Juniper Research says smart city traffic technology solutions deployed to ease chronic congestion in cities will generate $4.4 billion in revenue in 2023, up from $2 billion in 2019.
These solutions typically use sensors in combination with machine learning software algorithms to dynamically alter traffic light phasing according to traffic levels; smoothing urban traffic flows.
Juniper’s new research, Smart Cities: Leading Platforms, Segment Analysis & Forecasts 2019-2023 found that these technology-driven traffic solutions, which lower the emissions footprint of cities, will save the equivalent of over 780 billion passenger vehicle miles’ worth of greenhouse gas emissions over the forecast period.
Asia and China, alongside North America, are seeing major investments driven by strong prevalence for technology deployment over policy-driven solutions to lower traffic congestion.
According to the researcher, Singapore is one of the top cities around the world when it comes to traffic innovation – behind only Barcelona and San Francisco, and ahead of London.
Juniper found that Barcelona leads the rankings on account of its investment into smart traffic solutions, electric vehicle charging infrastructure and policy, aimed at improving air quality and lowering private vehicle use. While San Francisco shows strong policy and innovation, the lack of regulation in regard to ride-hailing services has damaged its overall performance.