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Integrated Smart Traffic Control System Market Trends, Emerging Growth, Key Factors, Business Development and Opportunities till 2026

Integrated Smart Traffic Control System market is expected to reach US$ 29.6 billion by 2026, registering a CAGR of 13.3% during the year 2020-2026.

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Jul 31, 2021 (The Expresswire) -- Global Integrated Smart Traffic Control System market is expected to reach US$ 29.6 billion by 2026, registering a CAGR of 13.3% during the year 2020-2026. Integrated Smart Traffic Control Systems use state-of-the-art information and telecommunications technologies to provide transport solutions. This is an interconnected network of people, roads and automobiles, designed to contribute significantly to improving road safety, performance and comfort, as well as preserving the environment through the realization of smoother traffic by relieving congestion. Across the globe, the country's GDP tends to increase, which further increases the demand for items once seen as high-living amenities, including automobiles. The total number of motor vehicles on the planet is an unreliable science but the number is steadily growing. As per the estimates, currently, more than 1.5 billion motor vehicles are plying on the road and is expected to cross 3 billion mark by the year 2040.

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Managing rising traffic is a big problem. The integrated smart traffic control system with the help of new technologies provides a solution to these problems. Today, Congestion is a blight on most major towns and cities, and for some, it’s become a serious drain on the economy. On an estimate Americans spend about 75 billion hours in traffic and that vehicular automation could save US$ 507 billion in productivity, US$ 488 billion in accident reduction, and US$ 138 billion in productivity savings via reduced congestion while a recent study by Location technology specialist TomTom suggests New Delhi spots at 8 [th] place in 2019 at a congestion level of 56% (extra travel time stuck in traffic). On average, Delhiites driving during peak hours spend an additional 190 hours each year, i.e. 7 days, 22 hours in traffic. Hence, to overcome this situation, Pittsburgh City, Pennsylvania is piloting a modern, integrated smart traffic control system with Artificial Intelligence (AI). The groundbreaking system is called Surtrac , which was already implemented at 50 intersections in the city in 2016. Subtrac reduces travel time by 25%, traffic congestions by 40% and CO2 emissions by 20% using its decentralized approach to traffic control in Pittsburgh’s traffic lights.

The report published by UnivDatos Market Insights titled “ Global Integrated Smart Traffic Control System Market ” studied the current and future potential of this sector by understanding and analyzing its different aspects, namely offering, services, hardware and applications for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Based on offering, the global integrated smart traffic control system market is studied as Traffic Monitoring, Traffic Control and Information Provision. In 2019, the Traffic Monitoring segment dominated the market with almost 44%, however, the Traffic Control segment is expected to witness the highest CAGR growth during the forecast period. Based on services, the market is bifurcated into Deployment and Integration, Training and Consulting and Support and Maintenance. The deployment and Integration market is estimated to hold maximum share. For instance, to make traffic management more robust and smarter, the Noida Authority is planning to introduce an Adaptive Traffic Control System (ATCS) that will be able to manage traffic lights by vehicle density on each of the roads at intersections. The supposed budget for this system is INR 25 crore. Based on hardware, the market is segmented into Surveillance Cameras, Display Boards, Smart Traffic Lights, Sensors, Interface Boards and Others. The integrated smart traffic control system market is dominated by Surveillance Camera, accounts for nearly US$ 5 billion while the smart traffic light segment is expected to grow significantly with a CAGR of 15.48% during the forecast period. Based on the application, the market is segmented into Freeway Management, Electronic Toll Collection, Tunnel Management, Road Safety and Security, Parking Management and Others. In 2019, the Electronic Toll Collection System holds a mighty revenue share of 42.7%, followed by Parking Management. However, the freeway management segment is expanding rapidly with a CAGR of 14.88% during the analyzed period.

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Further, to understand the overall penetration of the technology, detailed regional level study has been conducted based on its worldwide adoption in regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. In 2019; North America dominated the market, generating revenue of US$ 6 Billion. Road traffic crashes are among the leading cause of death across the globe for people and the leading cause of non-natural death for healthy citizens. Approximately 1.35 million people are killed each year as a result of road traffic crashes around the world. Also, Road traffic crashes cost 3% to most countries of their gross domestic product. Thus, as the world continues to witness continuous evolution and development, the transportation system is also demanding endless and rapid advances in the performance and efficiency of the vehicles and required infrastructure, including the future of road networks and user sustenance. Improvement in road and automobile infrastructure technology has continued to redefine existing standards and potential opportunities for sustainable transportation and traffic management, which is expected to generate unprecedented opportunities for the integrated smart traffic control system market in the years to come. The report also provides an in-depth company profile of key players including Cisco Systems Inc., Kapsch Traffic Com AG, Thales Group, Iteris, Inc., Cubic Corporation, Siemens AG, EFKON GmbH, Inc., TomTom NV, SWARCO, Inc. and IBM Corporation.

Global Integrated Smart Traffic Control System Market Segmentation

Market Insights, by Offering

  • Traffic Monitoring

  • Traffic Control

  • Information Provision

Market Insights, by Services

  • Deployment and Integration

  • Training and Consulting

  • Support and Maintenance

Market Insights, by Hardware

  • Display Boards

  • Sensors

  • Surveillance Cameras

  • Smart Traffic Lights

  • Interface Boards

  • Others

Download Free Sample of this Report- https://univdatos.com/request_form/form/307

Market Insights, by Application

  • Freeway Management

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