17 March 2021
Visiongain has published a new report on Integrated Traffic Systems Market Report to 2031: Forecasts by Function (Traffic Monitoring & Control and Information Gathering) By Hardware Type (Display Boards, Surveillance Cameras, Traffic Lights, Interface Boards) By Services (Deployment & Integration and Maintenance) By Sensor Type (Infrared, Weigh-in Motion, and Acoustic Sensors). PLUS Profiles of Leading Integrated Traffic Systems Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Integrated Traffic Systems market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies.
COVID-19 Impact on Integrated Traffic Systems Market
COVID-19 negatively impacted the Integrated Traffic Systems market due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for Integrated Traffic Systems. The lockdown which was imposed across major cities of most of the countries led to postponement or cancellation of new projects related to digitization of traffic systems. However, with the resumption of economic activities the demand has begun to recover and is expected to recover to pre-COVID levels in near-term, about which our report offers detailed insights.
The growth of integrated traffic systems market is anticipated to grow owing to increasing urbanization and car ownership especially in developing regions with high population. Increasing governments towards driver, pedestrian and public safety is also expected to lead to increased demand for integrated traffic system products. This is further supported by regulatory frameworks and government policies that aim at better traffic monitoring, traffic infrastructure, and increased safety.
Increasing smart city initiatives in both developed and developing nations is anticipated to offer significant untapped opportunities to the players in the integrated traffic systems market. The market also offers opportunities through public-private partnerships by nations to work on such mega projects. In terms of region, Asia Pacific, which is witnessing significant upsurge in car ownership due to increased consumer spending, will act as a major area of opportunity for the integrated traffic system companies.
Some of the company’s profiled in this report include Citilog, Cubic Corporation, EFKON India, imtac, Intelvision Technologies, Iteris, Inc., Nuance Communications, Inc., Savari, Inc., Thales Group, Sumitono Electric. Additional companies’ active in the market includes TransCore, Siemens AG, Cisco, LG CNS, SWARCO, Kapsch Trafficcom, Iteris, Jenoptik, FLIR and Others.
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