Smart traffic management systems are expected to save cities $277bn, by reducing emissions and congestion globally by 2025, new research found.
The research, conducted by Juniper Research, identified smart intersections as the key technology behind these savings (rising from $178bn in 2021), by enabling a reduction of 33 hours of time spent in traffic per annum per motorist by 2025.
Smart intersections include areas of high traffic that leverage connectivity and AI-based automation to monitor and manage traffic flow based on real-time data to reduce the time wasted by road congestion.
The report, Smart Traffic Management: Technologies, Use Cases & Market Forecasts 2021-2025 predicts that more than 95% of the $277bn savings will be attributable to congestion reduction.
North America and Europe are anticipated to account for over 75% of all savings, owing to their increasing investment into smart traffic management and the high vehicle usage in these regions, according to the report.
The research also shows that vehicle-to-everything (V2X) technologies are critical to the enhancement of existing smart traffic management services.