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Smart Signalling Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024

Smart Signalling Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024

Smart Signaling Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024

Overview:

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 that are used to analyze peak traffic volumes all day. The smart signaling systems could eventually be automated with the use of AI to proactively redirect traffic on routes with high throughput, thereby reducing traffic congestion, pollution, travel time, and the cost associated with it.

Smart traffic signals and sensors control the flow of traffic across cities in response to specific demand levels. With this implementation, there will be a reduction in traffic congestion by smoothing traffic flows and prioritizing traffic in response to demand in real time and reduce pollution across the city. In addition, smart signal collects event-based high-resolution traffic data from multiple intersections simultaneously and creates real-time signal performance measures, including arterial travel time, 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 polluting.

Market Analysis:

According to Infoholic Research, the global smart signaling market is expected to reach revenue of $339.5 million by 2024, growing at a CAGR of around 41.4% during the forecast period. The market is likely to witness a substantial growth with increasing government initiatives toward creating smart and sustainable cities. Several smart city initiatives across the US and Canada have started implementing pilot projects for smart signaling. Canadian cities, Toronto and Montreal, are expected to receive smart signaling systems as the citizens spent over 45 hours in traffic annually in 2016 and 2017. Toronto has received deployment of smart signal pilot projects across 22 intersections in the city to replace the existing Adaptive Traffic Signal Control technology, currently used at 350 intersections. The technologies used in these pilot projects are InSync and Sydney Coordinated Adaptive Traffic System (SCATS), which make decisions based on video analysis and radar detection. The US also has integrated over 150 traffic signals across New Jersey and New York city, using InSync and SCATS, which help over 2.5 million vehicles every day.

Market Segmentation Analysis:

The report provides in-depth insights into major technology trends, supporting solutions and services, which govern smart signaling globally. The evaluation is backed with quantitative and qualitative analysis, historical data, and other supportable projections about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendor assessments from annual reports, white papers, press releases, and investor presentations along with end-user analysis for case studies. Thus, the research report serves every side of the market and is segmented based on regional markets, hardware, software, and services.

Regional Analysis

North America holds the highest market share due to the increasing push toward replacing adaptive traffic signal control systems with smart traffic solutions, as the commuters across the urban areas were estimated to be spent over 1 million hours per year due to vehicle delays. The ongoing smart city investments in the region are addressing these issues by pushing the need for real-time traffic sensing and understanding traffic patterns. Europe is projected to be one of the leading regions in the smart signaling market, owing to the high investment in smart city and smart transportation projects for reducing congestion and improving the traffic flow. In addition, Asia Pacific and MEA are projected to be the fast-growing regions due to the increasing concern toward congestion-free roads.

European Union (EU) is the leading adopter of smart signaling in Europe. EU has announced to spend over $1.2 billion on transport infrastructure across the EU countries. The project would mainly focus on building infrastructure to achieve low-emission mobility to enable sustainable transport. The initiatives such as transportation strategies for 2020 and push for reducing vehicle emissions are expected to push the demand for smart signaling across the region. The ongoing smart mobility investments are resulting in the mobility-as-a-service business model. Smart cities in the UK, Switzerland, Finland, and Spain have already seen mobility-as-a-service offered on a monthly subscription basis to the commuters.

Competitive Analysis

The report contains an in-depth analysis of vendors, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key players operating in the smart signaling market include Onnyx, Trafficware, Rapid Flow Technologies, GE, Siemens AG, and others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.

The report covers and analyzes the global smart signaling market. Various strategies, such as joint ventures, partnerships, collaborations, and contracts, have been considered. In addition, as customers are in search of better solutions, there will be likely an increase in the number of strategic partnerships, mergers, and acquisitions during the forecast period. For instance, in 2018, Cisco invested $1 million in the smart city initiative for Adelaide, Australia, in partnership with the Government of South Australia to reduce traffic congestion and create the substructure for the deployment of autonomous vehicles.

The report includes the complete insight of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.

Benefits

The report provides an in-depth analysis of the global smart signaling market aiming to reduce time to market for products and services, reduce operational cost, reduce congestion, improve real-time monitoring, and operational performance. The report provides details about software, hardware, services, and regions. Further, the report also provides details about the major challenges impacting the market growth.


