Smart highways 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.
The global smart highways market is showing immense growth; mainly due to the growing need for congestion free, reliable and improved travel experience among the end users. Smart highways basically refer to incorporation of different technologies into the roads for generating solar energy, for improving the operation of autonomous cars or for lighting and monitoring the condition of the roads. Increasing need for better and sustainable roads and highways is one major factor responsible for driving the growth of smart highways market.
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 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 global Smart Highways Market is expected to grow at approx. USD 44 Billion by 2023, at 16% of CAGR between 2017 and 2023.
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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.)
Smart Highways Market Segmentation:
The smart highways market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises of intelligent transportation management system, intelligent traffic management system, communication system and monitoring system
Segmentation by Display: Comprises of variable message signs, digital signage and others
Segmentation by Deployment: Comprises of cloud and on premise
Segmentation by Service: Comprises of managed service, maintenance and operation service and consultancy service
Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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