LONDON--(BUSINESS WIRE)--The global integrated traffic systems market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Increasing toll road expansion plans are one of the key factors driving the integrated traffic systems market growth during the forecast period. Variable message signs display, LED displays, vehicle detection sensors, speed sensors, display board sensors, and other safety devices are set up in these toll booths for monitoring vehicle passage in a safe and compliant manner. Furthermore, governments across the developed and emerging economies are focusing on the deployment of integrated traffic systems on toll roads to offer automated traffic safety and conduct effective vehicle monitoring. These initiatives from the government encouraging toll road expansion plans will further boost market growth.
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As per Technavio, the emergence of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Integrated Traffic Systems Market: Emergence of Smart Cities
Smart cities interconnect several digital technologies that enhance communication among devices as well as improve their performance, reduce costs, and help use resources efficiently. In addition, smart cities are expected to aid end-users in responding faster to the challenges faced by urban settlements. Furthermore, the number of smart cities is expected to grow rapidly during the forecast period as governments across the globe are partnering with information technology companies to carry out smart city projects across the globe. This, in turn, will increase the requirement for integrated traffic systems as they can provide efficient traffic management and traffic control solutions for smart cities.
“Other factors such as government initiatives for the development of intelligent transportation systems, increasing demand for effective traffic management due to growing number of vehicles, and the extensive use of high dynamic range cameras and Ethernet-based advanced driver assistance systems (ADAS) will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Integrated traffic systems Market: Segmentation Analysis
This market report segments the global integrated traffic systems market by solution (traffic monitoring system, traffic control system, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. Factors such as the early adoption of technology and the availability of the necessary infrastructure to deploy technology solutions are some of the key factors contributing to the growth of the global integrated traffic systems market in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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