Rise in global traffic congestion, rise in public-private partnerships, and increase in government initiatives on reducing CO2 emissions drive the growth of the global integrated traffic system market.
WILMINGTON, Del., Jan. 16, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Integrated Traffic Systems Market by Function (Traffic Monitoring, Traffic Control, and Information Provision & Analysis), Hardware Type (Surveillance Cameras, Boards, Radars & Sensors, and Others), and Application (Urban Traffic and Highways). Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global integrated traffic systems industry size generated $28.05 billion in 2022, and is anticipated to generate $66.14 billion by 2032, witnessing a CAGR of 9.03% from 2023 to 2032.
(We are providing integrated traffic systems industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
134 – Tables
76 – Charts
448 – Pages
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Prime determinants of growth
The global integrated traffic systems market is driven rise in global traffic congestion, increase public–private partnership, and increase in government focus on reducing CO2 emissions. Integrated traffic systems are diverse and interconnect systems that are optimally designed to control the flow of traffic. In addition, they improve passenger safety and enhance the competence of the overall transportation industry.
Integrated Traffic Systems Industry Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size In 2022 |
$ 28.05 Billion |
|
Market Size In 2032 |
$ 66.14 Billion |
|
CAGR |
9.03 % |
|
No. Of Pages in Report |
448 |
|
Segments Covered |
Function, Hardware Type, Application and Region. |
|
Drivers |
Rise In Global Traffic Congestion Increase In Public–Private Partnership Increase Government Focus on Reducing CO2 Emission |
|
Opportunities |
Increase In Penetration of Autonomous and Connected Vehicles Improvement Of High-Speed Internet and Communications Technologies |
|
Restraint |
High Technology Cost |
Russia-Ukraine War Scenario
The impact of the Russia-Ukraine conflict has been notably adverse for the automotive sector, not only affecting Ukraine and Russia but also sending ripples across neighboring nations and beyond. Disruptions in supply chains have emerged due to the close proximity of vital manufacturing and supply centers in both countries. This resulted in delays and increased costs for integrated traffic system manufacturers, as they struggle to obtain critical parts or materials required for production. Economic uncertainty, trade disruptions, and geopolitical tensions lead to reduced economic growth in the affected regions and beyond. This resulted in a decreased demand for new Integrated traffic systems.
The traffic monitoring segment to maintain its leadership status throughout the forecast period
Depending on function, the traffic monitoring segment held the highest market share in 2022, and it is expected to continue this trend throughout the forecast period. This is attributed to the ability of traffic monitoring system to facilitate smooth flow of traffic, reduce congestion, and improve overall efficiency of traffic. However, the traffic control segment is projected to register the highest CAGR of 9.55% from 2023 to 2032, owing to the ability of traffic control systems to prevent accidents and minimize congestion.
Recent Developments in Integrated Traffic Systems Industry:
Leading industry players enhance their market position through strategic actions like acquisitions, agreements, expansions, partnerships, contracts, and product launches.
On October 19, 2023, ST Engineering secured a contract for Abu Dhabi’s inaugural multimodal intelligent transportation central platform, valid until 2027. The project involves designing and constructing the ITCP, system integration, and overall project management. Leveraging AI capabilities, the ITCP will centralize subsystems, enabling effective multimodal transport strategies, real-time road traffic monitoring, incident detection, automated traffic information dissemination, and traffic congestion prediction.
On July 27, 2022, Jenoptik expanded its Uzbekistan road safety project, following the success of the 2018 contract. Delivering over 200 speed enforcement systems, the extended contract includes smart city components addressing new violations.
On July 1, 2021, Siemens AG launched Yunex Traffic, a standalone brand offering smart mobility solutions worldwide. Yunex Traffic’s solutions are deployed in major cities like Dubai, London, Berlin, Bogota, and Miami, and it is the sole supplier complying with major regional standards globally.
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The surveillance cameras to maintain its leadership status throughout the forecast period
On the basis of hardware type, the surveillance cameras held the highest market share in 2022 and is projected to reach the highest CAGR of 9.9% from 2023 to 2032, due to rise in demand for accident detection and providing immediate response on highways and freeways. In addition, surge in road construction globally has led to an increased need for surveillance cameras to ensure the safety and security of travelers and the movement of goods.
The highway segment to maintain its lead position during the forecast period
By application, the highway segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increased construction of highways and expressways across the world and the strong economic growth. However, urban traffic is expected to portray the highest CAGR of 9.56% from 2023 to 2032. Due to the steep increase in population in cities similarly, the migration of people from rural areas to urban areas in Asia-Pacific countries due to better employment opportunities and increased commerce activities has resulted in increased demand for efficient integrated traffic systems.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is projected to register the fastest CAGR of 9.92 % from 2023 to 2032. This is attributed to increase in population and development of cities, which are leading to chaotic traffic congestion and prolonged commute times. To address the issue, governments in the region are optimally utilizing integrated traffic systems to improve transportation and make transportation more sustainable.
Key Highlights of the Integrated Traffic Systems Market Study:
Encompassing 14+ countries, the market study conducts a comprehensive analysis, featuring regional and segment insights for each country, assessing values in millions of dollars for the forecast period 2023-2032.
Employing a research methodology that integrates high-quality data, expert opinions, and analyses, along with crucial independent perspectives, the study strives to present a well-rounded perspective of global markets. This approach aids stakeholders in making informed decisions to achieve their ambitious growth objectives.
A thorough understanding of the market is achieved through the review of over 3,700 product literature pieces, annual reports, industry statements, and comparable materials from major industry participants.
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Leading Market Players: –
Kapsch TrafficCom AG
Siemens AG
Cubic Transportation Systems, Inc.
Swarco
Teledyne Flir LLC
Jenoptik
Sumitomo Electric Industries, Ltd.
Cisco Systems, Inc.
Iteris Inc
ST Engineering.
The report provides a detailed analysis of these key players in the global integrated traffic systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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