Market Highlights
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.
According to a recent study report published by Market Research Future, The global market of smart highways is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Smart highways are gaining popularity with growing need for reliable, safe and congestion free is driving the growth of smart highways market. Technological advancements and economic growth is influencing the industry dynamics. Also, increasing demand for smart highways from medium and small enterprises is one major factor driving the market growth. Increasing adoption of intelligent transport system (ITS) and developing infrastructure are major factors expected to boost the growth of smart highways market.
On the other hand, lack of accurate driver information and inappropriate traffic flow due to poor highway communication infrastructure are major factors hindering the growth of smart highways market. Moreover, lack of technical knowledge among drivers and lack of training about the smart highway rules, regulations and technologies are other factors which may hamper the market growth.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2931 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.
Smart Highways Global Market – Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the smart highways market in North America owing to the presence of a large number of established key players such as Alcatel-Lucent, CISCO Systems, Inc., International Business Machine (IBM) and Xerox Corporation among others. Also, due to the growing demand for improved travel experience in the region, the market is likely to show immense growth in the coming future. Smart highways market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing adoption of upcoming technologies in the transportation industry in the region. Whereas, the Europe market for smart highways is expected to grow at a considerable CAGR (2017-2023).
Smart Highways Global Market – Competitive Analysis
The market of smart highways appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Key Players:
Alcatel-Lucent (U.S.), Indra Sistemas, S.A. (Spain), Siemens AG (Germany), Kapsch AG (Germany), LG CSN (South Korea), CISCO Systems, Inc. (U.S.), Schneider Electric (France), International Business Machine (IBM) (U.S.), Xerox Corporation (U.S.), Huawei Technologies Co., Ltd. (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Highways Market.
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Smart Highways Market, By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)- Global Forecast 2027
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