Global Smart Signaling Market Highlights 2022 – 2030
The global smart signaling market is estimated to garner a sizeable revenue and grow at a CAGR of ~21% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rapid rate of urbanization in developing countries, increasing demographic growth and growing demand to control problems such as traffic congestion. Along with these, as a result of the surge in the number of road accidents, governments on a world level have taken several initiatives to ensure the safety of passengers on the road, which in turn is anticipated to boost the demand for smart signaling systems in the upcoming years. According to the World Health Organization, 1.3 million people die every year as a result of road accidents. These crashes cost almost 3% of the total GDP of most of the countries. In addition, rising technological advancements associated with the automation of signaling devices by utilizing artificial intelligence (AI) is expected to offer ample growth opportunities to the market in the near future.
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The market is segmented by hardware into display boards, sensors, and surveillance camera, out of which, the surveillance camera segment is anticipated to hold the largest share in the global smart signaling market on account of the usefulness of these cameras in traffic control and monitoring. Furthermore, surveillance cameras are able to record traffic patterns for future studies, issue tickets if somebody violates traffic and provide valuable traffic data that can be maintained by traffic departments. Additionally, on the basis of application, the segment for urban traffic is projected to acquire the largest market share during the forecast period, which can be credited to the increasing urban population around the world and growing traffic on the roadways. As per the World Bank, the urban population of the world rose up to 55.715% of the total world population in 2019, up from 54.823% in 2017.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Smart Signaling Market Regional Synopsis
On the basis of geographical analysis, the global smart signaling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of growing adoption of traffic management systems and high traffic congestion in the region. According to the Indian Brand Equity Foundation, in 2010, USD 28.31 billion were allocated from smart city mission, out of which 86 percent projects have been tendered as of now. Apart from these, several ongoing projects related to smart cities and increasing government investments in smart transportation projects are also assessed to drive market growth in the APAC in the near future. Moreover, the market in Europe is anticipated to grab the largest share during the forecast period owing to the high government and private spending on transport infrastructure, rising emphasis on employment of sustainable transport and strong presence of major market players in the region.
The global smart signaling market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global smart signaling market includes the following segments:
By Hardware
- Display Boards
- Sensors
- Surveillance Camera
By Software
- Smart Signaling
- Route Guidance & Optimization
- Traffic Analytics
- Smart Surveillance
By Service
- Integration & Deployment
- Support & Maintenance
- Consulting
By Application
- Public Transport
- Urban Traffic
- Freeway
- Others
Growth Drivers
- Rapid Urbanization in Developing Nations
- Increasing Government Initiatives to Ensure Passenger Safety
Challenges
- Security Breaches Associated with the Use of Smart Signaling Systems
- Absence of Standardized Technology for Traffic Management
Top Featured Companies Dominating the Market
- Cisco Systems, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- IBM Corporation
- Accenture PLC
- Cubic Corporation
- Siemens AG
- SWARCO AG
- FLIR Systems, Inc.
- Atkins Group
- IntelliVision Technologies
- FLIR Systems, Inc.
