The report predicts the global Integrated Smart Traffic Management System Market to grow at a healthy CAGR Of 13.3% over the forecast period from 2022-2031.
Global Integrated Smart Traffic Control System Market was valued at US$ 11 billion in 2018 and is anticipated to reach US$ 29.6 billion by 2031 displaying a reasonable CAGR of 13.3% over the forecast period (2022-2031).
Integrated traffic systems are multi-modal transport systems, where modes of transport are linked with each other. The implementation of integrated traffic systems would result in the easy movement of automobiles. The integrated traffic system is a combination of information and communication technology with transportation infrastructure, to improve passenger safety and enhance the competence of the overall transport process.
The system is designed to enable the optimal utilization of traffic flow on existing roadways. It contains a database management system for traffic data (including accidents, roadway volumes, and signal timing details) and links this database to the traffic analysis programs. With the growing number of vehicles on roads, the need for an integrated traffic systems across various public and private infrastructures has increased. The demand for sophisticated traffic management software such as automatic number plate recognition, smart surveillance, and smart signalling has been increasing across the globe.
The continuous transformation in the roadway infrastructure has led to an increased need for managing traffic through automatic operations. Further, rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe, which has increased the demand for advanced traffic systems such as integrated traffic systems. The increasing demand for reduction in average traffic speed is expected to fuel the overall growth of the integrated traffic systems market. However, initial investments in existing road infrastructure and its capital-intensive nature are inhibiting the growth of the technology.
“Amongst major offering types, Traffic Monitoring holds the largest market and is expected to dominate the Global Integrated Smart Traffic Control System Market by 2031”
The market on the basis of offering is bifurcated into Traffic Monitoring, Traffic Control, and Information Provision. In 2018, the Traffic Monitoring segment accounted for the largest share of 43.8%, Traffic Control segment is expected to witness the highest CAGR growth during the forecast period. Traffic monitoring helps divert traffic away from busy or dangerous areas, preventing traffic jams and also reducing the risk of collisions.
“Deployment & Integration dominated the service segment of the global Integrated Smart Traffic Control System Market and is expected to dominate the market during the analyzed period”
Based on Service Type, the global Integrated Smart Traffic Control System Market is segmented into Deployment & Integration, Training & Consulting, and Support & Maintenance. In 2018, Deployment & Integration occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2031 owing to the increased installation of smart traffic control systems in traffic management infrastructure.
“Amongst hardware type, Surveillance Camera segment dominated the market”
Based on hardware, the global Integrated Smart Traffic Control System Market is fragmented into Display Boards, Sensors, Surveillance Cameras, Smart Traffic Lights, Interface Boards, and Others. Surveillance Camera dominated the market in 2018, generating revenue of US$ 4.33 billion. However, the smart traffic light segment is expected to grow with the highest CAGR of 15.48% during the forecast period.
“Electronic Toll Collection was the major application of Integrated Smart Traffic Control System”
On the basis of application, the report segments the global Integrated Smart Traffic Control System market into Freeway Management, Electronic Toll Collection, Tunnel Management, Road Safety & Security, Parking Management, and Others. In 2018, Electronic Toll Collection System accounted for the largest share 42.7%, followed by Parking Management and Road Safety & Security. The Freeway Management segment is expected to witness the highest CAGR growth of 14.88% during the forecast period.
“North America represents as one of the largest markets of Integrated Smart Traffic Control System Market globally.”
For a deep dive analysis of the industry, the study also includes regional-level analysis for major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018; North America dominated the market, generating revenue of US$ 4.33 billion, owing to the presence of a well-established traffic infrastructure, technological advancements, and presence of advanced products in the field of traffic control & management. However, Asia-Pacific is expected to witness the highest CAGR growth of 14.37% during the analyzed period.
Competitive Landscape-Top 10 Market Players
Kapsch Traffic Com AG, Iteris, Inc., Cisco Systems, Inc., Thales Group, Cubic Corporation, TomTom, Siemens AG, EFKON GmbH, SWARCO, Inc. and IBM Corporation are some of the prominent players operating in the Global Integrated Smart Traffic Control System Market. Several M&A’s along with partnerships have been undertaken by these players to facilitate commuters with hi-tech and innovative traffic solutions.