The global integrated traffic systems market is expected to increase at an annual pace of 8.7% from USD 22.7 billion in 2019 to USD 37.5 billion in 2025. The demand for integrated traffic systems is expected to rise as the number of vehicles on the road grows.
During the forecast period, the traffic control segment is estimated to be the second largest contributor to the integrated traffic system market by function.
Road infrastructure constraints in both established and developing economies have encouraged the development of new and existing technologies such as integrated traffic systems. Commuters and governments have increased their demand for smooth, congestion-free travel as traffic and population in metropolitan areas has grown. Furthermore, the global vehicle ownership ratio has expanded dramatically, resulting in increased need for traffic control tasks. Due to the scarcity of land, the current road infrastructure must be used to its full potential. Traffic control systems, such as parking management and intelligent traffic lighting, are necessary for optimal use of road infrastructure. As a result of these reasons, the traffic control system sector is expected to be the integrated traffic systems market’s second largest contributor.
During the projection period, surveillance cameras are predicted to be the fastest expanding hardware segment in the integrated traffic systems market.
During the projected period, the surveillance camera segment is expected to increase at the fastest rate. Real-time traffic tracking and easily understandable data are two of the most important aspects driving the market. Furthermore, the falling cost of camera systems is boosting the use of surveillance cameras in the market for integrated traffic systems.
Players in the Market
Kapsch TrafficCom (Austria), Cubic (US), Swarco (Austria), Siemens (Germany), Sumitomo (Japan), Flir Systems (US), Jenoptik AG (Germany), LG CNS (Korea), and Iteris are the leading companies in the integrated traffic systems market (US). The integrated traffic systems market is expected to be dominated by Swarco. To maintain its dominant position in the integrated traffic systems market, Swarco used new product development, supply contracts, and mergers and acquisitions methods. By strengthening client ties, the company was able to expand its product portfolio and expand its global footprint. In addition, it has begun to expand its footprint in new areas.
Definition of the Global Integrated Traffic System Market
The Integrated Traffic System (ITS) is an electronic system that combines communication and information technology to improve the entire transport system’s performance. The Integrated Traffic System contributes to the enhancement of passenger safety. It is used by the city’s road authority to help with mobility. The Integrated Traffic System’s only purpose is to govern and control traffic in the monitored region by prioritising public transportation and informing road users about traffic issues. The Integrated Traffic System aids in the reduction of traffic congestion, resulting in improved passenger safety and transportation options.
COVID-19 Impact Assessment
The COVID-19 epidemic had a severe impact on the intelligent traffic management system’s expansion and new installation, but the pre-installed systems are being used effectively around the world. Several ITMS producers have halted production in order to stop the virus from spreading.
Due to a lack of products and a skilled personnel, the adoption of these systems has been delayed in a number of countries. ITMS companies will see a surge in demand during the pandemic’s recovery phase, as ITMS plays a critical role in infrastructure building and strengthening pandemic response.
Overview of the Global Integrated Traffic System Market
The integration of numerous devices such as LED displays, vehicle detection sensors, speed sensors, display board sensors, and other safety devices in toll booths is driving the growth of the global Integrated Traffic System to ensure effective vehicle monitoring. As a result, the global Integrated Traffic System Market is growing due to the increased implementation of these Integrated Traffic Systems in toll booths for efficient traffic management.
Smart city ideas are currently being adopted by governments all over the world, and this trend is predicted to favourably impact the global Integrated Traffic System Market. Furthermore, the global Integrated Traffic System Market is benefiting from appropriate regulatory frameworks and government policies to minimise carbon emissions.
However, the global Integrated Traffic System Market is likely to be constrained by a number of factors. The global Integrated Traffic System Market’s expansion is being hampered by a lack of standardisation and uniform technology. Furthermore, the large capital investments required to replace existing road infrastructure are causing market expansion to be stifled. Furthermore, the market’s vulnerability to cyber-attacks is a significant challenge.
