Global Integrated Smart Traffic Management Market is expected to foresee significant growth. Asia-Pacific to lead the growth!

The Integrated Smart Traffic Management Market is expected to grow at a steady rate 13.1% owing to the increasing concerns related to public safety. With the increase in the number of vehicles on road, not only problems related to traffic are elevated but public safety is also at stake. Every year the lives of approximately 1.35 million people are cut short as a result of a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. According to WHO, 93% of the world’s fatalities on the roads occur in low- and middle-income countries wherein these countries have approximately 60% of the world’s vehicles in 2020.

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Based on the offering, the market is segmented into traffic monitoring, traffic control, and information provision. In 2021, the traffic monitoring segment accounted for the largest share. In the present scenario of the ever-increasing population and the adverse effects of abundant traffic the old conventional ways of traffic management. Therefore, in order to maintain traffic effectively and safely, automation and artificial intelligence have become mainstream in modern times. Numerous methods involving Machine learning have been invoked in the systems, which can monitor and control transportation via identification and recognition. Additionally, the innovative technology will be applied in other systems, such as toll collection and parking lot access.

On the basis of service, the market is categorized into deployment & integration, training & consulting, and support & maintenance. The deployment and integration segment held the maximum share of the market in 2021. Deployment and integration services help in reducing the deployment and integration time. These services are crucial for developing end-to-end traffic smart signaling, route guidance, traffic analytics, and smart surveillance solutions for the traffic management market. The increasing requirement for upgrading traditional traffic management systems to support various smart cities and traffic management drives the deployment and integration services segment in the traffic management market. Thus, these above-mentioned factors are driving segmental growth.

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For a better understanding of the market adoption of the integrated smart traffic management industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period due to the rising demand for vehicles in these countries Asia Pacific is witnessing high economic growth. The demand for commercial vehicles is anticipated to rise, which, in turn, is estimated to propel the demand for integrated smart traffic (ITS) management. Countries with national ITS associations currently include China, India, Japan, Malaysia, the Republic of Korea, Singapore, and Thailand. Furthermore, Asian countries struggle with a lack of guidelines for ITS implementation, with the absence of ITS regulation, or with the lack of a regional ITS data repository, as well as with high sunk and ongoing implementation costs.

Some of the major players operating in the market include Kapsch Traffic Com AG; Iteris, Inc.; Cisco Systems, Inc.; Thales; Cubic Corporation; TomTom International BV; Siemens AG; EFKON GmbH; SWARCO; and IBM

Global Integrated Smart Traffic Management Market Segmentation

Market Insight, by Offering

· Traffic Monitoring

· Traffic Control

· Information Provision

Market Insight, by Services

· Deployment and Integration

· Training & Consulting

· Support and Maintenance

Market Insight, by Hardware

· Display Boards

· Sensors

· Surveillance Cameras

· Smart Traffic Lights

· Interface Boards

· Others

Market Insight, by Application

· Freeway Management System

· Electronic Toll Collection (ETC) System

· Tunnel Management Systems

· Road Safety & Security Systems

· Parking Management System

· Others

Market Insight, 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

· Cubic Corporation

· TomTom International BV

· Siemens

· EFKON GmbH

· SWARCO

· IBM