Research Nester published a report titled “Smart Signaling Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers a detailed overview of the global smart signaling market in terms of market segmentation by hardware, software, service, application, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global smart signaling market is estimated to occupy a large revenue by growing at a CAGR of ~21% during the forecast period, i.e., 2022 – 2030, attributing to the rising urbanization in emerging countries, increasing demand to control traffic problems, and growing demographic growth across the world. Apart from these, escalating number of government initiatives to ensure the safety of passengers on the roads is also expected to provide abundant growth opportunities to the market in the coming years.
The global smart signaling market is segmented by hardware, software, service, and application. Based on hardware, the surveillance camera segment is anticipated to grab the largest market share during the forecast period on the back of the high use of these cameras for traffic monitoring and control. Additionally, by application, the urban traffic segment is projected to occupy the largest market share in the future ascribing to the increasing growth of the urban population.
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Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific region is evaluated to witness noteworthy growth in the market during the forecast period attributing to the rising adoption of traffic management systems and growing traffic in the region. Moreover, the market in Europe is assessed to occupy the largest market share in the coming years owing to the strong presence of market players and increasing spending on transport infrastructure in the region.
Robust Rate of Urbanization in Developing Nations to Drive Market Growth
As a result of the growing rate of urban development in several emerging economies, there is an increase in the number of people and vehicles on the road. This growth in traffic congestion is leading to escalating demand for effective measures to monitor traffic. It is anticipated to be one of the major factors assessed to further the adoption of smart signaling in the coming years.
However, security breaches related to the usage of smart signaling systems and lack of standardized technology for traffic management are expected to operate as key restraints to the growth of the smart signaling market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global smart signaling market which includes company profiling of Cisco Systems, Inc., IBM Corporation, Accenture PLC, Cubic Corporation, Siemens AG, SWARCO AG, FLIR Systems, Inc., Atkins Group, IntelliVision Technologies, FLIR Systems, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global smart signaling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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