PUBLISHER: Allied Market Research | PRODUCT CODE: 1414988
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414988
According to a new report published by Allied Market Research, titled, "Integrated Traffic Systems Market," The integrated traffic systems market was valued at $28.1 billion in 2022, and is estimated to reach $66.2 billion by 2032, growing at a CAGR of 9% from 2023 to 2032.
Integrated traffic systems are comprehensive surveillance and control systems that are equipped with hardware such as CCTV, radars, display boards, traffic signals, and others. This system works collectively and enable live monitoring and control of traffic. In addition, ITS is useful in case of emergency response by providing optimal routes for emergency vehicles.
The market growth is driven by rise in global traffic congestion and traffic jams, growing public-private partnerships for the development of the integrated traffic system technology, and an increase in government focus on reducing CO2 emission from vehicles. However, high technology cost is anticipated to hinder the market growth during the forecast period. Furthermore, the growth of autonomous and connected vehicles and the improvement of high-speed internet and communications technologies is anticipated to create lucrative market growth opportunities for the companies operating in the market.
Rapid industrialization and expanding global trade activities lead to increase in wealth among major countries across the world. The increased influx of wealth has resulted in countries spending more on enhancing their roadways and infrastructural development. In addition, due to upsurge in commerce activities, there was huge migration of people from rural areas to urban areas especially in developing countries of Asia-Pacific and Latin America region. The rise in population in cities resulted in increase in transit time and traffic congestions leading to surge in strain on the existing infrastructure creating demand for integrated traffic system.
For the purpose of analysis, the global integrated traffic system market has been segmented into function, hardware, and application. Based on function the integrated traffic system market has been bifurcated into traffic monitoring, traffic control and information provision and analysis. On the basis of hardware, the market has been segmented into surveillance cameras, boards, radars and sensors and others. Based on application, the market has been analyzed across urban traffic and highways.
The leading players operating in the market are: Kapsch TrafficCom AG, Siemens AG, Cubic Transportation Systems, Inc., Swarco, Teledyne Flir LLC, Jenoptik, Sumitomo Electric Industries, Ltd., Cisco Systems, Inc., Iteris Inc and ST Engineering.