Smart traffic management spending to increase 75% by 2028

2023/11/06 Innoverview Read

A new study by Juniper Research predicts significant growth in smart traffic management spending over the next five years.

Juniper’s report forecasts that global spending on smart traffic management solutions will reach $18.6 billion by 2028, a 75 percent increase from the 2023 figure of $10.6 billion.

The growth is attributed to rising government investments in smart city initiatives, with transportation infrastructure being central to urban transformation projects. According to the research, cities must implement traffic analysis systems and infrastructure during the earliest stages of development to avoid costly retrofits later on.

“Cities need to avoid solutions that will likely become obsolete quickly, or result in vendor lock-in. By opening their process to a wide pool of vendors and developers, cities will encourage innovation and interest from a variety of stakeholders and partners,” said Cara Malone, author of the report.

The study also urges technology vendors to consider tailored smart traffic management solutions for emerging market cities grappling with congestion issues.

While developed regions currently account for 75 percent of forecast smart traffic management time savings of seven billion hours globally by 2028, implementation in developing regions faces challenges like differing driving regulations and inadequate tech infrastructure. As such, scalable and customisable solutions are needed.

Titled ‘Global Smart Traffic Management Market 2023-2028,’ the report provides a comprehensive analysis of trends, growth drivers, and vendor strategies in the smart traffic management space.

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