Global Integrated Traffic Systems Market : Industry Analysis and Forecast (2019-2027)
Global Integrated Traffic Systems Market was valued at US$ 20.1Bn in 2019 and is expected to reach US$ 39.2Bn by 2027, at a CAGR of 8.71% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Integrated traffic systems (ITS) is a combination of information technology & communication with transportation infrastructure, which improves passenger safety and enhances the competence of the total transport process. Adoption of competent transportation systems is likely to reduce the number of road accidents and travel time. Several economies are dealing with growing traffic concerns and are deploying new solutions that integrate communication and electronic technologies. Improved mobility for freight and customers and better access to transportation are expected to augment the deployment of integrated traffic systems during the forecast period.
A traffic management system is defined as an IT solution that facilitates vehicular traffic and increases the safety and security of passengers. It collects data from sources, for instance, traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to abstract actionable insights from it. The information is transferred to passengers, police stations, traffic control agencies. However, High initial installation cost for traffic management systems which includes CCTV cameras amongst others are hindering the growth of the market.
The traffic control segment is dominating the market for integrated traffic systems. Owing to, increasing traffic and growing population in urban areas have boosted the demand for smooth and congestion-free travel from customers and governments. Also, vehicle ownership ratio has increased significantly across the world, which has led to a growing demand for traffic control functions. Because of the limited availability of land, usage of current road infrastructure needs to be optimum.
In terms of region, the Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is owing to increasing urbanization and growing initiatives for better traffic management in the developing economies such as India and China. Additionally, supportive government initiatives, such as Smart City initiatives in India and China, are also estimated to fuel the demand for the market.
Several major players operating in the global integrated traffic systems market globally. The Swarco is one of the leading players in the global integrated traffic systems market. The company adopted strategies, for instance, supply contract to strengthen its position in the market. Such as, in December 2018, McCain Inc., the subsidiary of the SWARCO Group and a leader in the supply of advanced intelligent transportation solutions, won a major three years contract with the City and County of San Francisco to upgrade traffic control cabinets through the city with new Advanced Transportation Controller cabinets.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Integrated Traffic Systems Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Integrated Traffic Systems Market.
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Scope of Global Integrated Traffic Systems Market
Global Integrated Traffic Systems Market, By Sensors Type
• Infrared Sensors
• Weigh-In Motion Sensors (Force Sensor)
• Acoustic Sensors
o Road Condition Sensors
o Visibility Sensors
o Thermal Mapping Sensors
o Wind Speed Sensors
o Inductive Loop Detectors
Global Integrated Traffic Systems Market, By Function
• Traffic Monitoring
o Automatic Vehicle Detection
o Number Plate Recognition System
o Journey Time Measurement System
• Traffic Control
o Intelligent Traffic Lightings
o Parking Management
o Incident Detection System
• Information Provision
o Multifunctional System
o Information Communication System
Global Integrated Traffic Systems Market, By Hardware
• Display Boards
• Sensors
• Surveillance Cameras
• Radars
• Smart Traffic Lights
• Interface Boards
Global Integrated Traffic Systems Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Integrated Traffic Systems Market
• Sumitomo Electric
• Siemens
• Cisco
• SWARCO
• Kapsch Trafficcom
• LG CNS
• Cubic
• Iteris
• Jenoptik
• FLIR
• GTT
• Atkins
• Savari
• PTV Group
• Intelvision Technologies
• Transcore
• Imtac
• EFKON
• Citilog
• Q-Free
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