According to a new market research report published by Credence Research, “Integrated Traffic System Market (by Offerings (Services and Solutions), by Application Type (Traffic Monitoring, Traffic Operation and Traffic Control), by Components (Sensors, Video Vehicle Detection, Display Board, Surveillance Camera, Radar, and Others (Interface boards, Smart traffic lights)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global integrated traffic systems market was valued at US$ 21.98 Bn in 2018 and is expected to reach US$ 41.06 Bn expanding at a CAGR of 7.2% during the forecast period from 2019 to 2027.
The combination of factors including rapid urbanization, rise in car ownership, concerns w.r.t public safety, and regulatory frameworks & policies supporting carbon emission reduction are collectively driving demand for the integrated traffic system market. The push by government for the development of smart cities is also one of the key factors influencing the growth of integrated traffic systems market. Governments across the globe are taking initiatives for the development of smart cities. For instance, in 2018, the city of Adelaide in Australia and the government of South Australia partnered with Cisco Systems Inc. for the development of smart cities. However, the lack of road infrastructure, parking management, and others, along with inadaptability to state of the art technology are posing challenges to the growth of the market.
Based on components, surveillance camera is set to register fastest growth during the forecast period. This is due to the widespread usage of these cameras by law enforcement agencies for real-time traffic monitoring and tracking in the developing countries such as India, and China among others. In addition, continuous decline in the price of camera systems, is propelling the integrated traffic systems market growth. Integrated traffic systems such as surveillance cameras, offer statistics to the authorities to proactively manage the continuing traffic situation and enhance traffic discipline. All of this can be achieved through implementation of integrated traffic system.
Based on geography, European integrated traffic systems market is estimated to be the largest value contributor in 2019. This is due to the early adoption of advanced technologies and focus towards emission and congestion free traffic in countries such as the U.K. and Germany among others. These regions are having a robust transport infrastructure, technology penetration, and focus towards road safety are expected to offer impetus to the market. Asia Pacific region is expected to register fastest growth. This growth can be associated with the development of smart cities and state-of-the-art infrastructure by the governments in the major developing countries such as China, and India among others.
Some of the leading manufacturers profiled in the study include Sumitomo Electric Industries, Citilog SA, Cubic Corporation, Siemens, EFKON India pvt. Ltd., Imtac LLC, Intelvision Technologies Ltd., Iteris, Inc., Nuance Communications, Inc., Savari, Inc., Thales Group S.A, TransCore LP, and Swarco Holding among others.
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