Global Integrated Traffic Systems Market was valued at US$ 20.1Bn in 2017 and is expected to reach US$ 39.2Bn by 2026, at a CAGR of 8.71% during a forecast period.
Integrated traffic systems (ITS) is a combination of information technology & communication with transportation infrastructure, which improves passenger safety and enhances the competence of the total transport process. Adoption of competent transportation systems is likely to reduce the number of road accidents and travel time. Several economies are dealing with growing traffic concerns and are deploying new solutions that integrate communication and electronic technologies. Improved mobility for freight and customers and better access to transportation are expected to augment the deployment of integrated traffic systems during the forecast period. A traffic management system is defined as an IT solution that facilitates vehicular traffic and increases the safety and security of passengers. It collects data from sources, for instance, traffic control centers, CCTV cameras, and road sensors. The collected data is then processed to abstract actionable insights from it. The information is transferred to passengers, police stations, traffic control agencies. However, High initial installation cost for traffic management systems which includes CCTV cameras amongst others are hindering the growth of the market. The traffic control segment is dominating the market for integrated traffic systems. Owing to, increasing traffic and growing population in urban areas have boosted the demand for smooth and congestion-free travel from customers and governments. Also, vehicle ownership ratio has increased significantly across the world, which has led to a growing demand for traffic control functions. Because of the limited availability of land, usage of current road infrastructure needs to be optimum. In terms of region, the Asia Pacific market is expected to exhibit highest CAGR over the forecast period and this is owing to increasing urbanization and growing initiatives for better traffic management in the developing economies such as India and China. Additionally, supportive