Integrated Traffic System Global Market Report 2022: Featuring Sumitomo Electric Industries, Citilog, Imtac, Nuance Communications & More

DUBLIN, Feb. 28, 2023 /PRNewswire/ -- The "Integrated Traffic System Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global integrated traffic systems market was valued at US$ 23.56 Bn in 2021 and is anticipated to grow to US$ 44.01 Bn expanding at a CAGR of 7.2% during the forecast period from 2022 to 2030. For decades, the proliferating complexities of urban traffic has been forcing city planners and government authorities to find smarter ways to control the traffic.

Government authorities are inclined towards traffic management solutions that improve mobility by reducing traffic congestion, ensure road safety and above all limits serious environmental damage due to increased pollution. Systematic improvements in traffic management is one of the prominent solutions to address the on-going challenge of urban dependence on transport. Integrated traffic system aims at improving the effectiveness and efficiency of traffic system.

Traffic Monitoring to Dominate; Traffic Control set to Register Maximum Growth throughout the Forecast Period

Based on application, the global integrated traffic system market is categorized into traffic monitoring, traffic operation and traffic control. Traffic Monitoring, being one of the most important application is dominant and is expected to register significant growth throughout the forecast period. This is due to the information gathered by the use of traffic monitoring systems, providing benefits including road safety, real-time traffic observation, and reducing vehicle-related crimes among others.

It helps in avoiding illegal driving practices, tracking and penalizing based on vehicle registration number. Lack of state-of-the-art transport infrastructure in both developed and developing economies are propelling the development of new and advanced technologies. In contrast, traffic control systems provides advanced solutions to improve traffic flow in the urban areas.

Through optimum usage of transport infrastructure, traffic control systems such as advanced traffic light controllers and parking systems among others, are providing more efficient utilization of mobility networks, improved traffic safety and reduced environmental impact. As a result of these factors, the integrated traffic systems market growth is bolstered.

Europe Dominates followed by North America; Asia Pacific Touted to Register Highest Growth during the Forecast Period

In 2021, Europe was the largest value contributing region to the global integrated traffic system market trailed by North America. Europe is expected to grow steadily during the forecast period from 2022 to 2030. This is due to the presence of state-of-the-art infrastructure and the early adoption of technology in countries such as Germany, the U.K. among others. In contrast, Asia Pacific region is anticipated to register fastest growth during the forecast period on the back of large investments made by multiple organizations, rapid urbanization among others. The demand for integrated traffic systems in Asia Pacific is propelled due to rising emphasis on safety and focus on emission free environment in developing countries such as China, and India.

Market Segmentation
Offerings

• Services
• Solutions

Application

• Traffic Monitoring
• Traffic Operation
• Traffic control

Component

• Sensors
• Video Vehicle Detection
• Display Board
• Surveillance Camera
• Radar
• Others (Interface boards, Smart traffic lights)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Integrated Traffic System market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Integrated Traffic System market?
• Which is the largest regional market for Integrated Traffic System market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Integrated Traffic System market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Integrated Traffic System market worldwide?

Companies Mentioned

• 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
• Swarco Holding

For more information about this report visit https://www.researchandmarkets.com/r/5qz20z

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SOURCE Research and Markets