The Global Integrated Traffic Systems Market will be valued at round USD 49.42 billion by the year 2028 while registering a CAGR (compounded annual growth rate) of 9.3% from 2021 to 2028.
Technology advancements in autonomous vehicles include integrated traffic systems as one of the key components and they are developed to decrease the probability of accidents while also improving traffic control and monitoring. Integrated traffic systems market is going to receive a lot of attention owing to research in autonomous vehicles.
With integrated traffic systems, it will become easier for cars to move between different means of transportation, such as ships, marine, inland water, streets, ports, roads and civil aircraft. Further these systems enable fleet managers to improve productivity by efficiently planning routes, providing traffic updates and predicting departure and arrival times. Rapid urbanization will also be a major factor that will help with integrated traffic systems market growth.
From the perspective of regions where integrated traffic systems will be required the most are the developed countries first followed by developing nations – specifically the APAC countries. The countries covered in the integrated traffic systems market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe is a key region for integrated traffic systems and it will dominate the this market and will continue to flourish its trend of dominance during the forecast period owing to the intense focus on emission and congestion-free traffic system. Asia-Pacific region is set to witness unprecedented growth during the forecast period and will project the highest compound annual growth (CAGR) rate. This is because of the rising urbanization and vehicle sales in this region.
Some of the major companies working on integrated traffic systems market are Cisco Systems, Inc.; Teledyne FLIR LLC; Sumitomo Electric Industries, Ltd.; Seimens; SWARCO; LG CNS,; Kapsch TrafficCom AG; Cubic Corporation; Iteris, Inc.; JENOPTIK AG; Q-Free ASA; EFKON India Pvt. Ltd.; HARMAN International.; SNC-Lavalin; Citilog.; imtac; TransCore; PTV AG; and Global Traffic Technologies.