Forecasted growth in Smart Traffic Management spending
Summary: A recent study underscores the importance of integrating traffic analysis early in city planning to avoid costly retrofits. Juniper Research predicts a 75% increase in global spending on smart traffic management solutions, from $10.6 billion in 2023 to $18.5 billion by 2028. This growth is attributed to heightened government backing for smart city projects, with transportation taking a central role.
- Early deployment of traffic analysis in city planning is vital to prevent future expensive adjustments.
- Cities should steer clear of outdated solutions and promote a diverse pool of vendors for innovation.
- Tailored smart traffic management systems are advised for cities in emerging regions facing congestion issues.
- Global smart traffic management can save seven billion hours by 2028, with developed regions leading the way.
- Implementing solutions in developing regions requires scalability and customization to local conditions.
- Juniper Research's study covers the smart traffic management market with over 31,900 datapoints across 60 countries.
Source of information: https://www.smartcitiesworld.net/road-travel/smart-traffic-management-spend-to-increase-75-per-cent-by-2028-9539 (Published 07 November 2023).