Municipalities have become increasingly aware of energy costs and environmental issues related to street lighting, which has been a catalyst for growth.
Traffic management systems have evolved and cloud-based solutions offer scalable alternatives for organisations to increase efficiency and reduce congestion.
Berg Insight reports there is a growing awareness among public transport providers of the benefits of ITS along with increasing demands from travellers for convenience and accessible real-time information.
Berg Insight projects that until 2026, the number of deployments will grow at a compound annual growth rate of 57 per cent to reach 13,500 networks at the end of the period.
Market research firm Berg Insight estimates the number of connected electric vehicle charging points in the two regions reached 1.6 million units in 2020.
The report from IoT analyst firm Berg Insight found that Europe leads the adoption of smart street lighting technology and accounted for as much as 35 per cent of the global installed base in 2020.
More than 570 million meters will be deployed across China, India, Japan and South Korea between now and 2025, according to research from Internet of Things analyst, Berg Insight.
IoT analyst firm Berg Insight said there is a new urgency in the market due to factors such as energy conservation and mandates for green construction.
The penetration rate of on-board computers featuring GPS location functionality and wireless communications is now at very high levels in both North America and Western Europe.
The global market for smart city surveillance equipment was worth €6.5 billion in 2018 and is forecast to grow at a CAGR of 24.5 per cent to reach €19.5 billion by 2023.