Integrated Traffic Systems Market

Integrated Traffic Systems Market Size - ( 2023 - 2028):

The Global Integrated Traffic Systems Market was worth US$ 26.39 billion in 2022 and is anticipated to reach a valuation of US$ 44.4 billion by 2028 and is predicted to register a CAGR of 9.32% during 2023-2028.

The market size is expected to improve significantly over the estimated time frame because of expanding interest in on-street security, increment in the number of automobiles in developing nations, and developing urbanization over the world.

Integrated traffic frameworks are multi-modular transport frameworks, where methods of transport are connected with one another. The usage of integrated traffic frameworks will bring about the simple development of vehicles by means of different modes of transportation, similar to railways, roads, coastal, ports, shipping, civil aviation, and inland water.

The expansion in government support for Intelligent Transport Systems (ITS) to upgrade street security is another factor filling the market development. The surge in the building of smart cities is aiding in the growth of improved roadside traffic infrastructure. The innovative progressions, for example, autonomous automobile and Vehicle-to-Everything (V2X) connectivity, is likewise supporting the integrated traffic frameworks market development. The developing interest in traffic control and monitoring over the cities to lessen traffic blockage over the cities is helping in developing the adoption of integrated traffic systems. 

Market Drivers:

The increasing interest in road security of travelers and the surging call to cut street traffic is pushing the integrated traffic frameworks market universally. Attributable to the necessity of street security, the expanding worries for new infrastructural advancement will likewise impel the incorporated traffic systems market later on. Traffic monitoring comprises various functions, for example, vehicle recognition, journey time estimation systems, and automatic number plate detection, which helps in tracking automobiles and monitoring traffic in real time. Expanding investments to upgrade existing street infrastructure is additionally foreseen to support the market interest. The expanding interest in security solutions and services in developing nations is further driving this worldwide market. Rising workers and expanding congested traffic jams conditions on streets are different components adding to the integrated traffic frameworks market.

Market  Restraints:

In any case, the absence of standardized and uniform innovations for integrated traffic systems may limit the market in the forecast period.

Market Recent Developments:

• Powerful equipment, and creative software: Sitraffic SX and Sitraffic C920ES traffic controllers are so adaptable and versatile that they can develop in step with your municipality's vehicle infrastructure, making them a protected investment in a sustainable future.
• Traffic Technology Services, Inc. (TTS) and Siemens USA have finished a consent to extend TTS' accomplice network for supporting connected and autonomous automobile tasks near signalized crossing points.

INTEGRATED TRAFFIC SYSTEMS MARKET REPORT COVERAGE:

Market Segmentation:

Integrated Traffic Systems Market - By Function:

• Traffic Monitoring
• Traffic Control
• Information Provision

Integrated Traffic Systems Market - By Traffic Monitoring System:

•  Automatic Vehicle Detection
• Number Plate Recognition System
• Journey Time Measurement System

The traffic monitoring solutions sector will rule the market. Quick urbanization in developing nations has prompted an expansion in the requirement for traffic monitoring solutions for legitimate management of traffic. Likewise, the European Union (EU) has commanded advanced safety hardware for all the new vehicles that will be sold after April 2022. These aspects are determined to drive the development of the fragment during the conjecture time frame.

Integrated Traffic Systems Market - By Traffic Control System:

• Intelligent Traffic Lightings
• Parking Management
• Incident Detection

Intelligent traffic lightings, under the traffic control section, are foreseen to hold a massive piece of the market, attributable to the expanding interest in diminished waiting time in congested conditions and rising time imperatives to oversee personal and professional lives. Intelligent traffic lightings are very versatile, as they change traffic waiting time at every intersection by understanding traffic designs and diminishing waiting time.

Integrated Traffic Systems Market - By Information Provision System:

• Information Communication System
• Multifunctional system

Integrated Traffic Systems Market - By Hardware:

• Surveillance Cameras
• Display Boards
• Radars
• Sensors
• Smart Traffic Lights
• Interface Boards
• Others

The surveillance camera fragment is relied upon to be the quickest developing business sector during the estimated time frame. The principal factors driving the market incorporate constant traffic tracking and adequately readable data. In addition, diminishing the expense of camera systems is boosting the utilization of surveillance cameras in the integrated traffic frameworks market.

Market Regional Analysis:

The Global Integrated Traffic Systems Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe – Norway, Germany, Sweden
• Asia Pacific- China, India, Japan
• Latin America – Brazil, Mexico, Argentina
• Middle East and Africa

North America held the most significant portion of the integrated traffic system market. North America is an early adopter of innovations, and the accessibility of fundamental infrastructure to deploy innovative solutions has driven market development in the locale. Also, expanding government activities to help the execution of integrated traffic frameworks will drive market development in North America.

Europe is relied upon to dominate the integrated traffic systems market over the conjecture period because of the increment in the number of commercial and passenger vehicle sales in the area. The current traffic frameworks can't deal with the ascending on-street vehicles which are bringing about developing interest in integrated traffic frameworks in European nations, for example, Germany and France. The expansion in government support for enhancing street security in developed countries, for example, the UK and Germany are likewise energizing the integrated traffic frameworks share of the overall industry.

The Asia Pacific integrated traffic frameworks market is assessed to develop at the most noteworthy CAGR during the outlook period. The development of the Asia Pacific area is because of expanded urbanization and vehicle deals in the district over the most recent two decades.

Market Key Players:

1. Siemens AG
2. Kapsch TrafficCom AG
3. Cisco Systems, Inc.
4. SWARCO MIZAR s.r.l.
5. Sumitomo Electric Industries, Ltd.
6. LG CNS
7. FLIR Systems
8. Cubic Corporation
9. Jenoptik AG
10. Iteris, Inc.
11. Savari, Inc.
12. EFKO Management Company CJSC
13. TransCore Atlantic LLC
14. IMTAC LLC
15. Citilog SA
16. Atkins Limited
17. Global Traffic Technologies, LLC (GTT)
18. Intelvision Technologies Limited
19. PTV AG
20. Q-Free ASA