Global integrated traffic systems market expected to reach approximately USD 37.19 billion by 2025, growing at a CAGR of slightly above 8.6% between 2019 and 2025. The rising demand for road safety of travelers and surging call to cut road traffic are propelling the integrated traffic systems market globally.
During the forecast period, the traffic control segment is estimated to be the second largest contributor to the integrated traffic system market by function.
Road infrastructure constraints in both established and developing economies have encouraged the development of new and existing technologies such as integrated traffic systems. Commuters and governments have increased their demand for smooth, congestion-free travel as traffic and population in metropolitan areas has grown.Furthermore, the global vehicle ownership ratio has expanded dramatically, resulting in increased need for traffic control tasks. Due to the scarcity of land, the current road infrastructure must be used to its full potential. Traffic control systems, such as parking management and intelligent traffic lighting, are necessary for optimal use of road infrastructure. As a result of these reasons, the traffic control system sector is expected to be the integrated traffic systems market’s second largest contributor.
Some noticeable players of the integrated traffic systems market are :
Cubic, Cisco, Sumitomo, Siemens, Swarco, LG CNS, KapschTrafficCom, Jenoptik, Flir, and Iteris.
Impact of COVID-19 pandemic on integrated traffic systems market forecast
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.
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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