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Smart city traffic tech revenue set to more than double

Research by Juniper finds that revenues will reach $4.4bn by 2023 and the leading traffic technology cities are Barcelona and San Francisco.

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Barcelona's investment in smart traffic solutions puts it top of the rankings
Barcelona's investment in smart traffic solutions puts it top of the rankings

Revenue from smart city traffic technology is predicted to more than double in the next four years to reach $4.4bn by 2023, according to a new report. This is up from $2bn in 2019.

 

The Smart Cities: Leading Platforms, Segment Analysis & Forecasts 2019-2023

from Juniper Research examined the impact of city traffic innovation on citizens in terms of policy and investment direction, technology impact, agency cohesion and traffic management impact on city air quality.

 

Barcelona is the leading city for smart city traffic technology.

 

Use of machine learning

 

The analysis says solutions used to ease congestion typically use sensors in combination with machine learning software algorithms to dynamically alter traffic light phasing according to traffic levels and smooth urban traffic flows.

 

With the technology also reducing carbon emissions, the report found that these solutions could save the equivalent of over 780 billion passenger vehicle miles’ worth of greenhouse gas emissions over the forecast period.

 

It identified North America alongside the Far East and China as major investment regions, driven by strong prevalence for technology deployment over policy-driven solutions to lower traffic congestion.

The leading cities using smart city traffic technology across the globe are:

  1. Barcelona
  2. San Francisco
  3. Singapore
  4. London
  5. Portland, Oregon

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.

“Analysis of this data will be fundamentally useful in optimising the MaaS travelling salesman problem, and provides an opportunity for smart city data monetisation”

The research found that while ride-hailing services are widely blamed for increased congestion, these same companies have an opportunity to capitalise on the road towards future MaaS (mobility-as-a-service) deployments.

 

“Entities such as Didi capture vast amounts of data in regard to congestion, traffic and passenger flows,” explained research author Steffen Sorrell. “Analysis of this data will be fundamentally useful in optimising the MaaS [mobility-as-a-service] travelling salesman problem, and provides an opportunity for smart city data monetisation.”

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

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