A new study by Juniper Research predicts that smart traffic management solutions will save cities $277 billion by 2025.
Aside from the economic benefits, smart traffic management helps to reduce journey times, driver frustration, and improve safety.
With world leaders set to head to the UK for the 26th UN Climate Change Conference later this year, using IoT technologies to improve the efficiency of our cities should also be on the agenda.
Over 95 percent of the $277 billion in savings in Juniper’s study is attributable to preventing or limiting congestion; with subsequent reductions in carbon emissions.
Smart intersections will drive efficiency improvements and, on average, will reduce each driver’s time spent in traffic by over 33 hours per annum.
Another major growth area for smart cities will be improved parking systems, helping to prevent the congestion, emissions, and frustration of endlessly driving around looking for a space.
Juniper forecasts that smart parking investments will grow from $460 million in 2021 to reach $1 billion by 2025. The researchers urge vendors to focus on smart displays which provide relevant and up-to-date parking availability information to road users in a safe manner.
In terms of regions, Juniper expects North America and Europe will benefit the most – accounting for almost 75 percent of cost reductions – due to large investments in smart city infrastructure and high vehicle usage.
However, the research highlights that V2I (Vehicle-to-Infrastructure) technologies will be vital to improving existing smart traffic management solutions. Infrastructure must be able to communicate with vehicles to gather data rather than rely on traditional traffic actuation methods.