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Integrated Traffic System Market Trends, Top Companies, Share, Growth And Forecast 2033
Integrated Traffic System Market Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to urbanization leading to increased congestion in cities, growing global population and vehicle ownership, expansion of smart city initiatives, government investments in transportation infrastructure, increasing concerns over 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 growth in the forecast period can be attributed to continued urbanization and population growth, accelerated adoption of electric vehicles, expansion of smart city initiatives globally, increasing investments in infrastructure development in emerging economies, Emphasis on sustainability and reducing emissions. Major trends in the forecast period include AI and machine learning integration, integration of IoT, real-time data analytics, innovation in sensor, surveillance technologies.
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Market Drivers and Trends:
The rising global traffic congestion and jams are expected to propel the growth of the integrated traffic system market going forward. Traffic congestion refers to the condition where vehicles on a road network experience delays due to excessive volume, resulting in slower speeds and longer travel times. Traffic congestion and jams are primarily caused by high traffic volumes exceeding road capacity, often due to population growth, urbanization, and increased economic activity. Integrated traffic systems (ITS) are advanced technological solutions designed to manage and optimize traffic flow by leveraging real-time data, communication technologies, and automated controls to improve the efficiency of road networks. For instance, according to the 2022 urban congestion trend report published by the Federal Highway Administration, a US-based government agency, the travel time index (average congestion) increased 3 points from 1.19 in 2021 to 1.21 in 2022. Additionally, drivers in New York City lost an average of 101 hours to traffic jams in 2023, resulting in economic losses exceeding $9.1 billion due to wasted time. Therefore, rising global traffic congestion and traffic jams will drive the growth of the integrated traffic system market.
Major companies operating in the integrated traffic system market are focusing on AI and machine learning integrated traffic insight monitoring sensors to optimize traffic management algorithms and improve decision-making processes. A traffic insight monitoring sensor is a device that collects real-time data on traffic conditions, including vehicle counts, speeds, and congestion levels, to provide actionable insights for traffic management and planning. For instance, in February 2023, Bitsensing, a South Korean-based imaging radar company, launched TIMOS (Traffic Insight Monitoring Sensor), a pioneering solution in smart traffic infrastructure. The NVIDIA Jetson platform powers it; TIMOS represents the first intelligent transport system radar with edge AI computing, surpassing traditional traffic systems by offering unprecedented insights for traffic management. This all-in-one device delivers accurate real-time data on traffic statistics, incidents, violations, and estimated time of arrival (ETA), optimizing resource efficiency and cost-effectiveness through advanced sensor fusion tracking and precise object classification.
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Major Key Players of the Market:
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
Integrated Traffic System Market 2024 Key Insights:
• 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%.
• Market Growth Opportunities In Response To Rising Global Traffic Congestion
• Innovations In AI And Machine Learning Integration For Enhanced Traffic Management
• North America was the largest region in the integrated traffic system market in 2023
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