Traffic Solutions Corporation

Sep 19, 2023

News provided by Share this article Share toX DUBLIN, Sept. 18, 2023 /PRNewswire/ -- The global Adaptive Traffic Control System (ATCS) market is set to experience substantial growth, expanding from $5.44 billion in 2022 to an estimated $23.02 billion by 2030, at a remarkable compound annual growth rate (CAGR) of 19.7% from 2023 to 2030. The adoption of artificial intelligence (AI) in traffic control systems is revolutionizing urban transportation worldwide. AI integration promises to alleviate traffic congestion, reduce travel times, and minimize pollution. Additionally, AI-powered systems enable law enforcement agencies to identify traffic rule violators and enforce road traffic discipline effectively. By combining smart traffic management systems with AI and cameras installed at intersections, these systems can detect and identify vehicles disobeying traffic rules, issuing real-time alerts at Central Command Centers and imposing fines on offenders. Furthermore, advanced traffic management systems can predict congestion, survey road conditions, alert emergency services during accidents, and inform drivers about available parking spots. Several governments, recognizing these benefits, are actively implementing AI-based traffic management systems. For instance, the government of India announced plans in March 2023 to implement an AI-powered traffic management system in Goa, enhancing signal management, security, and fine issuance while automatically detecting violations and dispatching e-challans to violators' addresses. The rising adoption of AI-based traffic control systems is expected to drive the growth of the ATCS market. Market Segmentation: 1. By Application: Drivers Increasing Urban Population and Vehicle Sales: Rising urbanization and vehicle ownership are driving the need for effective traffic management solutions. Growing Investments in Roadway Infrastructure: Governments worldwide are investing in road construction and transportation infrastructure. Restraints Opportunities Trends Growing Adoption of AI in Traffic Management Systems: AI integration is expected to continue shaping the future of traffic control systems. Regional Insights: The Asia-Pacific (APAC) region, including China, India, Japan, Australia, South Korea, and the Rest of APAC, is witnessing substantial population growth, resulting in increased road and highway construction. China, for example, announced plans in June 2022 to launch 120 new expressways and national and provincial highway projects, covering over 3,600 km, with a government investment of $27.20 billion. Rapid urbanization in the APAC region is contributing to traffic congestion, particularly in developing countries, further driving the adoption of adaptive traffic control systems. The development of smart cities and government support for transportation infrastructure are driving the growth of the ATCS market in APAC. Key Market Players: Cubic Transportation Systems Inc About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: Also from this source Enter Your Email By signing up you agree to receive content from us. Our newsletters contain tracking pixels to help us deliver unique content based on each subscriber's engagement and interests. For more information on how we will use your data to ensure we send you relevant content please visit our  PRN Consumer Newsletter Privacy Notice . 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