Smart Highway Market to Witness Double Digit CAGR by 2024

Global Smart Highway Market: Overview

With the necessity of congestion free, safe, less travel time consuming, reliable, and pollution free roads, firms have come up with innovative thoughts of smart highways. Smart highways are deployed to bridge the gap of the nuisance caused to the users.

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Global Smart Highway Market: Growth Factors

The global smart highway market is likely to have a huge growth in coming period. The increased need for more safe, reliable, and efficient transportation is the main reason that has driven the growth of the global market. Adding more to the list, the introduction of Electronic Toll Collection is powering the growth of the global market. Additionally, the growth of the interstate highways market is one of the main factors powering the growth of the global smart highway market. Further, successful deployment of highway technology, solutions, and its increasing adoption is also driving the global smart highway market growth. In addition to this, the introduction of new technologies at an affordable cost for safe, reliable, and efficient transportation is also powering the growth of the global market.

On the contrary, inaccurate driver’s information is hampering the growth of global smart highway market. Moreover, lack of technical knowledge among drivers plays a vital role in the decrement of the global market. Further, inappropriate traffic flow due to poor highway communication infrastructure is one of the main reasons hindering the growth of the global smart highway market. Also, lack of training about the smart highway rules hinders the global market.

Global Smart Highway Market: Segmentation

On the basis intelligent transportation management system, the global smart highway market is mainly classified as automatic number plate recognition, lane departure warning system, radio frequency identification, incident detection system, and others.

Based on intelligent traffic management system, the global market is bifurcated into global navigation satellite system, electronic toll collection system, real-time traffic management, global positioning system, and others.

On the basis communication system, the global market for the smart highway is divided into emergency network, the radio network, data network, and others.

Based on the monitoring system, the global market is bifurcated into weather management, traffic measurement, video surveillance, and others.

On the basis displays, the global market for the smart highway is divided into variable digital signage, message signs, and others.

Based on service, the global market is bifurcated into maintenance and operation service, consultancy service, managed service, and others.

On the basis deployment, the global market for the smart highway is divided into on cloud and on premises.

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Global Smart Highway Market: Regional Analysis

Area-wise, the global market for the smart highway is bifurcated into the Middle East and Africa, Asia-Pacific, Europe, and North America. The increased need for more safe, reliable, and efficient transportation is boosting the global market in the U.S. and Canada. Successful deployment of highway technology, solutions, and its increasing adoption has elevated the global market in Asia Pacific. Also, the introduction of new technologies at an affordable cost for safe, reliable, and efficient transportation is escalating the global market in Europe.

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Global Smart Highway Market: Competitive Players

Some of the key players in the global market for smart highway are LG CNS, Alcatel-Lucent, Siemens AG, Kapsch AG, Cisco, Indra infrastructures, IBM, Schneider Electric, Huawei, TrafficCom, Xerox Corporation, and others.

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