Intelligent Traffic Systems Market - Introduction
- Traditional traffic signals are programmed as per historical traffic records and data that are unable to adjust signal timing during irregular traffic events such as construction and accidents. Intelligent traffic systems help to improve the traffic flow, traffic management, and tunnel management services.
- Companies are providing digital solutions, integrating with artificial intelligence to enhance smart intersections, intelligent traffic management, and road services. Intelligent traffic systems allows authorities to centralized traffic monitoring access to congestion monitoring on traffic areas.
- Solution providers offer surveillance cameras, wireless networks, and connected streetlights to improve the existing traffic management infrastructure. Intelligent traffic management systems are majorly adopted by smart cities to increase the efficiency of traffic flow and to reduce the travel time of vehicles. This system also helps to differentiate between vehicle types, pedestrians, and cyclists.
- Smart streetlights and signals can be reprogrammed as per vehicle count and traffic flows that helps to improve the traffic flow at different time and condition.
Request a sample to get extensive insights into the Intelligent Traffic Systems Market
Key Drivers of the Intelligent Traffic Systems Market
- Increasing investment in smart cities by governments to provide advanced traffic management systems for increasing the efficiency of traffic flow management is expected to drive the intelligent traffic systems market.
- Increasing demand for AI based smart traffic solutions is expected to boost the demand for intelligent traffic systems among companies.
- Governments increasing the adoption of advanced technologies for resource management and to enhance the efficiency of existing infrastructure is expected to offer significant revenue opportunities to providers of intelligent traffic systems.
Lack of skilled professionals for project implementation expected to hinder the intelligent traffic systems market
- Lack of skilled professionals in governments to implement the right combination of solutions for smart traffic management, restrains the growth of the intelligent traffic systems market
- Governments appoint third-party service providers to manage the implementation process of smart solutions in traffic that adds to the overall cost of the project. This, in turn, is expected to hamper the intelligent traffic systems market.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Impact of COVID-19 on the Global Intelligent Traffic Systems Market
- Governments are temporarily holding the investment in construction and development, and investing more in healthcare sectors to provide the necessary services during the COVID-19 pandemic conditions. The ever-increasing threat of COVID-19 is projected to decrease the demand for intelligent traffic system solutions and services during the next few years.
North America to Hold Major Share of the Global Intelligent Traffic Systems Market
- North America holds prominent share of the global intelligent traffic systems market due to the growing adoption of advanced technologies to manage the ever-increasing traffic in major cities as well for improving the traffic in tunnels, airways, and marine traffic.
- The intelligent traffic systems market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to the increasing adoption of smart solutions among existing infrastructure and increasing government initiatives for smart cities in China and India.
Key Players Operating in the Global Intelligent Traffic Systems Market
- Siemens AG
Siemens AG is a technology company that provides solutions in the field of electrification, automation, and digitalization. The company primarily operates through nine business segments that include power & gas, energy management, building technologies, mobility, intelligent traffic systems, digital factory, process industries & drives, Healthineers, Siemens Gamesa Renewable Energy, and financial services (SFS).
- FLIR Systems, Inc.
FLIR Systems, Inc. is a global provider of imaging sensors, thermal imaging cameras, and advanced threat detection systems. The company offers a wide range of solutions in automotive, industrial, marine, smart cities, public safety, professional trades, and security.
Other key players operating in the global intelligent traffic systems market include Kapsch TrafficCom AG, WSP Global Inc., Stantec Inc., TomTom International BV, Cubic Corporation, EFKON GmbH, and Indra Sistemas, S.A.
Global Intelligent Traffic Systems Market: Research Scope
Global Intelligent Traffic Systems Market, by Component
- Integration and Implementation
- Support and Maintenance
Global Intelligent Traffic Systems Market, by Application
- Intelligent Traffic Control
- Passenger Information Management
- Emergency Vehicle Notification
- Fleet Management and Asset Monitoring
- Collision Avoidance
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.