Market Size of Integrated Traffic System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Integrated Traffic System Market Analysis
The Integrated Traffic Systems Market anticipated to register a CAGR of about 13%, during the forecast period (2020 - 2025).
- The factors that are driving growth in the market are growing urbanization, rising traffic because of a greater number of vehicles and the increasing awareness about road safety. The primary purpose of the integrated traffic system is to strategically manage traffic in order to ease congestion, cut travel time, and in turn, manage millions of people living, working or visiting in cities.
- Various economies are dealing with growing traffic concerns and are deploying new systems that integrate communication and electronic technologies. Improved and better access to transportation is projected to augment the deployment of Integrated Traffic Systems over the forecast period.
- Governments around the world are spending heavily on developing their nation's big as smart cities. Transportation is a major factor for smart cities and hence traffic system market will grow further with the increase in smart city projects. In India there are 100 smart city projects and the government is coming up with the second version of the initiative in which other cities will also be included. All these factors are expected to drive the market growth.
