The global integrated traffic systems market size at a CAGR of over 8% during the forecast period
NEW YORK, June 25, 2019 /PRNewswire/ -- Global Integrated Traffic Systems Market:
About this market
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Integrated smart traffic systems are used for optimizing traffic flow on roadways. Technavio's integrated traffic systems market analysis considers the adoption of solutions such as traffic monitoring system, traffic control system, and others. In 2018, the traffic monitoring system segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rapid urbanization will play a significant role in the traffic monitoring system segment to maintain its market position. Also, our global integrated traffic systems market looks at factors such as demand for effective traffic management due to the growing number of vehicles, increasing toll road expansion plans, and government initiatives for the development of intelligent transport system. However, higher setup cost and operating cost, risk of errors and security breach, and low product replacement cycle may hamper the growth of the integrated traffic systems industry over the forecast period.
Global Integrated Traffic Systems Market:
Overview
Increasing toll road expansion plans
Toll roads across the world are increasingly adopting devices such as LED displays, vehicle detection sensors, speed sensors, and display board sensors to effectively monitor the passage of vehicles. Several governments across the world have announced highway expansion plans as part of their strategic development projects. For instance, the National Highway Authority of India recently awarded the toll managing rights for one of its highways to a major company for thirty years. Many such toll road expansion plans are expected to drive the growth of the global integrated traffic systems market size at a CAGR of over 8% during the forecast period.
Increasing global road traffic congestion
The rise in disposable income of people across the world has increased the sales of vehicles. The increasing number of vehicles has resulted in traffic congestion in urban areas. Several regional governments are implementing various effective techniques such as smart signaling, congestion detection, and electronic toll collection to mitigate traffic congestion. The increase in road traffic congestion across the world will have a positive impact on the growth of the market's growth.
For the detailed list of factors that will drive the global integrated traffic systems market size during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of a few players, the global integrated traffic systems market is fairly fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several integrated traffic system manufacturers, that include Cubic Corp., FLIR Systems Inc., Kapsch TrafficCom AG, Sumitomo Electric Industries Ltd., and SWARCO AG.
Also, the integrated traffic systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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