Copyright © 2024 Research Nester. All Rights Reserved
Smart Signaling Market size was valued at USD 650.03 million in 2024 and is expected to reach USD 63.76 billion by 2037, registering around 42.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of smart signaling is assessed at USD 883.75 million.
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 smart signaling market in the near future.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
42.3% |
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Base Year Market Size (2024) |
USD 650.03 million |
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Forecast Year Market Size (2037) |
USD 63.76 billion |
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Regional Scope |
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The smart signaling 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 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.
Our in-depth analysis of the global market includes the following segments:
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Hardware |
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Software |
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Service |
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Application |
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On the basis of geographical analysis, the smart signaling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The smart signaling market in the Asia Pacific industry is poised to hold largest revenue share by 2037, 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 smart signaling market players in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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