Integrated Smart Traffic Control System Market Is Expected To Reach A Market Size Of Us$29.6 Billion By 2026, Growing At A Cagr Of 13.3% During The 2020-2026 Period.
- Vikas Kumar
- September 11, 2021
- AUTOMOTIVE
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The Global Integrated Smart Traffic Control System market is projected to gain market revenue of US$ 29.6 billion by 2026, growing at a CAGR of 13.3% during the forecast period 2020-2026. Cities or urban areas have a long-standing history cultivating technological innovations that allow citizens to efficiently access goods and commute. However, the ease of access has been increasingly difficult to maintain under rapid urbanization and increasing demand for transportation burdens urban road infrastructures. This burdened roads then cause road congestions. The need for mobility is increasing, as can be seen from the growing number of road users as well as from the increasing number of movements per user. This leads to an increase in the frequency of traffic jams and the growing lengths of the queues in the traffic network. These traffic jams cause large delays, resulting in higher travel costs and they also have a negative impact on the environment due to e.g. noise and pollution. Due to these disadvantages dealing with traffic jams has become an important issue These congestions not only waste time and resources of the travellers but also costs in monitory terms.
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As per research, the economic cost of congestion across the US, UK and Germany was almost US$ 461 billion in 2017 or US$ 975 per capita. Thus, the urbanization of the cities is causing the cities to lose instead of gaining growth and development. Thus, the increasing urbanization is instigating the use of an integrated smart traffic control system. In the present scenario of ever-increasing population and the adverse effects of abundant traffic the old conventional ways of traffic management e.g. the traffic policemen, conventional traffic lights, high-resolution cameras and radar target detection systems cannot resonate with the need of the hour for efficient traffic monitoring due to the various drawbacks and inefficiency in their functionality due to inappropriate traffic clearance signalling algorithms of traffic lights which is not real-time based, complex image sensing of the cameras besides their huge cost of installation and maintenance, and malfunctioned radar target detection due to the cluster formations. In 2016, there were over 33.7 million registered vehicles in Canada, compared with 2009 stats which had nearly 20.5 million. This fact reflects that there was a dramatic increase over about seven years. Such an increase can be observed all over the world leading to disruptions in traffic monitoring and controlling. This significant increase enforced the modern transportation system to promote the performance of traffic controlling system. Therefore, in order to maintain traffic effectively and safely, automation and artificial intelligence have become the mainstream in modern times. Based on the offering, the integrated smart traffic control system market is bifurcated into Traffic Monitoring, Traffic Control and Information Provision.
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In 2019, the global integrated smart traffic control system market was dominated by traffic monitoring and is anticipated to generate a market size of US$ 12.3 billion by 2026. For an in-depth understanding of the market adoption of the integrated smart traffic control system, the market is analysed based on the different geographies comprising North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. In 2018; North America dominated the market, generating revenue of US$ 4.33 billion, owing to the presence of well-established traffic infrastructure, technological advancements, and the presence of advanced products in the field of traffic control & management. However, Asia-Pacific is expected to witness the highest CAGR growth of 14.37% during the analyzed period. With growing vehicle count on the roads and rising urbanization across the world, the need to deliver a better traffic management system is growing. For example, with 87.9% of America’s daily commuters using private vehicles, and millions wanting to move at the same time of day. America’s basic problem is that its road system does not have the capacity to handle peak-hour loads without forcing many people to wait in line for that limited road space. This is because this system is designed to enable the optimization of traffic flow on existing roadways.
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Rising traffic congestion is an inescapable condition in large and growing metropolitan areas across the world, from Los Angeles to Tokyo, from Cairo to Sao Paolo. Peak-hour traffic congestion is an inherent result of the way modern societies operate. The ownership of cars is also increasing which is increasing the burden on the roads. This increased burden then further leads to traffic-related issues. Some of the major players profiled in the global integrated smart traffic control system market study include Kapsch Traffic Com AG, Iteris, Inc., Cisco Systems, Inc., Thales Group, Cubic Corporation, TomTom NV, Siemens AG, EFKON GmbH, Inc., SWARCO, Inc. and IBM Corporation. These industry players are entering into several mergers & acquisitions and partnerships for the expansion of their reach and increasing their hold on the market.
Global Integrated Smart Traffic Control System Market Segmentation
Market Insights, by Offering
- Traffic Monitoring
- Traffic Control
- Information Provision
Market Insights, by Services
- Deployment & Integration
- Training & Consulting
- Support & Maintenance
Market Insights, by Hardware
- Display Boards
- Sensors
- Surveillance Cameras
- Smart Traffic Lights
- Interface Boards
- Others
Market Insights, by Application
- Freeway Management
- Electronic Toll Collection
- Tunnel Management
- Road Safety & Security
- Parking Management
- Others
Market Insights, by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle-East & Africa
Top Company Profiles
- Kapsch Traffic Com AG
- Iteris, Inc.
- Cisco Systems, Inc.
- Thales Group
- Cubic Corporation
- TomTom NV
- Siemens AG
- EFKON GmbH, Inc.
- SWARCO, Inc.
- IBM Corporation
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