Smart Highways Market Overview:
The rising concerns related to road safety have sparked an increased level of investment in developing a smart highway network. Market reports connected with the semiconductors and electronics industry have been made accessible by Market Research Future who publishes reports on other sectors that have been recently put out along with a report on this industry. The market is projected to rake in revenues worth USD 44 Billion by 2023 while growing at a 16% CAGR in the forecast period.
Improvements in the city planning designs and layout are expected to boost the creation of a rising number of Smart Highways Market. The constant innovations being observed in autonomous technology, smart cars, and vehicle communication systems will further fuel the growth of the smart highways market. The rising prominence of the concept of IoT will further boost the market for smart highways in the upcoming period.
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The expansion in products and services range is the predominant factor growing the market’s output and inducing the trends that are noticeable in the market. The dominant success factors and players’ inclinations are with time recovering due to the strategies being used by market players. The market has entered a new period of growth as the market is recurrently in a condition of mutability. The availability of an appropriate labor force along with resources is adding to the overall market growth. The external dynamics are also encouraging the market expansion which is contingent on the practices and the strategic roadmaps that are exercised by market firms.
The renowned contenders in the market for smart highways are LG CNS Corporation (South Korea), TrafficCom (Austria), Schneider Electric SE (France), Alcatel-Lucent S.A. (France), Cisco Systems (U.S.), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Indra Sistemas, S.A., Kapsch AG (Austria), IBM Corporation (U.S.), Xerox Corporation (U.S.), among others.
The segmentation of the market is carried out on the basis of technology, display system, service, deployment, and regions. By technology, the market is segmented into intelligent transportation management system, intelligent traffic management system, communication system, and monitoring system.
By display system, the market is segmented into variable message signs, digital signage, and others. By service, the market is segmented into consultancy, maintenance and operation, managed and others. By deployment, the market is divided into on-premise and cloud.
Detailed Regional Analysis:
The regional analysis of the market covers regions such as Europe, Asia Pacific, North America, and Rest of the World.It has been observed that the U.S. would be leading the North American region which would account for a bigger share in the smart highways market. The region has robust connectivity in terms of highways and therefore can offer more accurate information which can help in handling traffic issues.
The infrastructure of the U.S. region is another contributing factor that is responsible for its increased market share.The study also observes that the Asia Pacific region is the most rapidly rising market which is likely to display significant growth in the smart highways market in the forecast period. The transportation companies are also offering intelligent highway solutions and services to permit smart city projects. The government is additionally supporting the highway technology vendors and supplier companies through investments to back them in developing new technologies and products.
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Sep 2018 The initial works are beginning to convert a 32 mile stretch of the M4 west of London into a smart motorway. The work is projected to be complete by 2022. Highways England says it will also begin work on four bridges in the area.
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