Over the next 10 years, the market is expected to achieve gradual but accelerating growth as cities prioritize reducing traffic congestion and greenhouse gas emissions
BOULDER, Colo.–(BUSINESS WIRE)–#ConnectedVehicles–A new report from Navigant Research analyzes the ongoing transformation occurring in the traffic management industry, providing global market forecasts, segmented by region and technology, through 2028.
Advanced traffic management systems (ATMSs) such as adaptive traffic control (ATC) are enabling greater efficiencies in the traffic management ecosystem and can help integrate the expected growth in vehicle populations without overwhelming existing infrastructure. ATMSs are also enabling the development of smart intersections, which are emerging as one of the most important data-driven backbones needed for solving core city challenges. Click to tweet: According to a new report from Navigant Research, the global market for advanced traffic management will be worth more than $1.1 billion in 2019. Annual revenue is expected to grow to nearly $3.8 billion by 2028, representing a compound annual growth rate (CAGR) of 14.2%.
“The global advanced traffic management market is expected to more than triple by 2028,” says Ryan Citron, senior research analyst with Navigant Research. “Over the next 10 years, the market is expected to achieve gradual but accelerating growth as cities prioritize reducing traffic congestion and greenhouse gas emissions, make improvements in safety and livability, and integrate ATMSs with other smart city initiatives (e.g., smart street lighting).”
Currently, cities vary in their level of maturity in using ATMSs. Collecting traffic and vehicle detection data is often the first step toward advanced traffic management. Then, in-depth traffic analytics enable traffic managers to develop mitigation strategies and make operational improvements to existing traffic signal timing systems. In cities with mature traffic management solutions, ATC technologies enable traffic signals to adjust based on real-time traffic conditions, traffic data is sent from traffic lights to connected vehicles, inter-agency data sharing is on the rise, and transport platforms are used to manage mobility ecosystems.
The report, Advanced Traffic Management for Smart Cities, analyzes the ongoing transformation occurring in the traffic management industry. The study focuses on ATC, traffic analytics, artificial intelligence, vehicle-to-infrastructure communications, and vehicle detection technologies. Global market forecasts, segmented by region and technology, extend through 2028. This report also explores regional trends in advanced traffic management strategy and highlights city case studies where innovative projects are being deployed. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Advanced Traffic Management for Smart Cities, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.