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Smart Highways Market Secures USD 44 billion Worldwide at 16% CAGR by 2023

Smart Highways Market
Smart Highways Market, By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)

Market Highlights:

In this rapidly changing environment, highways are the most important elements connecting different regions. Taking into consideration different issues like safety and reliability, smart highways are the most important revolutions in the transport industry. The higher demand for travel and awareness about the time being consumed are driving the smart highways market.

 

Constant improvements in the computer technologies and systems have changed the quality of travel and transportation. The technologies are ranging from advanced vehicle systems to intelligent traffic management systems.

 

The concept of Smart Highway Market is to minimize traffic congestion, reduce the road accidents, and minimize the travel time. The technologies which are implemented in the smart highway are lane departure warning system, automatic number plate recognition, incident detection system, and many more.

 

The smart highways market is growing rapidly over 16% of CAGR and is expected to reach at approx. USD 44 billion by the end of forecast period.

 

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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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.

 

Market Segmentation:

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.

 

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Regional Analysis:

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.

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