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Integrated Smart Traffic Management System Market: Current Analysis and Forecast (2020-2026): Emphasis on Offerings (Traffic Monitoring, Traffic Control, Information Provision), Service Type (Deployment and Integration, Training & Consulting, Support and Maintenance), Hardware (Display Boards, Sensors, Surveillance Cameras, Smart Traffic Lights, Interface Boards, Others), Application Type (Freeway Management, Electronic Toll Collection, Tunnel Management, Road Safety & Security, Parking Management, Others) and Region/Country

Integrated Smart Traffic Management System Market
Cities have been witnessing a rapid increase in vehicular population, especially personal transport, in the recent past. Given the constraints in increasing roadway widths, this increase in vehicles has resulted in a drastic drop in levels of service on urban roads, with average speeds, in certain cities, dropping to below 10 kmph in peak traffic conditions. The problem is compounded owing to the fact that traffic control mechanisms are typically sub-optimal employing either fixed-time signal control or manual control. In today’s context, a road user would also like to have real time information of traffic on alternate routes so that they could make an informed choice on the route to take. Urban traffic congestion has a number of adverse impacts, namely,
• Low road network speeds
• Higher travel times
• Increased cost of travel
• Increased energy consumption
• Increased pollution (both, noise and air)
• Decline in human productivity
• Decrease in competitiveness of the city
• Decline in quality of life

In the current context of smart city, specifically in the industrial and market zones, the traffic scenario is very congested most of the time particularly at the peak time of business hours. Due to increasing growth of population and vehicles in smart and metropolitan cities people face lot of problem at the major traffic points of the business towns. Not only it causes travelling delays, it also contributes to environmental pollution as well as health hazards due to pollution caused by vehicle fuels.

To keep away from such severe issues many radiant urban communities are right now implementing integrated smart traffic control frameworks that work on the standards of traffic automation with prevention of the previously mentioned issues. The fundamental concept lies in collection of traffic congestion information quickly and passing the alternate strategy to vehicles as well as passengers with on-line traffic information system and effectively applying it to specific traffic stream.

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Fundamental features of designing a smart traffic control system consist of linking traffic signals and traffic control centers with Geographic Information System (GIS) enabled digital road map of the town using intelligent computational power of data analytics as a key module. In this context, the basic challenge lies in usage of real time analytics on online traffic information and correctly applying it to some basic traffic flow.

Data analytics tools takes data from the Traffic Management System and using GIS mapping under real time support they provide useful information to the drivers in the vehicles and help reducing the traffic congestion. Additionally, basic tourist information such as visiting places, parking area and distance are also projected in real time basis on large digital screens installed at city centers entrance points to guide the drivers towards their destination.

This helps to save fuel and finally to save a lot of time spent in searching various visiting places. The smart living style in metro cities is also fulfilled as the environment becomes pollution free and more hygienic.

Increasing traffic congestion coupled with improved technology, funding constraints, and increasing environmental consciousness has provided an impetus to develop cost effective systems aimed at improving the efficiency and effectiveness of the transportation system. Integrated smart traffic control systems include a wide range of diverse technologies, including information processing, communications, control, and electronics. Further, supplementing the growth of integrated traffic control systems market.

• Based on the offering segment, integrated traffic control systems market has been segmented into traffic monitoring, traffic control and information provision. Traffic monitoring was the largest revenue-generating segment in 2018, with a revenue share of 43.8%. However, the traffic control segment is expected to witness the highest CAGR of 13.97% during the forecast period 2020-2026.

• Based on services segment, integrated traffic control systems market has been segmented into deployment & integration, training & consulting and support & maintenance. Deployment & integration was the largest revenue-generating segment in 2018, with a revenue share of 42.2%. However, support & maintenance segment is expected to witness the highest CAGR of 14.05% during the forecast period 2020-2026.

• Based on the hardware segment, integrated traffic control systems market has been segmented into display boards, sensors, surveillance cameras, smart traffic lights, interface boards and others. Surveillance camera was the largest revenue-generating segment in 2018, with a revenue share of 39.2%. However, the smart traffic light segment is expected to witness the highest CAGR of 15.5% during the forecast period 2020-2026.

• Based on the application segment, integrated traffic control systems market has been segmented into freeway management, electronic toll collection, tunnel management, road safety & security, parking management and others. Electronic toll collection was the largest revenue-generating segment in 2018, with a revenue share of 42.7%. However, freeway management segment is expected to witness the highest CAGR of 14.9% during the forecast period 2020-2026.

• Regionally, North America dominated the market with a 39.2% share. North America is expected to generate revenue of US$ 10.6 billion by 2026.
However, Asia-Pacific is expected to witness the highest CAGR of 14.4% during the forecast period 2020-2026.

Integrated smart traffic control systems market comprises of integrated traffic control system manufacturers, technology providers, value added resellers (VRAs), and service providers. As the concept is innovative and emerging, each player is trying their best to dominate the marketplace. The success of integrated smart control systems will likely change the way people commute and public-transportation dynamics at a fundamental level as it offers lower mobility costs, greater convenience and increased productivity as they free occupants from driving.

Some of the key players operating in autonomous vehicle or Robo-taxi market include Siemens AG, Kapsch TrafficCom AG, Cisco Systems, Inc., Swarco Mizar SRL, TomTom International BV, Thales Group, Cubic Corporation, IBM Corporation, EFKON GmbH, Iteris, Inc. are among others. These players are working endlessly to offer safe, comfortable and efficient traffic management system and sustainable mobility service across the globe.

The Global Integrated Smart Traffic Control Systems Market generated revenue of US$ 11 billion in 2089. The industry is expected to witness CAGR growth of 13.26% during the forecast period 2020-2026, to reach a market size of US$ 29.6 billion by 2026. North America dominated the market in 2019 and is expected to maintain its dominance throughout the analysed period.

However, Asia-Pacific owing to increasing urban population and road traffic congestion, is expected to witness remarkable growth during the same period.

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