CHICAGO, April 23, 2019 /PRNewswire/ -- According to the new market research report "Integrated Traffic Systems Market by Function (traffic monitoring, traffic control, information Provision), Sensors, Hardware Type (display boards, sensors, radars, interface boards, surveillance cameras), and Region - Global Forecast to 2025", published by MarketsandMarkets, the global Integrated Traffic Systems Market is projected to grow from USD 22.7 billion in 2019 to USD 37.5 billion by 2025, at a CAGR of 8.7%. Increasing urbanization across the globe is estimated to drive the Integrated Traffic Systems Market.
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57 - Tables
42 - Figures
130 - Pages
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Traffic monitoring, by function, is estimated to hold the largest market share during the forecast period
Traffic monitoring is the first step to identify the pattern of traffic to choose an optimum solution for traffic flow. Traffic monitoring consists of many functions such as automatic number plate detection, vehicle detection, and journey time measurement systems. Developing countries such as India and China, are facing rapid urbanization rate which has resulted in continuous monitoring of the traffic to avoid congestion and predict traffic pattern. This is estimated to lead the traffic monitoring segment to the highest market share in the Integrated Traffic Systems Market by 2025.
Sensors are estimated to be the fastest growing hardware, by hardware type, during the forecast period
Sensors are estimated to grow at the highest CAGR in traffic monitoring systems. The highest growth in the sensors market can be attributed to the application of sensors in multiple systems. Sensors are used in traffic management for gathering data and sending traffic safety warnings. Sensors play a pivotal role in controlling and managing a city's traffic. Further, they help in providing driving assistance.
The growing demand for traffic monitoring and traffic control to increase the average speed of the traffic is propelling the demand for sensors. Moreover, the advent of connected technologies in traffic systems will act as a catalyst to the growth of the sensors market in the future.
Europe to be the largest Integrated Traffic Systems Market
The European integrated systems market is estimated to be the largest in 2019. The significant increase in the volume of vehicular traffic over the last couple of decades and the inability of existing transport infrastructure to support the same is estimated to drive the demand for integrated traffic systems. Additinally, developed countries such the UK and Germany with a stringent focus on road safety will further drive the market.
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Some of the key players in the Integrated Traffic Systems Market are Kapsch TrafficCom (Austria), Cubic (US), Swarco (Austria), Siemens (Germany), and Iteris (US).
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