Adaptive Traffic Control System Market
Adaptive Traffic Control System Market (Component: Hardware [Infrastructure], Software, and Service [Consulting Services, Integration & Implementation, and Support & Maintenance]; Type: SCATS, SCOOT, RHODES, ACS-Lite, OPAC, and Other Systems; and Application: Urban [Cities] and Highways) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Rise in Traffic Congestion and Number of Accidents in Cities to Fuel Demand
The infrastructure development has emerged as one of the primary agendas for governments in several developing and underdeveloped regions. While developed regions continue to leverage new technologies to shape the growth of the futuristic urban towns and cities, the emphasis on the development of smart cities and urban planning systems has witnessed considerable growth in recent years. Moreover, governments around the world are expected to focus on the development of infrastructure that compliments vehicular network– a key parameter that has a strong influence on the success of a smart city.
Municipalities around the world are increasingly seeking novel ways to minimize traffic and on-road congestion by implementing intelligent transportation systems, including adaptive traffic control systems– a factor that is expected to fuel the growth of the global adaptive traffic control system market during the forecast period. A number of players operating in the current adaptive traffic control system market is focusing on designing adaptive traffic control systems that support a range of smart city transportation applications, such as public transport signal priority (TSP), eco-driving supporting, message broadcasting, smart traffic signal control (STSC), and emergency vehicle signal preemption (EVSP). This is another factor that is expected to bolster the global adaptive traffic control system market in the upcoming years.
At the back of these factors, along with consistent progress made by sensor technology, artificial intelligence (AI), and machine learning, the global adaptive traffic control system market is on the course to surpass the market value of US$ 21.9 Bn by the end of 2030.
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Market Players Focus on Tackling Clogged Roads; Uptake of Adaptive Traffic Control Systems Rising
With exponential rise in the global population coupled with the swelling number of automobiles worldwide, clogged roads, humongous trails of vehicles, and congested roads continue to pose as a major problem for the stakeholders involved in the urban planning space. Governments and municipality corporations in various regions of the world are seeking new ways to respond to the rising number of road accidents and tackling road congestion due to which, adaptive traffic control systems have attracted considerable interest in recent years as a viable alternative to address the existing set of challenges.
Players involved in the current adaptive traffic control system market landscape are increasingly focusing on integrating the recently developed communication technologies with the cutting-edge artificial intelligence (AI) technology to increase the adoption of adaptive traffic control systems. Although a large share of the global population have pinned their hopes on self-driving cars to solve existing problems related to traffic and road congestion, the technology is likely to make a noteworthy impact after a couple of decades, which leaves enough room for immediate improvement. The recent progress in traffic control techniques have led to the formation of flexible control strategies that offer immense promise in an adaptive traffic control system– a factor that is anticipated to drive the adaptive traffic control system market during the assessment period.
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COVID-19 Pandemic to Hinder Market Growth
The outbreak of the COVID-19 pandemic is expected to hinder the growth of the global adaptive traffic control system market in 2020. While governments around the world continue to focus on addressing the challenges linked with the COVID-19 pandemic, investments toward infrastructure development projects are anticipated to remain low worldwide. Moreover, due to stringent lockdown measures and temporary shutdown of industries in the first two quarters of 2020, the supply chain of raw materials has been largely affected due to which, the delivery of various components and completion of adaptive traffic control system projects have been delayed.
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The global adaptive traffic control system market is expected to expand at an impressive CAGR of ~18% during the forecast period. The market growth can be primarily attributed to factors, including surge in the number of vehicles in urban cities, increase in problems related to traffic congestion, rise in the number of road accidents worldwide, and growth in usage of novel technologies, including artificial intelligence and machine learning. Market players should focus on addressing supply chain issues put forth by the COVID-19 pandemic and tap into opportunities in developing regions of the world to strengthen their position in the market.
Adaptive Traffic Control System Market: Overview
- According to a latest research report on the global adaptive traffic control system market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2020–2030, growing government initiatives for deployment of smart traffic technologies, and integration of artificial intelligence and machine learning in the transportation sector are expected to boost the global adaptive traffic control system market during the forecast period
- Technologies continue to emerge, and advanced traffic management systems offering high productivity and enhanced performance are expected to keep developing, which is expected to fuel the growth of the adaptive traffic control system market
- In terms of revenue, the global adaptive traffic control system market is estimated to exceed value of US$ 21.9 Bn by 2030, expanding at a CAGR of ~18% during the forecast period
Growing Government Initiatives for Deployment of Smart Traffic Technologies: A Key Driver
- Governments of numerous countries across the globe are actively engaged in the deployment of smart traffic management systems such as adaptive traffic control systems due to their many benefits. Adaptive traffic control systems smoothen traffic flow by reducing traffic congestion, and reducing excess fuel consumption, pollution levels, and delays across cities, by prioritizing traffic and distributing green light time equitably in accordance with real time traffic information. As per Texas Transportation Institute, the cost of traffic congestion is US$ 87.2 Bn in wasted fuel and lost productivity. This translates to US$ 750 per traveler. Adaptive traffic signal control technologies improve travel time by more than 10%.
