The global smart signaling market to reach revenue of $339.5 million by 2024
The shift toward embedded sensor-based traffic signals for real-time monitoring will create significant growth opportunities in the smart signaling market, pushing the market value to $339.5 million by 2024.
BANGALORE, India – September 25, 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Smart Signaling Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”.
According to Infoholic Research, the “smart signaling” technology in the North America region is gaining importance, owing to more number of technology providers along with the highest number of start-ups providing intelligent traffic signals across the region (way higher than European and Asian countries). Furthermore, the increasing traffic congestion and growing advanced infrastructure development capabilities are fostering the smart signaling market. On the contrary, the implementation of smart signaling in the APAC region is expected to closely follow due to the rapid urbanization and increasing investments in the development of smart infrastructure in developing countries. Growth is relatively higher in China and Japan, owing to the initiative to build smart cities to create a new path for the industry players.
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APAC is expected to significantly adopt smart signaling systems during the forecast period, mainly due to the push from China and Japan. Chinese smart cities, Shenzhen, Beijing, Shanghai, and Hong Kong are deploying smart signaling systems, which offer an accuracy of over 95%; however, the signal technology is based on image sensing and analysis. The smart cities in Japan have a higher adoption of public transportation and public smart bicycle services, which are likely to result in the reduced demand for smart signaling in smart cities. However, the need for smart signaling remains the same in the country as municipalities have started adopting centralized traffic management solutions to address traffic causalities. The traffic system vendors in Japan are deploying smart traffic lights across India, Cambodia, and other Asian countries. However, the deployment of smart traffic signals in developing countries of Asia is challenging as the existing signal systems hold complex technology, which would be a cost-intensive move for local governments.
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The global smart signaling market is expected to grow at a CAGR of 41.4% during the forecast period.
- China, the largest market for smart signaling, has seen the entrance of ride-sharing platforms such as Digi Chuxing, and e-commerce company, Alibaba. These companies are expected to address traffic pileup by deploying smart signaling across Jinan, Beijing, Guiyang, and
- Dubai has installed a smart traffic system to ease the traffic congestion. The Roads and Transport Authority (RTA) of Dubai has recently declared a new smart transport strategy 2017–2021, which aims to transform 25% of the city’s road trips into autonomous by 2030.
“The growing concern over traffic congestion and the availability of real-time traffic flow data have increased the market potential of smart traffic signals across major cities globally. However, high integration and deployment cost are major deterrents to attain the desired adoption results.” – Priyanka Yadav, Research Analyst, Infoholic Research
The key players offering various technological solutions in the smart signaling market include Onnyx, Trafficware, Rapid Flow Technologies, GE, Siemens AG, and others. These players hold a significant market share and are opting for organic and inorganic growth. For instance, in 2018, Cisco partnered with Downer, an infrastructure service provider for an IoT project. Through this partnership, Downer will install intelligent street lighting, traffic light management, and security. The landscape of the global smart signaling market is complex as each competitor is adopting a different strategy to lead the market.
The report aims to highlight key insights from verticals and stakeholders. The report covers the current scenario and the development prospects of the smart signaling market during the forecast period 2018–2024. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- The report not only highlights end-users challenges but also brings in their perspective on the global smart signaling market.
- The report is analyzed based on hardware, software, services, and
- The report covers the ecosystem of smart signaling, advantages, and importance of the technology in terms of future perspective.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2024).
The report contains an analysis of vendors, which includes financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.