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IN THE NEWSJuly 2019: Cubic Corporation’s traffic ware introduced next generation traffic signal controller software, known as SCOUT which is perfectly matched for the latest types of advanced transportation controller, including 2070, NEMA and ITS.
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.
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.
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:
Our in-depth analysis of the global smart signaling market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are rapid urbanization in developing nations and increasing government initiatives to ensure passenger safety.
The market is anticipated to attain a CAGR of ~21% over the forecast period, i.e., 2022 – 2030.
Security breaches associated with the use of smart signaling systems and absence of standardized technology for traffic management are estimated to hamper the market growth.
Asia Pacific will provide more opportunities for business growth over the forecast period owing to the increasing traffic and growing adoption of traffic management systems in the region.
The major players in the market are Cisco Systems, Inc., IBM Corporation, Accenture PLC, Cubic Corporation, Siemens AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by hardware, software, service, application, and by region.
The surveillance segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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