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The integrated traffic systems market share is expected to increase by USD 13.95 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.83%.
This integrated traffic systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers integrated traffic systems market segmentation by solution (traffic monitoring system, traffic control system, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The integrated traffic systems market report also offers information on several market vendors, including Cisco Systems Inc., Cubic Corp., EFKON India Pvt. Ltd., Global Traffic Technologies LLC, IMTAC LLC, International Business Machines Corp., Iteris Inc., Jenoptik AG, Kapsch TrafficCom AG, LG Corp., PTV Planung Transport Verkehr AG, Samsung Electronics Co. Ltd., Siemens AG, SNC Lavalin Group Inc., Sumitomo Electric Industries Ltd., SWARCO AG, Teledyne Technologies Inc., Thales Group, TransCore, and Zhejiang Dahua Technology Co. Ltd. among others.
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The demand for effective traffic management due to the growing number of vehicles is notably driving the integrated traffic systems market growth, although factors such as high setup cost and operating cost may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the integrated traffic systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Integrated Traffic Systems Market Driver
One of the key factors driving the global integrated traffic systems market growth is the demand for effective traffic management due to the growing number of vehicles. The total number of vehicles on the road crossed 1.2 billion units in 2015. Vehicle manufacturers are also increasing their production volume to tap into available market opportunities. For instance, Toyota planned to start a production facility in Mexico by 2019 to meet the growing demand for sport-utility vehicles (SUVs). In addition, in emerging economies such as China, the reduction in vehicle purchase tax for passenger vehicles with an engine capacity below 1,600 cc from 10% to 5% in 2015 increased the sales of passenger vehicles in the country between 2015 and 2018. Hence, the growing demand for efficient traffic operations is expected to drive the market during the forecast period.
Key Integrated Traffic Systems Market Trend
Increasing global road traffic congestion is one of the key integrated traffic systems market trends that is expected to impact the industry positively in the forecast period. The economic cost due to traffic congestion in the US, UK, and Germany accounted for more than USD 450 billion in 2017. The growth of the middle-income population in emerging economies is increasing the number of new car registration, thereby leading to traffic congestion. For example, the new vehicle registration in China increased by around 12.71 million from 2010 to 2017. The governments across Asian countries are implementing various effective techniques such as smart signaling, congestion detection, and electronic toll collection to reduce traffic congestion. For instance, in 2019, Vietnam opened a smart traffic operation center in Ho Chi Minh City. Traffic lights and cameras were installed across 78 streets and 300 intersections to reduce traffic congestion and accidents. Such factors will drive the market during the forecast period.
Key Integrated Traffic Systems Market Challenge
One of the key challenges to the global integrated traffic systems market growth is the high setup cost and operating cost. A software platform is required to implement an integrated traffic system. Procurement of software capabilities, electronic chips and cameras, and sensors and transponders incur additional costs to manufacturers. Despite the high cost, the market is growing because of various useful functionalities of integrated traffic systems. Moreover, these systems are set up through various funding combinations such as local financing, government funding, and private-public partnership. Thus, the growing global urban population and rising demand for traffic safety needs will drive the demand for integrated traffic systems in the coming years.
This integrated traffic systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global integrated traffic systems market as a part of the global IT consulting and other services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the integrated traffic systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the integrated traffic systems market encompasses successful business strategies deployed by the key vendors. The integrated traffic systems market is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The integrated traffic systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the integrated traffic systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from Europe during the forecast period. UK and Germany are the key markets for integrated traffic systems in Europe. Market growth in this region will be faster than the growth of the market in North America and South America.
The early adoption of technology and the availability of necessary infrastructure to deploy technology solutions will facilitate the integrated traffic systems market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 affected the integrated traffic systems market in the region. Owing to the COVID-19 outbreak, countries in North America witnessed a complete lockdown during Q1 2020, which affected economic activities such as trading and delivery of freight and goods. However, in Q3 2021, the initiation of large-scale vaccination drives led to the lifting of restrictions on the trade and logistics sector. This has led to the resumption of economic activities in the region. Such factors are expected to drive the growth of the regional integrated traffic systems market during the forecast period.
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The integrated traffic systems market share growth by the traffic monitoring systems segment will be significant during the forecast period. The traffic monitoring system will be increasingly used on highways and expressways across the world. New highway and expressway projects will offer opportunities for the implementation of traffic monitoring systems in the forecast years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the integrated traffic systems market size and actionable market insights on post COVID-19 impact on each segment.
Intelligent Traffic Management market - The market share should rise by USD 12.50 billion from 2021 to 2026 at a CAGR of 11.12%.
Integrated Traffic Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.83% |
Market growth 2022-2026 |
$ 13.95 billion |
Market structure |
Fragmented |
YoY growth (%) |
11.01 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 32% |
Key consumer countries |
US, Japan, China, UK, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Cisco Systems Inc., Cubic Corp., EFKON India Pvt. Ltd., Global Traffic Technologies LLC, IMTAC LLC, International Business Machines Corp., Iteris Inc., Jenoptik AG, Kapsch TrafficCom AG, LG Corp., PTV Planung Transport Verkehr AG, Samsung Electronics Co. Ltd., Siemens AG, SNC Lavalin Group Inc., Sumitomo Electric Industries Ltd., SWARCO AG, Teledyne Technologies Inc., Thales Group, TransCore, and Zhejiang Dahua Technology Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Solution
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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