1 Industry Outlook
1.1 Industry Overview
1.2 Industry Trends
2 Report Outline
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 Market Snapshot
3.1 Total Addressable Market (TAM)
3.2 Segmented Addressable Market (SAM)
3.3 Related Markets
4 Market Outlook
4.1 Overview
4.2 Market Trends and Impact
4.3 Market Segmentation
5 Market Characteristics
5.1 Ecosystem
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Necessity to reduce traffic congestion
5.2.1.2 Increased investments in road infrastructure development
5.2.1.3 Increase in road accidents/fatality rate
5.2.2 Restraints
5.2.2.1 High cost and uncertain efficacy
5.2.2.2 Testing the effectiveness of smart signaling
5.2.3 Opportunities
5.2.3.1 Smart city initiatives
5.2.3.2 Growing urbanization
5.2.3.3 Increasing mobility and associated demand for transportation systems
5.2.4 DRO – Impact Analysis
6 Hardware: Market Size & Analysis
6.1 Overview
6.2 Sensors
6.3 Camera
6.4 Others
7 Software: Market Size & Analysis
7.1 Overview
7.2 Computer vision
7.3 Traffic data analytics
7.4 Data Management
8 Services: Market Size & Analysis
8.1 Overview
8.2 Deployment & integration
8.3 Support & Maintenance
9 Regions
9.1 Overview
9.2 North America
9.2.1 Market Size and Analysis
9.2.2 DRO For America
9.3 Europe
9.3.1 Market Size and Analysis
9.3.2 DRO For Europe
9.4 Asia Pacific
9.4.1 Market Size and Analysis
9.4.2 DRO For Asia Pacific
9.5 MEA
9.5.1 Market Size and Analysis
9.5.2 DRO for MEA
9.6 Latin America
9.6.1 Market Size and Analysis
9.6.2 DRO for Latin America
10 Vendor Profiles
10.1 General Electric
10.1.1 Overview
10.1.2 Business Units
10.1.3 Geographic Revenue
10.1.4 Business Focus
10.1.5 SWOT Analysis
10.1.6 Business Strategies
10.2 Siemens AG
10.2.1 Overview
10.2.2 Business Units
10.2.3 Geographic Revenue
10.2.4 Business Focus
10.2.5 SWOT Analysis
10.2.6 Business Strategies
11 Companies to watch for
11.1 Onnyx
11.1.1 Overview
11.2 Rapid flow technologies LLC.
11.2.1 Overview
11.3 Trafficware
11.3.1 Overview
11.4 Rhythm Engineering
11.4.1 Overview
11.5 SWARCO AG
11.5.1 Overview
11.6 Redflex Holdings
11.6.1 Overview
11.7 Econolite
11.7.1 Overview
11.8 Jenoptik
11.8.1 Overview
12 Competitive Landscape
Annexure
Acronyms
Tables
TABLE 1 SMART SIGNALING MARKET REVENUE BY HARDWARE, 2017-2024 ($MILLION)
TABLE 2 SMART SIGNALING REVENUE BY SOFTWARE, 2017-2024 ($MILLION)
TABLE 3 SMART SIGNALING MARKET REVENUE BY SERVICE, 2017-2024 ($MILLION)
TABLE 4 SMART SIGNALING MARKET REVENUE BY REGIONS, 2017-2024 ($MILLION)
TABLE 5 DRO FOR AMERICA
TABLE 6 NORTH AMERICA MARKET REVENUE BY HARDWARE 2017-2024 ($MILLION)
TABLE 7 NORTH AMERICA MARKET REVENUE BY SOFTWARE 2017-2024 ($MILLION)
TABLE 8 NORTH AMERICA MARKET REVENUE BY SERVICE 2017-2024 ($MILLION)
TABLE 9 DRO FOR EUROPE
TABLE 10 EUROPE MARKET REVENUE BY HARDWARE 2017-2024 ($MILLION)
TABLE 11 EUROPE MARKET REVENUE BY SOFTWARE 2017-2024 ($MILLION)
TABLE 12 EUROPE MARKET REVENUE BY SERVICES 2017-2024 ($MILLION)
TABLE 13 DRO FOR ASIA PACIFIC
TABLE 14 ASIA PACIFIC MARKET REVENUE BY HARDWARE 2017-2024 ($MILLION)