- In 2020, Asfinag, the Austrian public roads operator selected Siemens Mobility to provide the technology for an intelligent traffic management system that provides a real-time scenario of exchange of safety information between vehicles and the road
- Thus, increasing government initiatives for successful traffic management and significant investments under smart traffic management initiatives are expected to fuel the growth of the adaptive traffic control system market
- However, limited budgets allocated to the traffic industry remains a critical issue. The high cost of hardware, along with lack of expertise in configuring and maintaining the system are major factors expected to hinder the growth of the adaptive traffic control system market during the forecast period. Installation of advanced traffic management systems may lead to interference in the privacy of citizens. Citizens are highly concerned about their privacy since traffic monitoring efforts lead to the capturing of their daily movements.
- Efforts related to the assurance of privacy through anonymity can mitigate this issue. However, until a proper solution is not worked out, privacy will continue to thwart the market growth of adaptive traffic control systems.
Advancements in Technology in Transportation Sector
- Rising adoption of advanced technology by players has resulted in the development of advanced traffic control system equipment as well as software to provide better capabilities and highly improved performances
- Technologies integrated in the adaptive traffic control system include artificial intelligence, machine learning, wireless charging sensors, weather monitoring solutions, ITS for connected vehicles, IoT-based ITS, and IoT for autonomous vehicles, among others
Adaptive Traffic Control System Market: Competition Landscape
- Detailed profiles of providers of adaptive traffic control systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global adaptive traffic control system market are
- IBM Corporation
- Siemens AG
- Atkins Group (SNC-Lavalin Group Inc.)
- Johnson Controls
- TransCore Atlantic LLC
- Swarco Holding
- Kapsch TrafficCom AG
- Cubic Corporation
- Aldridge Traffic Controllers Pty Limited
- Analog & Digital Labs,
- CMS Computers Limited
- IntelliVision (Nortek Security & Control LLC.)
- EFKON India Private Limited
- Digicon S/A
- Efftronics Systems Pvt. Ltd.
- Onnyx Electronisys Pvt. Ltd.
- SOCIEDAD IBÉRICA DE CONSTRUCCIONES ELÉCTRICAS, S.A.
Adaptive Traffic Control System Market: Key Developments
- Key providers of adaptive traffic control systems, such as Siemens AG, Kapsch TrafficCom AG, Cubic Corporation, and EFKON India Private Limited are focusing on the development of cost-effective adaptive traffic control systems to attract more customers. Additionally, players active in providing adaptive traffic control systems are focusing on inorganic growth strategies such as strategic collaborations and mergers & acquisitions activities with technology partners to improve their offerings and market reach in the adaptive traffic control system market.
- Some other key developments in the global adaptive traffic control system market are highlighted below:
- In October 2020, Siemens AG planned to acquire Aldridge Traffic Controllers (ATC), an Australia-based provider of adaptive traffic control systems
- In July 2019, Cubic’s Trafficware launched the next-generation traffic signal controller software - SCOUT
- In 2018, Efftronics Systems Pvt. Ltd. installed its adaptive traffic control system (ATCS) in Gandhinagar, Gujarat, India, to optimize traffic based on live traffic demand
- In the global adaptive traffic control system market report, we have discussed individual strategies, followed by company profiles of providers of adaptive traffic control system. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global adaptive traffic control system market.
Adaptive Traffic Control System Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global adaptive traffic control system market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the adaptive traffic control system market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the adaptive traffic control system market is expected to progress during the forecast period of 2020-2030.
The report offers intricate dynamics about the different aspects of the adaptive traffic control system market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the adaptive traffic control system market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the adaptive traffic control system market, and estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the adaptive traffic control system market, along with country analysis, key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the adaptive traffic control system market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Adaptive Traffic Control System Market
The report provides detailed information about the adaptive traffic control system market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the adaptive traffic control system market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for adaptive traffic control system market players?
- Which factors will induce a change in demand for adaptive traffic control systems during the assessment period?
- How will changing trends impact the adaptive traffic control system market?
- How will COVID-19 impact the adaptive traffic control system market?
- How can market players capture low-hanging opportunities in the adaptive traffic control system market in developed regions?
- Which companies are leading the adaptive traffic control system market?
- What are the winning strategies of stakeholders in the adaptive traffic control system market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the adaptive traffic control system market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the adaptive traffic control system market?
Research Methodology – Adaptive Traffic Control System Market
The research methodology adopted by analysts to compile the adaptive traffic control system market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the adaptive traffic control system market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the adaptive traffic control system market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the adaptive traffic control system market.
Adaptive Traffic Control System Market – Segmentation
TMR’s research study assesses the adaptive traffic control system market on the basis of component, type, application, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the adaptive traffic control system market.