Integrated Traffic System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Integrated Traffic Systems Market anticipated to register a CAGR of about 13%, during the forecast period (2020 - 2025).

Key Highlights

• The factors that are driving growth in the market are growing urbanization, rising traffic because of a greater number of vehicles and the increasing awareness about road safety. The primary purpose of the integrated traffic system is to strategically manage traffic in order to ease congestion, cut travel time, and in turn, manage millions of people living, working or visiting in cities.
• Various economies are dealing with growing traffic concerns and are deploying new systems that integrate communication and electronic technologies. Improved and better access to transportation is projected to augment the deployment of Integrated Traffic Systems over the forecast period.
• Governments around the world are spending heavily on developing their nation’s big as smart cities. Transportation is a major factor for smart cities and hence traffic system market will grow further with the increase in smart city projects. In India there are 100 smart city projects and the government is coming up with the second version of the initiative in which other cities will also be included. All these factors are expected to drive the market growth.

Key Market Trends

Surveillance Camera is Expected to be the Largest Segment

The main factors driving the growth in the market for surveillance camera are its requirement to keep real time tracking in every direction on the road, facilitating the identification of traffic violators for reducing accidents and managing traffic more efficiently. Surveillance cameras are exposed to weather and hence can get damaged due to natural and human causes, so they are supposed to be changed and this creates additional demand for the segment. For instance, In April 2019, Sensys Gatso Australia, the company has received a contract extension to the value of USD 5 million (AUSD7million) for the supply of mobile camera systems and services to the Government of the State of Victoria. These types of developments are poised to help the market witness a growth over the forecast period

Asia-Pacific is Expected to be the Market Leader

The Asia Pacific integrated traffic systems market is estimated to grow at a high CAGR during the forecast period. The growth of the Asia Pacific region is due to increased urbanization and vehicle sales in the region in the last two decades. The region accounts for almost 60% of the world’s population and the vehicle sales on the region is expected to grow at a considerable pace, which is because of the growing industrialization and development activities in the region. With the increase in population and number of vehicles on road, various problems arise in controlling the traffic. For this purpose, the government in the region is spending heavily in installing technologically advanced products so that such cases can be reduced, and violators can be punished. For instance, in May 2019, the Noida police in India installed radar-based cameras that will help in detecting over speeding, signal violation, and other such offenders with 98% accuracy.

Competitive Landscape

The Integrated Traffic Systems market is fairly fragmented with major players vying for considerable shares in the market. Some of the prominent companies in the Integrated Traffic systems market are Sumitomo Electric, Siemens, Swarco, Jenoptics and others. In July 2019, Sensys Gatso, USA has been awarded a Traffic Enforcement contract in Colombia, South America worth an estimated at USD 1 million to provide camera systems that will address the critical traffic enforcement needs in these highly populated areas, specifically; red light intersections, speed and bus lane enforcement.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support