Integrated Traffic Systems Market size will experience a dynamic growth between 2022 and 2028 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 market demand.
Based on hardware type, the integrated traffic systems industry remuneration from the surveillance camera segment is likely to grow through 2028 owing to the thriving need to reduce accidents and manage traffic more efficiently. The increasing requirement for monitoring and managing roads & highways for various applications is also adding to the segment growth. The increasing deployment of 4G LTE transmission technology into security cameras lets users view live as well as recorded video remotely from any device, at any time. The rising number of highway construction projects, real-time traffic tracking and decreased camera system costs are other factors favoring the industry development.
The Asia Pacific integrated traffic systems market revenue is slated to observe robust expansion through 2028, 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 attributed 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.
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 owing to government restrictions to curb the spread of the virus. Additionally, low or nearly no traffic in urban regions credited to lockdown measures has slowed down the implementation of smart integrated traffic systems in many regions. Combinedly, these factors have affected integrated traffic systems market 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.
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