Integrated Traffic Systems Market

Global Integrated Traffic Systems Market Size

The global integrated traffic systems market was valued at USD 28.86 billion in 2023. The global market is anticipated to reach USD 31.54 billion in 2024 from USD 64.36 billion by 2032, growing at a CAGR of 9.32% during the forecast period. The global market is expected to improve significantly over the forecast period due to the growing interest in on-street security, an increase in the number of automobiles in developing nations, and the development of urbanization around the world.

Integrated traffic frameworks are multi-modular transport frameworks where methods of transport relate to one another. The usage of integrated traffic frameworks will bring about the simple development of vehicles by means of different modes of transportation, like railways, roads, coastal ports, shipping, civil aviation, and inland water.

MARKET DRIVERS

The expansion in government support for Intelligent Transport Systems (ITS) to upgrade street security is promoting the global market expansion. The surge in the building of smart cities is aiding in the growth of improved roadside traffic infrastructure. The innovative progressions, for example, autonomous automobile and Vehicle-to-Everything (V2X) connectivity, is likewise supporting the integrated traffic frameworks market development. The developing interest in traffic control and monitoring over the cities to lessen traffic blockage over the cities is helping in developing the adoption of integrated traffic systems. 

The increasing interest in road security of travelers and the surging call to cut street traffic is pushing the integrated traffic frameworks market universally. Attributable to the necessity of street security, the expanding worries for new infrastructural advancement will likewise impel the incorporated traffic systems market later on. Traffic monitoring comprises various functions, such as vehicle recognition, journey time estimation systems, and automatic number plate detection, which helps track automobiles and monitor traffic in real time. Expanding investments to upgrade existing street infrastructure is additionally foreseen to support the market interest. The expanding interest in security solutions and services in developing nations is further driving this worldwide market. Rising workers and expanding congested traffic jams conditions on streets are different components adding to the integrated traffic frameworks market.

MARKET RESTRAINTS

In any case, the absence of standardized and uniform innovations for integrated traffic systems may limit the market in the forecast period.

REPORT COVERAGE

SEGMENT ANALYSIS

By Traffic Monitoring System Insights

The traffic monitoring solutions segment had the major share of the global market in 2023. Quick urbanization in developing nations has prompted an expansion in the requirement for traffic monitoring solutions for legitimate management of traffic. Likewise, the European Union (EU) has commanded advanced safety hardware for all the new vehicles that will be sold after April 2022. These aspects are determined to drive the development of the fragment during the forecast period.

By Traffic Control System Insights

The intelligent traffic lighting segment accounted for the major share of the global market in 2023. Intelligent traffic lightings, under the traffic control section, are foreseen to hold a massive piece of the market, attributable to the expanding interest in diminished waiting time in congested conditions and rising time imperatives to oversee personal and professional lives. Intelligent traffic lighting is very versatile, as it changes traffic waiting time at every intersection by understanding traffic designs and diminishing waiting time.

By Hardware Insights

The surveillance camera segment is predicted to be the fastest-growing segment in the global market during the forecast period. The principal factors driving the market incorporate constant traffic tracking and adequately readable data. In addition, diminishing the expense of camera systems is boosting the utilization of surveillance cameras in the integrated traffic frameworks market.

REGIONAL ANALYSIS

North America held the most significant portion of the integrated traffic system market. North America is an early adopter of innovations, and the accessibility of fundamental infrastructure to deploy innovative solutions has driven market development in the locale. Also, expanding government activities to help the execution of integrated traffic frameworks will drive market development in North America.

Europe is relied upon to dominate the integrated traffic systems market over the conjecture period because of the increment in the number of commercial and passenger vehicle sales in the area. The current traffic frameworks can't deal with the ascending on-street vehicles, which are bringing about the development of interest in integrated traffic frameworks in European nations, such as Germany and France. The expansion in government support for enhancing street security in developed countries, such as the UK and Germany, is likewise energizing the integrated traffic frameworks' share of the overall industry.

The Asia Pacific integrated traffic frameworks market is assessed to develop at the most noteworthy CAGR during the outlook period. The development of the Asia Pacific area is due to expanded urbanization and vehicle deals in the district over the past two decades.

KEY MARKET PLAYERS

Siemens AG, Kapsch TrafficCom AG, Cisco Systems, Inc., SWARCO MIZAR s.r.l., Sumitomo Electric Industries, Ltd., LG CNS, FLIR Systems, Cubic Corporation, Jenoptik AG, Iteris, Inc., Savari, Inc., EFKO Management Company CJSC, TransCore Atlantic LLC, IMTAC LLC, Citilog SA, Atkins Limited, Global Traffic Technologies, LLC (GTT), Intelvision Technologies Limited, PTV AG, Q-Free ASA. These are the market players that are dominating the global integrated traffic systems market.

MARKET SEGMENTATION

This research report on the global integrated traffic systems market is segmented and sub-segmented into the following categories.

By Function

• Traffic Monitoring
• Traffic Control
• Information Provision

By Traffic Monitoring System

•  Automatic Vehicle Detection
• Number Plate Recognition System
• Journey Time Measurement System

By Traffic Control System

• Intelligent Traffic Lightings
• Parking Management
• Incident Detection

By Information Provision System

• Information Communication System
• Multifunctional system

By Hardware

• Surveillance Cameras
• Display Boards
• Radars
• Sensors
• Smart Traffic Lights
• Interface Boards
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa