoption of technology in countries such as Germany, and the U.K., among others. In contrast, the Asia Pacific region is anticipated to register the fastest growth during the forecast period on the back of large investments made by multiple organizations, and rapid urbanization, among others. In addition, the demand for integrated traffic systems in the Asia Pacific is propelled due to rising emphasis on safety and the emission-free emission-free environment in developing countries such as China and India.
Some of the leading manufacturers profiled in the study include Sumitomo Electric Industries, Citilog SA, Cubic Corporation, Siemens, EFKON India Pvt. Ltd., Imtac LLC, Intellivision Technologies Ltd., Iteris, Inc., Nuance Communications, Inc., Savari, Inc., Thales Group S.A., TransCore L.P., and Swarco Holding among others.
Historical & Forecast Period
This research study provides qualitative and quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The integrated traffic system market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the globally integrated traffic system market based on offerings, applications, components, and geography.
Frequently Asked Questions:
The market for Integrated Traffic System is expected to reach US$ 41.06 Bn 2027.
The Integrated Traffic System market is expected to see significant CAGR growth over the coming years, at 7.2%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Sumitomo Electric Industries, Citilog SA, Cubic Corporation, Siemens., EFKON India pvt. Ltd., Imtac LLC., Intelvision Technologies Ltd., Iteris, Inc. are some of the major players in the global market.
