Global Adaptive Traffic Control System Market Overview
The key driver impacting the adaptive traffic control system market is the rise in traffic congestion and the number of cities' accidents. For instance, According to the association of safe international road travel, road traffic is the 9th leading cause of death and responsible for 2.2% of death across the world annually. Around 90% of all road fatalities occur in low and middle-income countries, as it has less than half of the world's vehicles. As per India's transport report in India, traffic fatalities have increased by around 6% to 8% every year since 2000. It is estimated that total passenger traffic is anticipated to grow by 15%, whereas in 2031-32, growth in road traffic is expected to be 15.4%, and thus it will grow by the factor of 16% in the coming year, which is 7% to 8% in the previous years that is 2014. Moreover, municipalities globally are increasingly seeking novel ways to minimize traffic and on-road congestion by implementing intelligent transportation systems, including adaptive traffic control systems is estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global adaptive traffic control system market size was valued at USD xxx in 2020 and is anticipated to grow at a CAGR of about 18% during the forecast period of 2021 to 2027.
The rapid urbanization and government investment in smart transportation are estimated to augment adaptive traffic control system demand in the forecast period. however, the high installation cost may hamper the global adaptive traffic control system market in the long run. also, the lack of standardized and uniform technologies negatively impacts market growth. the current industry trends, such as the penetration of analytics in traffic management network systems and the advent of IoT and sensor technologies in traffic management, are expected to provide market players with several market opportunities.
The adaptive traffic control system market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. For instance, In October 2020, siemens AG had planned to acquire an Australia-based provider of adaptive traffic control systems named Aldridge Traffic Controllers (ATC). The known players included in the report are IBM Corporation, Atkins Group (SNC-Lavalin Group Inc., Siemens AG, TransCore Atlantic LLC, Kapsch TrafficCom AG, Aldridge Traffic Controllers Pty Limited, CMS Computers Limited, EFKON India Private Limited, Johnson Controls, Swarco Holding, Cubic Corporation, Analog & Digital Labs, IntelliVision (Nortek Security & Control LLC.), Digicon S/A, SOCIEDAD IBÉRICA DE CONSTRUCCIONES ELÉCTRICAS, S.A, Efftronics Systems Pvt. Ltd., and Onnyx Electronisys Pvt. Ltd.
In this research report, the adaptive traffic control system market is segmented by component, application, and region.
Analysis by component:
By component, the report is categorized into hardware (infrastructure), software, and service. Hardware and software together dominate the component segment with over 60% share in 2020. It is due to the increasing adoption of advanced technology by players that have resulted in the creation of advanced traffic control system equipment and software to offer enhanced capabilities and highly improved performances. Moreover, the growing deployment of surveillance cameras helps perform traffic management-related activities, such as monitoring traffic flow and recognized violations is contributing to the high demand for the adaptive traffic control system in the forecast period.
Analysis by Application:
By applications, the report is categorized Urban (Cities) and Highways. The urban cities segment dominates the application segment with over 60% share in 2020. It is due to growing traffic congestion and accidents caused due to traffic in urban areas. Moreover, the growing adoption of vehicle connectivity and automation solutions drives the demand from Urban (Cities) in the forecast period.
Analysis by Region:
In the regional outlook of the global adaptive traffic control system market, the North America region dominates with a 30% market share during the forecast period. Several traffic management projects are happening in the region, such as Johnson County Gateway Interchange Project Kansas, US; and Johnson County Gateway Interchange Project Kansas, the U.S. are the critical factor driving regional growth. Moreover, the growing advancements in Information and Communication Technology (ICT) are also adding growth to the regional market. Moreover, early adoption of technology and growing smart parking projects in Canada, such as Smart Parking Project Montreal, Canada, contribute to the development of the adaptive traffic control system market across North America.
Market Segmentation covered in the Report:
- Hardware (Infrastructure)
- Consulting Services
- Integration & Implementation
- Support & Maintenance
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.