Market Trends of Integrated Traffic System Industry
This section covers the major market trends shaping the Integrated Traffic System Market according to our research experts:
Surveillance Camera is Expected to be the Largest Segment
The main factors driving the growth in the market for surveillance camera are its requirement to keep real time tracking in every direction on the road, facilitating the identification of traffic violators for reducing accidents and managing traffic more efficiently. Surveillance cameras are exposed to weather and hence can get damaged due to natural and human causes, so they are supposed to be changed and this creates additional demand for the segment. For instance, In April 2019, Sensys Gatso Australia, the company has received a contract extension to the value of USD 5 million (AUSD7million) for the supply of mobile camera systems and services to the Government of the State of Victoria. These types of developments are poised to help the market witness a growth over the forecast period
Asia-Pacific is Expected to be the Market Leader
The Asia Pacific integrated traffic systems market is estimated to grow at a high CAGR during the forecast period. The growth of the Asia Pacific region is due to increased urbanization and vehicle sales in the region in the last two decades. The region accounts for almost 60% of the world's population and the vehicle sales on the region is expected to grow at a considerable pace, which is because of the growing industrialization and development activities in the region. With the increase in population and number of vehicles on road, various problems arise in controlling the traffic. For this purpose, the government in the region is spending heavily in installing technologically advanced products so that such cases can be reduced, and violators can be punished. For instance, in May 2019, the Noida police in India installed radar-based cameras that will help in detecting over speeding, signal violation, and other such offenders with 98% accuracy.
