Market Snapshot:
The smart highway can be defined as a highway that embedded with smart technologies and has an advanced infrastructure. The smart highway has a real-time monitoring system to manage the traffic. Also, rising new technologies such as cloud computing, big data, Internet of Things and artificial intelligence have been making highways smarter than before. In addition to this, increasing government initiatives for better and sustainable highways and rising demand for safer roads and traffic control management system due to increasing road accident are the major driving factors for the market. Whereas, the rising trend of intelligent transportation systems to reduce greenhouse gas emission and fuel consumption have been supplementing the overall growth of the market. However, lack of technical knowledge, lack of awareness about smart highways among drivers and time taking construction process are the factors that are limiting the market.
Highlights from Smart Highways Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Billion) |
CAGR | 19.05% |
The key Manufacturers profiled in the report are Intelligent Highway Solutions Inc. (United States), Alcatel-Lucent S.A (France), Siemens AG (Germany), Cisco Systems Inc. (United States), IBM Corporation (United States), Indra Sistemas SA (Spain), Infineon Technologies AG (Germany), LG CNS Co. Ltd (South Korea), Schneider Electric SE (France) and Xerox Corporation (United States). Additionally, other players that are part of this comprehensive study are Kapsch AG (Germany) and TrafficCom (Austria).
Geographic Breakdown and Segment Analysis
The Global Smart Highways market presents a comprehensive analysis of the Smart Highways market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Smart Highways industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Smart Highways market
Analyst at AMA have segmented the market study of Global Smart Highways market by Type, Application and Region.
Influencing Trend:
Rising Trend of Intelligent Transportation Systems to Reduce Green House Gas Emission and Fuel Consumption
Market Growth Drivers:
Increasing Government Initiatives for Better and Sustainable Highways and Rising Demand for Safer Roads and Traffic Control Management System Due To Increasing Road Accident
Challenges:
The Smart Highway Construction Takes More Time, Leads to Traffic Congestion
Restraints:
Lack of Technical Knowledge and Lack of Awareness about Smart Highways among Drivers
Opportunities:
Increasing Investment in Transportation Infrastructure across the Globe and Increasing Adoption of Advanced Technologies such as Sensor Technology to Manage Highway Traffic
On February 13, 2019, China had announced lunch of first 5G smart highway. In this project, China will test the self-driving system and new project offers real-time monitoring of traffic. The new highway is the first 5G highway which is embedded with latest technologies such as cloud computing, big data, Internet of Things and artificial intelligence.
Key Target Audience
Smart Highways Service Providers, Technology Investors, Government Agencies, Private Research organization and Others