Integrated Traffic System Market Report 2024

The integrated traffic system market size has grown strongly in recent years. It will grow from $29.31 billion in 2023 to $32.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The increase during the historic period stemmed from urbanization causing greater congestion in cities, a rising global population and vehicle ownership, the expansion of smart city projects, government investments in transportation infrastructure, and heightened concerns regarding road safety.

The integrated traffic system market size is expected to see strong growth in the next few years. It will grow to $46.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period is driven by ongoing urbanization and population expansion, accelerated adoption of electric vehicles, global expansion of smart city initiatives, increased investments in infrastructure development across emerging markets, emphasis on sustainability and emissions reduction. Key trends expected in the forecast period include the integration of AI and machine learning, IoT integration, real-time data analytics, and advancements in sensor and surveillance technologies.

The anticipated rise in global traffic congestion and jams is expected to drive growth in the integrated traffic system market. Traffic congestion occurs when vehicles on road networks experience delays due to high volume, resulting in slower speeds and extended travel times. Factors contributing to congestion include population growth, urbanization, and increased economic activity, exceeding road capacities. Integrated traffic systems (ITS) utilize advanced technological solutions, such as real-time data, communication technologies, and automated controls, to optimize traffic flow and manage road networks efficiently. For instance, the Federal Highway Administration's 2022 urban congestion trend report noted a slight increase in the travel time index from 1.19 in 2021 to 1.21 in 2022. In 2023, drivers in New York City lost an average of 101 hours to traffic jams, causing economic losses exceeding $9.1 billion due to wasted time. Hence, the escalating global traffic congestion and jams are poised to fuel the integrated traffic system market's expansion.

Key players in the integrated traffic system market are concentrating on enhancing traffic management algorithms and decision-making processes with AI and machine learning-integrated traffic insight monitoring sensors. These sensors gather real-time traffic data, including vehicle counts, speeds, and congestion levels, to provide actionable insights for traffic management and planning. For example, Bitsensing introduced TIMOS (Traffic Insight Monitoring Sensor) in February 2023, a cutting-edge solution in smart traffic infrastructure powered by the NVIDIA Jetson platform. TIMOS represents the first intelligent transport system radar equipped with edge AI computing, surpassing conventional traffic systems by delivering unprecedented insights into traffic management. This all-in-one device offers accurate real-time data on traffic statistics, incidents, violations, and estimated time of arrival (ETA), enhancing resource efficiency and cost-effectiveness through advanced sensor fusion tracking and precise object classification.

In April 2021, TagMaster AB, a Swedish company specializing in sensor systems and solutions utilizing radio, radar, magnetic, and vision technologies, acquired Citilog for an undisclosed sum. This acquisition enhances TagMaster's position in the Intelligent Transportation Systems (ITS) market by integrating Citilog's video-based edge analytics into its comprehensive multi-modal data solutions. This strategic alignment, coupled with synergies from Sensys Networks, is anticipated to accelerate revenue growth across the US and Europe. Citilog, headquartered in France, is renowned for its expertise in intelligent traffic management solutions.

Major companies operating in the integrated traffic system market are Huawei Technologies Co. Ltd., Siemens AG, Cisco Systems Inc., Sumitomo Electric Industries Ltd., Thales Group, Parsons Corporation, Atkins Global Ltd., FLIR Systems Inc, Transcore LP, Cubic Corporation, SWARCO AG, Jenoptik AG, LG CNS Co. Ltd., Agero Inc, TomTom NV, PTV Group, Lanner Electronics Inc, Kapsch Trafficcom AG, Iteris Inc, Q-Free ASA, EFkon AG, Wavetronix LLC, Econolite Group Inc., Sensys Networks Inc, Savari Inc.

North America was the largest region in the integrated traffic system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the integrated traffic system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the integrated traffic system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An integrated traffic system encompasses a comprehensive array of technologies, infrastructure, and management strategies aimed at optimizing traffic flow and reducing congestion in urban areas. This approach improves efficiency, safety, and sustainability in overseeing both vehicular and pedestrian movement throughout a city or region.

The primary components of integrated traffic systems include display boards, interface boards, radars, sensors, smart traffic lights, surveillance cameras, and other related hardware. Display boards serve as electronic signs within traffic systems, offering real-time updates to drivers on traffic conditions, speed limits, road closures, and other critical information. These systems are essential for managing traffic flow effectively and ensuring road safety, categorized into functions such as traffic monitoring, control, and information dissemination for urban traffic and highways.

The integrated traffic system market research report is one of a series of new reports that provides integrated traffic system market statistics, including integrated traffic system industry global market size, regional shares, competitors with an integrated traffic system market share, detailed integrated traffic system market segments, market trends and opportunities, and any further data you may need to thrive in the integrated traffic system industry. This integrated traffic system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The integrated traffic system market consists of revenues earned by entities by providing services such as traffic surveillance, traffic signal control, incident detection, and management. The market value includes the value of related goods sold by the service provider or included within the service offering. The integrated traffic system market also includes sales of intelligent transportation systems, traffic control devices, and traffic data collection and analysis tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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