Traffic Sensors Market 2024 to 2034: Expanding Demand for Intelligent Traffic Solutions Drives Market Growth with a Projected CAGR of 6.8% | Future Market Insights, Inc. [Yahoo! Finance]
RTX Corporation (RTX)
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Source: Yahoo! Finance
Urbanization and the resultant rise in vehicular traffic have necessitated the development of more efficient traffic management systems, driving the demand for advanced traffic sensors. NEWARK, Del, Oct. 31, 2024 (GLOBE NEWSWIRE) -- The Traffic Sensor Market , valued at USD 841.8 million in 2024, is set to grow at a compound annual growth rate (CAGR) of 6.8% over the forecast period from 2024 to 2034. This growth is driven by an increasing emphasis on intelligent transportation systems (ITS) and smart city initiatives globally. The rising urban population and consequent traffic congestion have propelled the need for more efficient and data-driven traffic management solutions. Governments worldwide are prioritizing smart city projects that heavily depend on real-time traffic data for optimal traffic flow management, traffic congestion reduction, and accident prevention. Traffic sensors play a vital role in such projects by collecting, analyzing, and communicating critical traffic d
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