Integrated Smart Traffic Management System Market: Current Analysis and Forecast (2022-2028)

The Integrated Smart Traffic Management System Market is predicted to grow at a CAGR of 13.82% during the forecast period. Fundamental features of designing a smart traffic control system consist of linking traffic signals and traffic control centers with Geographic Information System (GIS) enabled digital road map of the town using the intelligent computational power of data analytics as a key module. In this context, the basic challenge lies in the usage of real-time analytics on online traffic information and correctly applying it to some basic traffic flow. Data analytics tools take data from the Traffic Management System and using GIS mapping under real-time support they provide useful information to the drivers in the vehicles and help reduce the traffic congestion. Additionally, basic tourist information such as visiting places, parking areas, and distance are also projected on a real-time basis on large digital screens installed at city center entrance points to guide the drivers towards their destination. This helps to save fuel and finally to save a lot of time spent in searching various visiting places. The smart living style in metro cities is also fulfilled as the environment becomes pollution free and more hygienic. Increasing traffic congestion coupled with improved technology, funding constraints, and increasing environmental consciousness has provided an impetus to develop cost effective systems aimed at improving the efficiency and effectiveness of the transportation system.

Insights Presented in the Report

"Amongst offering, traffic monitoring category held prominent market share in 2021"

The market on the basis of offering is bifurcated into Traffic Monitoring, Traffic Control, and Information Provision. In 2021, among these the Traffic Monitoring segment accounted for the largest share, Traffic Control segment is expected to witness the highest CAGR growth of 16.90% 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.

"Amongst service, deployment & integration category held prominent market share in 2021"

Based on Service Type, the global Integrated Smart Traffic Control System Market is segmented into Deployment & Integration, Training & Consulting, and Support & Maintenance. In 2021, Deployment & Integration occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2028 owing to the increased installation of the smart traffic control system in traffic management infrastructure. In present-day times, the number of vehicles has increased drastically, but in contrast, the capabilities of our roads and transportation systems still remain underdeveloped and as a result, fail to cope with this upsurge in the number of vehicles. As a consequence, traffic jamming, road accidents, increase in pollution levels are some of the common traits that can be observed in our new age cities. With the emergence of the Internet of Things and its applicability in Smart Cities, creates a perfect platform for addressing traffic-related issues, thus leading to the establishment of Integrated smart traffic control systems.

"Amongst hardware, surveillance camera category held prominent market share in 2021"

Globally, a need was felt to develop an Integrated Smart Traffic Control System, which would aim at improving the efficiency and effectiveness of the traffic system on the roads. The primary goal of this system is to utilize information technology to modernize key functions of traffic management, Traffic control, Traffic Law enforcement, and traffic information dissemination in the city to build a safer city with smooth traffic flow and informed road users. The main aim of traffic engineering is on planning, designing, and implement the transportation network and traffic control systems, in order to have smooth and efficient transportation and services.

"Amongst application, electronic toll collection system category held prominent market share in 2021"

Smart traffic systems are a revolution because they can have a dramatic effect on traffic flow and congestion at a small fraction of the cost of building a new road. More importantly, they address the root of the problem, regulating traffic patterns, improving public transport, and effectively balancing private and public transportation. Rather than just adding more capacity, while traffic volumes grow unchecked, smart traffic systems can reduce and contain the traffic problem. They can improve quality of life, reduce pollution, and even save lives, reducing the number of accidents by providing real-time information to drivers and helping cities regulate traffic on busy roads and intersections.

"America is expected to grow at a robust growth rate during the forecast period"

On average, Americans lost 99 hours a year due to congestion, costing them nearly $88 billion in 2019, an average of $1,377 per year. Lukas Neckermann, author of "Smart Cities, Smart Mobility," states that traffic has created the "economic impetus for a mobility revolution, a logistical impetus to create change in our cities, but we also have a public health crisis, a public health impetus for a mobility revolution." The issue of safety, along with shocking statistics on road crashes and the rise of distracted driving, have also prompted action. California state with some of the worst traffic-ridden freeways in all of the U.S. According to the Bay Area's Metropolitan Transportation Commission, traffic on major San Francisco-area freeways has increased by 80% just since 2010. California is just one example. Minnesota is seeing similar statistics with the Twin Cities expecting roadways to be jammed 30% of the time in the next 10 years. Plus, more and more major tech companies are taking their headquarters out of the suburbs and into cities to give their employees an urban lifestyle. The sudden growth in these cities, however, has turned the "traffic headache" into the "traffic migraine." The use of an integrated smart traffic control system has come out to be the best available solution to the traffic woes in the country. Columbus, Ohio, for example, has begun to collect traffic data to identify and address safety issues before they become issues e.g., identifying collision hotspots on the city's streets and detecting potential signal issues.

Some of the major players operating in the market include Kapsch Traffic Com AG, Iteris, Inc., Cisco Systems, Inc., Thales Group, Cubic Corporation, TomTom NV, Siemens AG, EFKON GmbH, SWARCO Inc., and IBM Corporation among others.

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Deep dive country-level analysis of the industry

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