Intelligent Traffic Systems Market Size, Share, Growth, and Industry Growth by Type (Integrated Urban Traffic Control System, Freeway Management System, Electronic Toll Collection (ETC), Advanced Public Transportation System, and Others) By Application (Urban Traffic, Inter-urban, Parking Management, Info-mobility, Public Transport, and Freeway) Regional Forecast To 2028

REPORT OVERVIEW

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The global intelligent traffic systems market size is estimated to be USD 29.820 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with intelligent traffic systems experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 37.210 billion by 2028, exhibiting a CAGR of 3.8% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Intelligent traffic systems are advanced applications to provide innovative services regarding traffic management. An increase in the use of transport networks is predicted to expand market growth.

Increasing number of vehicles and lack of transportation infrastructure is probable to expand market growth. Rising adoption of artificial intelligence (AI) is anticipated to surge market growth. High need to reduce traffic globally is expected to boost system adoption. Government initiatives for road safety are anticipated to accelerate market progress. Increasing demand for better transportation services is predicted to expand market growth. Funding by the respective governments for designing, planning, and implementing ITS is projected to surge market expansion. However, the financial crisis in some countries of the world is expected to intelligent traffic systems market growth to some extent.

COVID-19 Impact: Lockdown Restrictions to Impact Financial Growth of the Market

An outbreak of the COVID-19 pandemic obstructed financial rate of several businesses. Lockdown and curfews created uncertainty in the market, such as a decline in business, supply chain, and growing panic among customers. Transportation prohibition and shutdown of manufacturing units impacted market growth.

On the contrary, increased demand for biometrics, integrated implementation of contactless and mobile payments, and sensor-based technology are anticipated to surge market growth.

LATEST TRENDS

"Advancements in AI (Artificial Intelligence) and VR Virtual Reality) to Surge Market Growth"

Growing adoption of AI (artificial intelligence) and VR (virtual reality) are anticipated to accelerate market growth. High need to enhance transportation networks is predicted to surge market growth. Adoption of AI and VR will provide traffic management solution. Further, AI offers to create changes in the modeling of the system. The technology has the potential to develop visualization and display for motor transit. The system provides vehicle speed detection, accurate object detection for plates, parking spot detection, vehicle speed detection, and pedestrian violations. Such advantages of the technology are anticipated to accelerate market growth during the forecast period. These systems help to reduce air pollution, congestion, and delays. Such factors are predicted to expand market growth. Increase in disposable income and upcoming smart city projects are anticipated to surge system adoption.

SEGMENTATION

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• By Type

Based on type, the market is divided into Integrated, freeway management system, urban traffic control system, electronic toll collection (ETC), advanced public transportation system, and others.

Urban traffic control system is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into, inter-urban, info-mobility, parking management, urban traffic public transport, and freeway.

Urban traffic is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Government Investments for Traffic Management to Accelerate Market Growth"

An increase in government investment to manage traffic across the globe is anticipated to accelerate market growth. Several governments are designing, planning, and implementing ITS predicated on surging market growth. An increase in collaboration between government and private sector to minimize traffic congestion is anticipated to accelerate market growth. Rapid industrialization and urbanization are predicted to expand market growth. Increase in private-public partnerships in several domains is expected to accelerate market progress. Growing importance of environmental conservation coupled with the adoption of eco-friendly automobile technology is anticipated to expand market growth in the coming years. High demand for public safety and convenience is projected to drive market progress. Increase adoption of road transportation as an excellent means of communication for day to day life activities. Therefore, these factors are anticipated to foster intelligent traffic systems market growth.

"Increasing Road Traffics and Growing Number of Vehicles to Fuel Market Progress"

Increase in road traffic congestion is estimated to surge market growth. Growing number of vehicles across the world is anticipated to accelerate market growth. Further, the lack of transportation infrastructure and high demand for an improved solution is expected to accelerate market progress. Growing demand for road safety and adoption of intelligent solutions is predicted to expand intelligent traffic systems market progress. High demand for effective traffic management is anticipated to accelerate system adoption in the upcoming years. Growing single occupancy vehicles and high demand to control carbon and NOX emission during signals. These factors are expected to accelerate market growth.

RESTRAINING FACTORS

A financial crisis in some countries of the world is anticipated to market growth to some extent. High installation cost of the system is projected to restrict market progress in the upcoming years.

REGIONAL INSIGHTS

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"Increase Awareness about Benefits of System in Asia Pacific to Drive Market Share "

Asia Pacific is anticipated to account largest intelligent traffic systems market share owing to a perfect solution for various issues such as air pollution, traffic congestion, greenhouse gas emission, and road accidents in the region. The increasing need to reduce traffic globally is projected to boost system adoption. Government initiatives for road safety are anticipated to accelerate market progress. Increasing demand for better transportation services is predicted to expand intelligent traffic systems market growth. Funding by the respective governments for designing, planning, and implementing ITS is projected to surge market expansion. Presence of key players is predicted to fuel market growth in the upcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Kapsch TrafficCom (Austria)
• SWARCO (Austria)
• Siemens (Germany)
• TomTom (Netherlands) 
• THALES (France)
• IBM (U.S.)
• Cubic (U.K.)
• Fujitsu (Japan)
• Q-Free (Norway) 
• Imtech (India)
• Kyosan Electric (Japan)
• SICE (Australia)
• Iteris (U.S.)
• Peek traffic (U.S.) 
• E-Hualu (China)
• China ITS (Holdings) (China)
• ENJOYOR (China)
• Datang Telecom (China)
• Wantong Technology (China) 
• Hisense TransTech (China)
• China Shipping Network Technology (China)
• Dahua Technology (China)
• HIKVISION (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.