"Reliable Smart Highway Market Reports serve as an ideal solution for better market understanding and high business growth. It has become imperative in this rapidly changing market to take alert reports that alert you to the surrounding market conditions. This market report consists of a series of factors that have an influence on the market and industry, namely industry insights and critical success factors (CSF), market segmentation and value chain analysis, industry dynamics, drivers, obstacles, key opportunities, technology and application prospects, country level analysis and regional, competitive landscape, company market share analysis, and key company profiles.
Extensive research was conducted in the Smart Highway Market report involving thorough primary interviews with key customers, understanding their preferences and unmet needs. The base year of calculation in the report is taken in 2022 and the historic year is 2021 which will tell how the Smart Highway s Market will perform in the forecast year by informing the definition, classification, application and involvement of the market. Market studies help in making sales estimates of its products and thereby, establishing a harmonious adjustment between demand and supply of its products. Global Smart Highway Market Report serves to be an ideal solution for better understanding of the market.
Global smart highway market was valued at USD 38910.03 million in 2021 and is expected to reach USD 145268.70 million by 2029, registering a CAGR of 17.90% during the forecast period of 2022-2029.
Explore Further Details about This Research Smart Highway Market Report https://www.databridgemarketresearch.com/reports/global-smart-highway-market
Smart Highway Market Scope and Segmentation
REPORT METRIC | DETAILS |
Forecast Period | 2022 to 2029 |
Base Year | 2021 |
Historic Years | 2020 (Customizable to 2014 - 2019) |
Quantitative Units | Revenue in USD Million, Volumes in Units, Pricing in USD |
Segments Covered | Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, Monitoring System), Display (Variable Message Signs, Digital Signage, Others), Deployment (Cloud, On-Premises), Service (Managed Service, Maintenance and Operation Service, Consultancy Service) |
Countries Covered | U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
Market Players Covered | TrafficCom (Austria), LG CNS Corporation (South Korea), Schneider Electric (France), Alcatel-Lucent S.A. (France), Xerox Corporation (U.S.), Siemens (Germany), SAP SE (Germany), Indra Sistemas S.A., Panasonic Corporation (Japan), Honeywell International Inc (U.S.), Masstrans Technologiies Pvt. Ltd. (India), Kapsch AG (Austria), Infineon Technologies AG (Germany), ALE International (France), Kapsch TrafficCom AG (Austria), Huawei Technologies Co. Ltd. (China), Cisco Systems Inc., (U.S.), IBM (U.S.), General Electric (U.S.), ABB (Switzerland) |
Market Opportunities |
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Market Definition
Smart highways are infrastructure routes that use cutting-edge technologies for better traffic management and flow. The roadways are equipped with speed and acoustic sensors, solar panels, closed-circuit television (CCTV) cameras, and digital signage that are all powered by artificial intelligence (AI), big data, and the Internet of Things (IoT).
Smart Highway Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Benefits Offered by Smart Highways
The incorporated technologies help with visibility, energy production, communication with connected and autonomous vehicles, and road condition monitoring. In order to lessen traffic on the streets and improve e-tolling, payment gateways, and parking experience, they also gather and analyses traffic and vehicle data in real-time. Smart highways help improve traffic and passenger safety, reduce travel time, and lessen environmental pollution. Consequently, these various benefits offered by the technology will further boost the overall demand for the smart highways and thus accelerate the overall market growth over the forecast period.
- Growth in Vehicles across Emerging Countries
There is an increase in the number of vehicles being sold every year across the emerging countries globally. The main reason for the increase in automobile sales is the inadequate transportation infrastructure found in many nations. With globalization and urbanization, there is also a rise in peoples' disposable income. According to the International Organization of Motor Vehicle Manufacturers, approximately 95 million automobiles were sold in 2018 compared to 75 million in 2010. Heavy traffic, especially in metropolitan areas, is a result of this rise in the number of automobiles. As a result, there is an increase in demand for smart highways and roads that monitor traffic congestion on every road and direct traffic in accordance with the need for a quicker and more efficient journey.
The rise in road traffic injuries and the number of automobiles on the road both contribute to the market's expansion. The expansion of the smart highway market is also fueled by a rise in global trade among emerging nations. Furthermore, the factors such as the extensive improvements in the existing infrastructure will accelerate the overall market expansion during the forecast period. Additionally, the increasing development of smart cities is anticipated to drive the growth rate of the smart highway market. The high awareness associated with the benefits of smart highways, including the decrease in traffic congestion, will further positively impact the market's growth rate during the forecast period.
Opportunities
- Deployment Of Smart Transportation Management Systems (STMS)
The widespread deployment of smart transportation management systems (STMS) is estimated to generate lucrative opportunities for the market, which will further expand the smart highway market's growth rate. The STMS can show forecasts and alarms on light-emitting diode (LED) panels along the roadways and employs digital sensors to capture data about landslides, weather, and traffic jams. As a result, the adoption of the transportation management systems (STMS) will largely accelerate the market growth rate over the forecast period.
Key questions answered in the Smart Highway Market are:
- What is Smart Highway Market?
- What was the Smart Highway Market size in 2022?
- What are the different segments of the Smart Highway Market?
- What growth strategies are the players considering to increase their presence in Smart Highway Market?
- What are the upcoming industry applications and trends for the Smart Highway Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Highway Market?
- What major challenges could the Smart Highway Market face in the future?
- What segments are covered in the Smart Highway Market?
- Who are the leading companies and what are their portfolios in Smart Highway Market?
- What segments are covered in the Smart Highway Market?
- Who are the key players in the Smart Highway Market?
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