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Smart Signaling Market Outlook – 2027
The smart traffic signals are a part of an integrated traffic management system, used for efficient control of traffic from a centralized location. These systems are equipped with embedded sensors, cameras, and controllers that are used to analyze peak traffic volumes all day. The smart signaling systems can eventually be automated with the utilization of artificial intelligence (AI) to proactively redirect traffic on routes with high throughput, thereby reducing traffic jams, pollution, travel time, and the cost associated with it. The smart traffic sensors and signals control the flow of traffic across cities in response to the demand levels. With this implementation, there'll be a decrease in traffic jams by smoothing traffic flows and prioritizing traffic in response to demand in real-time and reduce pollution across the globe. The smart signal also collects the high-resolution traffic data from multiple sources and creates real-time signal performance measures which include a real period, number of stops, queue length, intersection delay, and level of service. This system helps in the elimination of stop-start driving, which is inefficient and causes pollution.
COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rising urban population and high demographic rates, growing government initiatives for traffic management across cities, rising need for real-time traffic information systems & regulatory frameworks, and government policies to reduce global carbon emissions are expected to spur the demand over the forecast period. However, lack of standardized and uniform technologies, high cost & uncertain efficacy, and recovering ROI from legacy systems are anticipated to hamper the growth of the market. Furthermore, the emergence of the internet of things (IoT), smart city initiatives, and sensor technologies in traffic management and penetration of analytics in traffic management network systems are expected to offer lucrative opportunities for the market in the forecasting period.
The smart signaling market trends are as follows:
Rising urban population and high demographic rates
The increase in urbanization in many developing countries has resulted in a greater number of people and vehicles on the roads. In addition, the increasing traffic density levels along with increase in the demand to control traffic problems such as traffic congestions, had led companies to adapt to the traffic monitoring system. Hence, the growing adaption across the globe will further boost the smart signaling market in the forecast period.
Growing government initiatives for traffic management across cities
The increasing safety concerns for the passengers regarding road traffic accidents is leading to injuries. The government has taken several initiatives to protect the on-road passengers and installing a smart signaling traffic management system is one of the leading ones. Increasing demands for such a system in almost every developing economy is expected to further boost the smart signaling market in the forecast period.efits of the report:
Questions answered in the Smart Signaling Market research report:
Key Market Segments
Key Market Players