TABLE 15 ASIA PACIFIC MARKET REVENUE BY SOFTWARE 2017-2024 ($MILLION)
TABLE 16 ASIA PACIFIC MARKET REVENUE BY SERVICES 2017-2024 ($MILLION)
TABLE 17 DRO FOR MEA
TABLE 18 MEA MARKET REVENUE BY HARDWARE 2017-2024 ($MILLION)
TABLE 19 MEA MARKET REVENUE BY SOFTWARE 2017-2024 ($MILLION)
TABLE 20 MEA MARKET REVENUE BY SERVICE 2017-2024 ($MILLION)
TABLE 21 DRO FOR LATIN AMERICA
TABLE 22 LATIN AMERICA MARKET REVENUE BY HARDWARE 2017-2024 ($MILLION)
TABLE 23 LATIN AMERICA MARKET REVENUE BY SOFTWARE 2017-2024 ($MILLION)
TABLE 24 LATIN AMERICA MARKET REVENUE BY SERVICES 2017-2024 ($MILLION)
TABLE 25 ONNYX: SNAPSHOT
TABLE 26 RAPID FLOW TECHNOLOGIES LLC.: SNAPSHOT
TABLE 27 TRAFFICWARE: SNAPSHOT
TABLE 28 RHYTHM ENGINEERING: SNAPSHOT
TABLE 29 SWARCO AG: SNAPSHOT
TABLE 30 REDFLEX HOLDINGS: SNAPSHOT
TABLE 31 ECONOLITE: SNAPSHOT
TABLE 32 JENOPTIK: SNAPSHOT
Charts
CHART 1 RESEARCH METHODOLOGY
CHART 2 TRAFFIC MANAGEMENT MARKET REVENUE, 2017-2024 ($BILLION)
CHART 3 SMART SIGNALING MARKET REVENUE, 2017-2024 ($MILLION)
CHART 4 SMART SIGNALING MARKET SEGMENTATION
CHART 5 ECOSYSTEM OF SMART SIGNALING
CHART 6 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
CHART 7 DRO - IMPACT ANALYSIS OF SMART SIGNALING MARKET
CHART 8 SMART SIGNALING MARKET SHARE BY HARDWARE 2017 AND 2024
CHART 9 SMART SIGNALING MARKET BY HARDWARE 2017-2024 ($MILLION)
CHART 10 SENSORS IN SMART SIGNALING REVENUE 2017-2024 ($ MILLION)
CHART 11 CAMERA IN SMART SIGNALING REVENUE 2017-2024 ($MILLION)
CHART 12 OTHERS IN SMART SIGNALING MARKET REVENUE, 2017-2024 ($BILLION)
CHART 13 SMART SIGNALING MARKET SHARE BY SOFTWARE 2017 AND 2024
CHART 14 SMART SIGNALING MARKET BY SOFTWARE 2017-2024 ($MILLION)
CHART 15 COMPUTER VISON IN SMART SIGNALING MARKET REVENUE, 2017-2024 ($MILLION)
CHART 16 TRAFFIC DATA ANALYTICS IN SMART ANALYTICS MARKET REVENUE, 2017-2024 ($MILLION)
CHART 17 DATA MANAGEMENT TOOLS IN SMART SIGNALING MARKET REVENUE, 2017-2024 ($MILLION)
CHART 18 SMART SIGNALING MARKET SHARE BY SERVICES 2017 AND 2024
CHART 19 SMART SIGNALING MARKET BY SERVICES 2017-2024 ($ MILLION)
CHART 20 DEPLOYMENT & INTEGRATION IN SMART SIGNALING MARKET REVENUE, 2017-2024 ($MILLION)
CHART 21 SUPPORT & MAINTENANCE IN SMART SIGNALING MARKET REVENUE, 2017-2024 ($MILLION)
CHART 22 SMART SIGNALING MARKET SHARE BY REGIONS, 2017 AND 2024
CHART 23 SMART SIGNALING MARKET BY REGIONS 2017-2024 ($MILLION)
CHART 24 NORTH AMERICA MARKET REVENUE, 2017-2024 ($MILLION)
CHART 25 EUROPE MARKET REVENUE, 2017-2024 ($MILLION)
CHART 26 ASIA PACIFIC MARKET REVENUE, 2017-2024 ($MILLION)
CHART 27 MEA MARKET REVENUE, 2017-2024 ($MILLION)
CHART 28 LATIN AMERICA MARKET REVENUE, 2017-2024 ($MILLION)
CHART 29 GENERAL ELECTRIC: OVERVIEW SNAPSHOT
CHART 30 GENERAL ELECTRIC: BUSINESS UNITS
CHART 31 GENERAL ELECTRIC: GEOGRAPHIC REVENUE
CHART 32 GENERAL ELECTRIC: SWOT ANALYSIS
CHART 33 SIEMENS AG: OVERVIEW SNAPSHOT
CHART 34 SIEMENS AG: BUSINESS UNITS
CHART 35 SIEMENS AG: GEOGRAPHIC REVENUE
CHART 36 SIEMENS AG: SWOT ANALYSIS

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