Juniper Research predicts a substantial 75% growth in global spending on smart traffic management, reaching $18.6 billion by 2028, up from $10.6 billion in 2023. The study attributes this surge to increased government investments in smart city initiatives, particularly in transportation infrastructure. Early adoption of traffic analysis systems is emphasized to avoid expensive retrofits during city development. Author Cara Malone advises cities to opt for solutions resistant to obsolescence and vendor lock-in, promoting collaboration with diverse stakeholders.
While developed regions are expected to account for 75% of the projected seven billion hours of time savings globally by 2028, challenges in emerging markets include varying regulations and inadequate tech infrastructure. The report urges technology vendors to tailor solutions for such cities. Titled ‘Global Smart Traffic Management Market 2023-2028,’ the study underscores the need for scalable and customizable solutions to meet the evolving demands of modern city planning.
