Global Intelligent Intersection Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Intelligent Intersection Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The intelligent intersection can reduce congestion and increasing safety for all transportation users. It is to increase efficiency and safety of intersections through sensor-based (mounted on infrastructure) object detection and fusion as well as a holistic traffic understanding.

Market Overview:

The latest research study on the global Intelligent Intersection market finds that the global Intelligent Intersection market reached a value of USD 6436.75 million in 2022. It’s expected that the market will achieve USD 14165.72 million by 2028, exhibiting a CAGR of 14.05% during the forecast period.

Influence of COVID-19 Outbreak on Intelligent Intersection Industry Development

COVID-19 epidemic makes it more important for emergency workers to arrive at the scene efficiently and safely, because it puts heavy pressure on the medical care system, and emergency workers and medical care providers all over the world have to do more with the same or relatively similar ability level. For transit, faster passage of routes means that passengers have lower risk of exposure to viruses, because the use of intelligent intersections can minimize their time in transit vehicles. Intelligent intersections can improve the efficiency and safety of intersections and prevent collisions with vulnerable road users and other traffic participants. At the same time, reduce traffic congestion and improve the time efficiency of medical rescue workers during the COVID-19 epidemic.

The epidemic situation has promoted the development of technology, and the adoption of cloud-based software and artificial intelligence (AI) is an important trend. During the pandemic, the traffic volume of public transportation decreased, and people walked and rode bicycles more. Artificial intelligence helps cities keep a delicate balance between vehicles, pedestrians and cyclists.

Key measures related to building smart cities will continue to gain momentum, because the macro trend and demand of increasing population density in metropolitan areas. As the population continues to grow, the response to climate change will only become stronger and stronger. In the future, the intelligent intersection industry will continue to develop.

Drivers

Intelligent intersections use vehicle counting cameras or vehicle counting sensors to detect vehicle density in all directions. After the vehicle density is detected, the duration of intersections in all directions changes dynamically. The green light times in traffic lights is automatically determined according to the vehicle density. At normal signaled intersections, vehicle counts are performed manually every hour every day, and loaded into the intersection controller by determining the best green light time. Since these times are constant, the time will not change with the change of vehicle density. In the application of intelligent intersection, the time varies according to the density, so the waiting time of intersection is minimized. Minimizing the waiting time of vehicles at intersections can not only save time, but also reduce the damage to the environment by saving fuel and reducing emissions. These advantages are one of the important factors driving the demand growth of Intelligent Intersection industry.

Market Challenges

There are many factors that lead to the backwardness of infrastructure, including insufficient funds or shortage, insufficient supply of development resources, inefficient development of labor force and poor repair and maintenance. Adequate infrastructure is the basic premise of the transportation system. For example, Sub-Saharan Africa ranks consistently at the bottom of all developing regions in terms of infrastructure performance; Burundi's economic development is at a significant disadvantage due to its poor infrastructure, particularly the inadequacy of its transport system. The transportation infrastructure in some countries is very backward and imperfect, which will challenge the implementation of Intelligent Intersection system.

Market Restraints

In order to improve the traffic capacity of intersections, intelligent transportation systems such as vehicle detection are introduced at intersections controlled by traffic lights. However, these lights sometimes fail to detect smaller vehicles, such as bicycles or motorcycles. For example, the induction loop sensor may not detect small vehicles, and the sensor whose sensitivity is set too high to avoid false triggering. Although typical motor vehicles have enough quality metal, such as steel, to interact with the magnetic field of the sensor, motorcycles and scooters are much lighter than cars, and bicycles may not even be made of metal. This happens most often when other vehicles are scarce in a day, and when small vehicles are coming from the direction with little traffic.

Region Overview:

Europe had the highest growth rate of all regions.

Company Overview:

Siemens is one of the major players operating in the Intelligent Intersection market, holding a share of 13.21% in 2022.

Siemens Mobility will be deploying its world renowned ATMS and adaptive traffic control technology. Siemens' Sitraffic Concert platform supervises and coordinates the functionality of the ATMS system and it will work directly with the adaptive traffic control system called SCOOT (Split Cycle and Offset Optimization Technique), a dynamic, on-line, real-time method of signal control that continuously measures traffic demand on all approaches to intersections.

Cisco was founded in 1984 by a small group of computer scientists from Stanford University. Since the company's inception, Cisco engineers have been leaders in the development of Internet Protocol (IP)-based networking technologies. Today, with more than 71,000 employees worldwide, this tradition of innovation continues with industry-leading products and solutions in the company's core development areas of routing and switching, as well as in advanced technologies such as home networking, IP telephony, optical networking, security, storage area networking, and wireless technology. In addition to its products, Cisco provides a broad range of service offerings, including technical support and advanced services.

Segmentation Overview:

As for product types, the Hardware segment held the largest market share in 2021.

Application Overview:

By application, the Traffic Management segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Intelligent Intersection market covered in Chapter 3:

Thales Group
Tagmaster
Cisco
Parsons Corporation
Econolite
Siemens
Tapco
Cubic Corporation
Continental
Iteris, Inc.
SWARCO

In Chapter 4 and Chapter 14.2, on the basis of types, the Intelligent Intersection market from 2018 to 2029 is primarily split into:

Solution
Hardware

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Intelligent Intersection market from 2018 to 2029 covers:

Traffic Management
Road Safety and Surveillance
Freight Management
Public Transport
Environment Protection
Automotive Telematics
Parking Management
Road User Charging
Automated Vehicles

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)