Smart Roads Market Scope
Smart roads combine physical infrastructures such as sensors and solar panels with software infrastructure like AI and big data. Improving safety and reducing congestion. The network uses speed cameras to provide warning signs for hazardous conditions, and sends automated traffic diversion signals that control traffic. Demand for improved roads propels the industry forward. For the worldwide smart road market to expand, there is a desire for safer and more secure roadways. Another important reason that drives growth of the market is the desire for more secure and safe roadways.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | indra sistemas s.a (Spain), IBM (United States), Swarco Holding (Austria), Alcatel Lucent (France), Kapsch (Austria), LG CNS (South Korea), Siemens AG (Germany), Cisco (U.S.), Kapsch TrafficCom (Austria), Xerox Corporation (United States) and Huawei (China) |
CAGR | 20.3% |
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Roads market throughout the predicted period.
indra sistemas s.a (Spain), IBM (United States), Swarco Holding (Austria), Alcatel Lucent (France), Kapsch (Austria), LG CNS (South Korea), Siemens AG (Germany), Cisco (U.S.), Kapsch TrafficCom (Austria), Xerox Corporation (United States) and Huawei (China) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Smart Roads market by Type , by Application (Urban Traffic, Highway and Others) and Region with country level break-up.
On the basis of geography, the market of Smart Roads has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On 8th Jan 2020, Indra acquires SIA and creates the leading cybersecurity services firm in Spain and Portugal. Digital disruption is leading to a true revolution in the different sectors of economic activity and in society in general, bringing great benefits and unprecedented progress but also risks in the areas of privacy and security, risks that must be properly managed. This leadership and its desire for growth also gives the combined entity a great capacity to recruit talent”, according to Cristina Ruiz, Executive Director of Indra and IT business Senior Vice President.
On 9th Dec 2020, IBM announced innovative new capabilities planned for IBM Watson designed to help scale the use of AI by businesses. Developed by IBM Research, the new capabilities are designed to improve the automation of AI, provide a higher degree of precision in natural language processing, and foster greater trust in outcomes derived from AI predictions.
Influencing Trend:
Increasing Demand for Embedded Sensors for Real Time Updates on Road Conditions and Introduction to Adaptive Traffic Management with Smart Traffic Signals
Market Growth Drivers:
Demand for Integration of Traffic Control Centers and Route Guidance Systems and Increasing Number of Investors in Smart Roads is Driving the Growth of the Market
Challenges:
Huge Upfront Cost and Regular Maintenance of Smart Roads Can Create Challenges
Restraints:
High Cost of most applications of Smart Roads Can Create Hurdles for the Market
Opportunities:
Increasing Government Initiatives and Funding for the Development of Smart Roads and Potential Growth of Smart Roads in Most Emerging Economies like China
Key Target Audience
Smart roads Products Manufactures, Smart roads Products Distributors and Suppliers, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others