Smart Highways Market Overview:
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 Market Trends 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.
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Smart Highways Market Competitive Analysis:
The expansion in products and services range is the predominant factor growing the market's output and inducing the trends that are noticeable in the market. The dominant success factors and players’ inclinations are with time recovering due to the strategies being used by market players. The market has entered a new period of growth as the market is recurrently in a condition of mutability. The availability of an appropriate labor force along with resources is adding to the overall market growth. The external dynamics are also encouraging the market expansion which is contingent on the practices and the strategic roadmaps that are exercised by market firms.
The prominent players in the smart highways market are - LG CNS Corporation (South Korea), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Kapsch AG (Austria), Cisco Systems (U.S.), Indra Sistemas, S.A., IBM Corporation (U.S.), Schneider Electric SE (France), Huawei Technologies Co. Ltd. (China), TrafficCom (Austria), Xerox Corporation (U.S.), among others.
Smart Highways Market Segmental Analysis:
The segmentation of the market is carried out on the basis of technology, display system, service, deployment, and regions. By technology, the market is segmented into intelligent transportation management system, intelligent traffic management system, communication system, and monitoring system.
By display system, the market is segmented into variable message signs, digital signage, and others. By service, the market is segmented into consultancy, maintenance and operation, managed and others. By deployment, the market is divided into on-premise and cloud.
Smart Highways Market Detailed Regional Analysis:
The regional analysis of the market covers regions such as Europe, Asia Pacific, North America, and Rest of the World. It has been observed that the U.S. would be leading the North American region which would account for a bigger share in the smart highways market. The region has robust connectivity in terms of highways and therefore can offer more accurate information which can help in handling traffic issues.
The infrastructure of the U.S. region is another contributing factor that is responsible for its increased market share. The study also observes that the Asia Pacific region is the most rapidly rising market which is likely to display significant growth in the smart highways market in the forecast period. The transportation companies are also offering intelligent highway solutions and services to permit smart city projects. The government is additionally supporting the highway technology vendors and supplier companies through investments to back them in developing new technologies and products.
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