The technologies which are implemented in the smart highway are lane departure warning, automatic number plate recognition, incident detection system, and many more. Adoption of such technologies is playing a major role in boosting the market growth.
The concept of Smart Highways Market is to resolve traffic issues and minimize the traffic, in order to make travel experience less time consuming.
The major forces driving this market are congestion free travel experience and less time consuming.
The global Smart Highways Market is expected to grow at approx. USD 44 Billion by 2023, at 16% of CAGR between 2017 and 2023.
Smart Highways Market are those which are built in with different technologies to make day-to-day traffic flow easy and manageable. The higher demand for travel and awareness about the time being consumed are driving the smart highways market. The increased need for more reliable, safe, and efficient transportation and growth of interstate highways market are playing a major role in shaping the future of smart highways market.
Major Key Players:
- LG CNS Corporation (South Korea)
- Alcatel-Lucent S.A. (France)
- Siemens AG (Germany)
- Kapsch AG (Austria)
- Cisco Systems (U.S.)
- Indra Sistemas, S.A. (Spain)
- IBM Corporation (U.S.)
- Schneider Electric SE (France)
- Huawei Technologies Co. Ltd. (China)
- rafficCom (Austria)
- Xerox Corporation (U.S.)
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The smart highways market has broadly been segmented on the basis of technology, display system, service and deployment. On the basis of technology, the global smart highway system can be segmented into intelligent transport management system, intelligent traffic management system, intelligent communication system and intelligent monitoring system.
By service, the global smart highway market can be segmented into maintenance and operation services, consultancy services and managed services. By deployment, the global smart highway market can be segmented into on-cloud and on-premise. By displays, the global smart highway market can be segmented into digital signage, variable signage and others.
Market Research Analysis:
Regional analysis for smart highways market is studied in different geographic regions as America, Europe, Asia-Pacific and Rest of the World.
The major forces driving this market are the need for more reliable, safe, and congestion free travel experience. This increased need is playing a major role in shaping the future of smart highways market.
The study reveals that Asia-Pacific region is the fastest growing market and is expected to be the biggest market on the basis of need for advancements and execution of smart cities projects.
The regional analysis of smart highways market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World.
It has been observed that U.S. region would account for larger share in smart highways market. The region has strong connectivity and therefore can provide more accurate information which helps in managing the traffic issues. The infrastructure of the U.S. region is another contributing factor that accounts for its higher market share.
The study reveals that Asia-Pacific region is the fastest growing market which is expected to exhibit a significant growth in smart highways market in the forecast period. In Asia-Pacific countries like China, Japan and Korea will spur future growth in the market.
The transportation companies are providing intelligent highway solution and services to enable smart city projects.
The government is also supporting the highway technology vendors and supplier companies through investments to support them in developing new technologies and products.
- Technology investors
- Integrated device manufacturers (IDMs)
- Original manufacturers (OEMs)
- Smart grid integrators
- Research/Consultancy firms
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