The integrated traffic system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Integrated Traffic System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The integrated traffic system market size has grown strongly in recent years. It will grow from $29.31 billion in 2023 to $32.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to urbanization leading to increased congestion in cities, growing global population and vehicle ownership, expansion of smart city initiatives, government investments in transportation infrastructure, increasing concerns over road safety.
The integrated traffic system market size is expected to see strong growth in the next few years. It will grow to $46.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to continued urbanization and population growth, accelerated adoption of electric vehicles, expansion of smart city initiatives globally, increasing investments in infrastructure development in emerging economies, Emphasis on sustainability and reducing emissions. Major trends in the forecast period include AI and machine learning integration, integration of IoT, real-time data analytics, innovation in sensor, surveillance technologies.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The rising global traffic congestion and jams are expected to propel the growth of the integrated traffic system market going forward. Traffic congestion refers to the condition where vehicles on a road network experience delays due to excessive volume, resulting in slower speeds and longer travel times. Traffic congestion and jams are primarily caused by high traffic volumes exceeding road capacity, often due to population growth, urbanization, and increased economic activity. Integrated traffic systems (ITS) are advanced technological solutions designed to manage and optimize traffic flow by leveraging real-time data, communication technologies, and automated controls to improve the efficiency of road networks. For instance, according to the 2022 urban congestion trend report published by the Federal Highway Administration, a US-based government agency, the travel time index (average congestion) increased 3 points from 1.19 in 2021 to 1.21 in 2022. Additionally, drivers in New York City lost an average of 101 hours to traffic jams in 2023, resulting in economic losses exceeding $9.1 billion due to wasted time. Therefore, rising global traffic congestion and traffic jams will drive the growth of the integrated traffic system market.
Market Trends –
Major companies operating in the integrated traffic system market are focusing on AI and machine learning integrated traffic insight monitoring sensors to optimize traffic management algorithms and improve decision-making processes. A traffic insight monitoring sensor is a device that collects real-time data on traffic conditions, including vehicle counts, speeds, and congestion levels, to provide actionable insights for traffic management and planning. For instance, in February 2023, Bitsensing, a South Korean-based imaging radar company, launched TIMOS (Traffic Insight Monitoring Sensor), a pioneering solution in smart traffic infrastructure. The NVIDIA Jetson platform powers it; TIMOS represents the first intelligent transport system radar with edge AI computing, surpassing traditional traffic systems by offering unprecedented insights for traffic management. This all-in-one device delivers accurate real-time data on traffic statistics, incidents, violations, and estimated time of arrival (ETA), optimizing resource efficiency and cost-effectiveness through advanced sensor fusion tracking and precise object classification.
The integrated traffic system market covered in this report is segmented –
1) By Hardware: Display Boards, Interface Boards, Radars, Sensors, Smart Traffic Lights, Surveillance Cameras, Other Hardware
2) By Function: Traffic Monitoring, Traffic Control, Information Provision
3) By Application: Urban Traffic, Highways
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Regional Insights –
North America was the largest region in the integrated traffic system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated traffic system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the integrated traffic system market are Huawei Technologies Co. Ltd., Siemens AG, Cisco Systems Inc., Sumitomo Electric Industries Ltd., Thales Group, Parsons Corporation, Atkins Global Ltd., FLIR Systems Inc, Transcore LP, Cubic Corporation, SWARCO AG, Jenoptik AG, LG CNS Co. Ltd., Agero Inc, TomTom NV, PTV Group, Lanner Electronics Inc, Kapsch Trafficcom AG, Iteris Inc, Q-Free ASA, EFkon AG, Wavetronix LLC, Econolite Group Inc., Sensys Networks Inc, Savari Inc
Table of Contents
1. Executive Summary
2. Integrated Traffic System Market Report Structure
3. Integrated Traffic System Market Trends And Strategies
4. Integrated Traffic System Market – Macro Economic Scenario
5. Integrated Traffic System Market Size And Growth
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27. Integrated Traffic System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix