Global Integrated Traffic Systems Market by sensor type (infrared sensors, weigh-in motion sensors (force sensor), acoustic sensors (road condition sensors, visibility sensors, thermal mapping sensors, wind speed sensors, inductive loop detectors)), function (traffic monitoring (automatic vehicle detection, number plate recognition system, journey time measurement system), traffic control (intelligent traffic lightings, parking management, incident detection system), information provision (multifunctional system, information communication system)), hardware (display boards, sensors, surveillance cameras, radars, smart traffic lights, interface boards), region (North America, Europe, Asia Pacific, South America, Middle East & Africa) is expected to reach US$ 39.2Bn by 2026, at a CAGR of 8.71% during a forecast period.
Intelligent transportation systems (ITS) are being progressively adopted with advanced safety and security solutions to reduce road fatalities. Developing and developed economies are aiming on deployment of such solutions to enhance road network and infrastructure, a trend that is sure to benefit the market. Improved traffic efficiency allows transportation authorities to respond to emergencies more quickly. Utilization of such intelligent systems increases efficiency in traffic management and reduces travel duration. Use of public transportation results in reduction of airborne pollutants and carbon dioxide releases.
Surveillance camera segment is estimated to account for a major share of the Global Integrated Traffic Systems Market in 2017.
Surveillance camera segment is expected to be the fastest increasing market during the forecast period. The main factors driving the market comprise real-time traffic tracking and easily readable information. Additionally, decreasing the cost of camera systems is fueling the application of surveillance cameras in the integrated traffic systems market globally.
Asia Pacific is expected to hold the largest share in the Global Integrated Traffic Systems Market during the forecast period.
The Asia Pacific intelligent transportation system market is expected to exhibit the highest CAGR during the forecast period. This growth can be attributed to rise in deployment of ITS in countries like India, China, and Australia. Such as, the Chinese government is focusing on deployment of innovative transportation with emphasis on intelligent vehicles and intelligent transportation through the forecast period.
Key Players operating the Global Integrated Traffic Systems Market are Sumitomo Electric, Siemens, Cisco, SWARCO, Kapsch Trafficcom, LG CNS, Cubic, Iteris, Jenoptik, FLIR, GTT, Atkins, Savari, PTV Group, Intelvision Technologies, Transcore, Imtac, EFKON, Citilog, Q-Free.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Integrated Traffic Systems Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Integrated Traffic Systems Market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Integrated Traffic Systems Market positioning of competitors.
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