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Integrated Traffic Systems Market size will experience a dynamic growth between 2021 and 2027 heavily influenced by driving factors such as growing urbanization, increased car ownership and resulting traffic, and concerns related to road safety. Also, the subsequently rising levels of air pollution and carbon emissions is a major concern globally. To address these concerns, governments and regulators are introducing new policies to support the integration of advanced technologies in transportation infrastructure.
Integrated traffic systems are generally deployed by road and transport authorities to improve mobility in cities. The primary purpose of these systems is to strategically manage traffic to reduce traffic congestion and travel time for millions of people. In addition to handling traffic efficiently, these systems can also keep track and alert users of traffic incidents.
Numerous countries are dealing with increasing traffic concerns and deploying advanced systems that integrated information technology, communication, and electronics to provide improved access to transportation, which is positively impacting integrated traffic systems industry forecast.
The Asia Pacific integrated traffic systems market revenue is slated to witness robust expansion through 2027, powered by the ever-increasing urbanization and booming vehicle sales in the region. The Asia Pacific region accounts for more than half of the world’s population. Rise in people’s disposable income levels means that vehicle adoption rates will only increase in the future. Not only are passenger vehicles witnessing rapid adoption, but commercial transportation is also expanding due to rapid industrial development. Ongoing efforts by policymakers and regulatory bodies to improve traffic management, cut emissions, and ensure better public safety should boost the regional adoption of traffic integration systems.
Some of the major companies in integrated traffic systems market include Cisco, Cubic Corporation, Sumitomo Electric, SWARCO, PTV Group (Porsche SE), Atkins (SNC-Lavalin), EFKON, GTT, Intelvision Technologies, Citilog (TagMaster), Imtac, Transcore (Roper Technologies), Savari (Harman International), Kapsch Trafficcom, Iteris, Jenoptik, FLIR (Teledyne Technologies), LG CNS, and Q-Free.
Integrated traffic systems are here to stay and are experiencing growing demand worldwide, which is why market players are continuously working towards developing new, improved technologies.
For instance, in November 2020, FLIR Systems, Inc., had rolled out two integrated traffic system cameras, the FLIR TrafiCam AI visible camera and the FLIR ThermiCam AI with thermal imaging capabilities. Both the cameras are AI-enabled to optimize the flow of traffic on roadways and at intersections. Cities can deploy these camera systems to prevent traffic congestion and potential accidents, creating safer roads for drivers and pedestrians.
Citing another instance, in March 2020, SWARCO, an Austrian traffic technology supplier, had introduced the MyCity modular traffic management platform that allows urban authorities to enhance mobility for citizens by smartly monitoring multiple modes of transportation.
Due to the outbreak and rapid spread of the COVID-19 pandemic, the year 2020 has been a challenging year for integrated traffic management solutions providers. Major transport infrastructure development and upgradation projects worldwide had been pushed back due to government restrictions to curb the spread of the virus. Additionally, low or nearly no traffic in urban regions due to lockdown measures has slowed down the implementation of smart integrated traffic systems in many regions. Combinedly, these factors have affected integrated traffic systems industry trends to some extent.
However, the ability to support multimodality through smart traffic management solutions is becoming an increasingly important part of sustainable transportation systems. For urban authorities, ensuring smooth traffic control to make travel experience faster, safer, and more environmentally friendly is a top priority. Therefore, despite the temporary slowdown caused by the COVID-19 pandemic, these factors along with upcoming smart city projects worldwide will augment integrated traffic systems market share in the future.
Market, By Offerings, 2017-2027 (USD Million)
Market, By Hardware 2017-2027 (USD Million)
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