The global integrated traffic systems market is projected to grow from USD 22.7 billion in 2019 to USD 37.5 billion by 2025, at a CAGR of 8.7%. Increasing urbanization across the globe is estimated to drive the integrated traffic systems market.
Traffic monitoring, by function, is estimated to hold the largest market share during the forecast period
The first stage in determining the traffic pattern and selecting the best solution for flow is traffic monitoring. Automatic number plate recognition, vehicle detection, and journey time measuring systems are just a few of the many features that make up traffic monitoring. Rapid urbanization in developing nations like China and India has led to ongoing traffic monitoring to prevent congestion and forecast traffic patterns. By 2025, it is predicted that this will have caused the traffic monitoring category to hold the largest market share in the market for integrated traffic systems.
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Sensors are estimated to be the fastest growing hardware, by hardware type, during the forecast period
The fastest CAGR is predicted for sensors in traffic monitoring systems. The use of sensors in numerous systems is what has caused the highest growth in the sensors industry. In traffic management, sensors are used to collect information and provide warnings about traffic hazards. When it comes to regulating and managing traffic in cities, sensors are essential. They also aid in providing driving support.
The demand for sensors is being driven by the increasing demand for traffic monitoring and control to raise the average speed of the traffic. Additionally, the development of linked technologies in transportation systems will increase the market for sensors in the future.
Europe to be the largest integrated traffic systems market
According to predictions, the integrated systems industry in Europe will be the largest in 2019. The demand for integrated traffic systems is thought to be driven by the recent large growth in the volume of vehicular traffic and the difficulty of the current transportation infrastructure to sustain it. Additionally, industrialized nations with a strict focus on traffic safety, like the UK and Germany, will further propel the industry.
Key Market Players
The report analyzes all major players in the integrated traffic systems market such as Kapsch TrafficCom (Austria), Cubic (US), Swarco (Austria), Siemens (Germany), and Iteris (US).
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