Research Nester published a report titled “Smart Traffic Analytics Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalsmart traffic analytics market in terms of market segmentation by end user, product, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global smart traffic analytics market is estimated to occupy a large revenue by growing at a CAGR of ~12% during the forecast period, i.e., 2022 – 2030, attributing to the increasing urbanization in emerging countries, rising traffic congestion on roadways, and growing demographic rates across the world. Apart from these, escalating number of smart city projects in countries such as India, Malaysia and Singapore, is also expected to provide ample growth opportunities to the market in the upcoming years.
The global smart traffic analytics market is segmented by end user and product. Based on products, the traffic enforcement camera segment is anticipated to grab the largest market share during the forecast period on the back of high efficiency of these cameras for traffic monitoring, control and identifying violations. Additionally, by end user, the highway segment is projected to occupy the largest market share in the future ascribing to the increasing adoption of smart cities in developing countries.
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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 rapid rate of urbanization and growing traffic congestion in the region. Moreover, the market in North America is assessed to occupy the largest market share in the coming years owing to the increasing demand for real time data among drivers and high adoption of IoT in the region.
Growing Urbanization Across the World to Drive Market Growth
More than half of the total population of the world lives in urban areas. As urbanization is increasing at a robust pace, the density of traffic and number of vehicles on the road are also growing. This is anticipated to give rise to the soaring high demand for advanced traffic management systems, including smart traffic analytics, which are capable of providing useful insights based on real-time data.
However, low awareness regarding smart traffic analytics in under-developed nations is expected to operate as key restraint to the growth of the smart traffic analytics market over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global smart traffic analytics market which includes company profiling of Accenture PLC, Cisco Systems, Inc., Cubic Corporation, Siemens AG, SWARCO AG, FLIR Systems, Inc., Global Traffic Technologies, International Road Dynamics, TagMaster Group, TRL Software, 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 detailed overview of the global smart traffic analytics 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.