NEWARK, Del, March 07, 2024 (GLOBE NEWSWIRE) -- The global integrated traffic system market is anticipated to reach a valuation of US$ 36.9 billion in 2024, driven by micro mobility solutions. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 9.8% between 2024 and 2034, and reaching a total valuation of approximately US$ 94.0 billion by 2034.
Investments in smart infrastructure, including smart roads, intelligent transportation hubs, and sensor equipped infrastructure elements, enable the collection of real time data and facilitate proactive decision making to optimize traffic flow and enhance safety.
Designing integrated traffic systems with a focus on user experience, accessibility, and inclusivity ensures that transportation networks are accessible to people of all ages and abilities, fostering equitable access to mobility options and reducing barriers to transportation.
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Collaboration among governments, industry stakeholders, research institutions, and international organizations facilitates knowledge sharing, best practices exchange, and standardization efforts, driving innovation and accelerating the adoption of integrated traffic solutions on a global scale.
The development of interoperable and standardized solutions enables seamless integration of various components within the traffic management ecosystem, promoting scalability and compatibility across different regions and systems.
Aging transportation infrastructure in many regions necessitates modernization efforts, creating opportunities for the deployment of advanced traffic management technologies, such as smart sensors, adaptive traffic signals, and dynamic routing algorithms.
Integrating traffic management systems with public transit networks enhances multi modal transportation options and improves overall accessibility and connectivity within urban areas, thereby reducing dependency on private vehicles and easing congestion.
Key Takeaways from the Market Study
- Global integrated traffic system market was valued at US$ 33.0 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 12.3%.
- The market in Japan is expected to expand at a CAGR of 11.4% through 2034.
- By function, the traffic monitoring segment to account for a CAGR of 9.6% through 2034.
- The market in Korea is expected to expand at a CAGR of 12.0% through 2034.
- In terms of hardware type, the display boards segment to account for a CAGR of 9.4% through 2034.
“Integrated traffic systems contribute to resilience and disaster management efforts by facilitating efficient evacuation routes, emergency response coordination, and adaptive traffic control during natural disasters, accidents, or other crisis situations,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Prominent players in the integrated traffic system market are
- imtac
- Savari Inc
- Thales Group
- TransCore
- EFKON India
- Iteris Inc
- Cubic Corporation
- Intelvision Technologies Limited
- Nuance Communication Inc
- Citilog,
Company Portfolio
- Thales offers a suite of traffic management solutions, including traffic signal control systems, urban mobility platforms, and incident detection systems. The traffic management solutions incorporate advanced technologies such as AI, IoT, and cloud computing to enhance traffic efficiency and safety.
- TomTom is a leading provider of navigation and traffic information solutions, offering traffic monitoring platforms, GPS navigation devices, and real time traffic data services. The traffic management solutions of the company leverage real time traffic data to provide accurate congestion information, route optimization, and dynamic traffic guidance to drivers.
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Segmentation Analysis of the Integrated Traffic System Market
By Function:
- Traffic Monitoring
- Traffic Control
- Information Provision
By Hardware Type:
- Display Boards
- Sensors
- Radars
- Interface Boards
- Surveillance Cameras
By Sensors:
- Infrared Sensor
- Weigh in Motion Sensor
- Acoustic Sensor
- Others
By Application:
- Urban Traffic
- Expressway
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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