New York, US, July 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Highways Market Analysis by Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)- Global Forecast 2030” valuation is poised to reach USD 92.38 Billion by 2030, registering an 18.7% CAGR throughout the forecast period (2021–2030).
Smart Highways Market Overview
The smart highways are worked in with other developments to make everyday traffic stream straightforward and sensible. The global market for smart highways has registered an enormous rise in the growth rate in the last few years. The extra demand for movement and mindfulness regarding the time being burned through is the primary aspect causing an upsurge in the market's growth. Furthermore, the growing need for more reliable, proficient, and safe transportation and the development of interstate expressways is anticipated to boost the growth of the smart highways market over the assessment timeframe. Moreover, the developing interest for an improved travel insight among end clients is also projected to boost the market's growth over the coming years.
Smart Highways Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 92.38 Billion |
| CAGR (2021 to 2030) | 18.7% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Service and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | TrafficCom (Austria), LG CNS Corporation (South Korea), Schneider Electric S.E. (France), Alcatel-Lucent S.A. (France), Xerox Corporation (U.S.), Siemens AG (Germany), Indra Sistemas, S.A., Kapsch AG (Austria), Huawei Technologies Co. Ltd. (China), Cisco Systems (U.S.), IBM Corporation (U.S.) |
| Key Market Opportunities | Increasing interest in smart vehicles |
| Key Market Drivers | Increasing road traffic has led to a rise in demand for efficient management |
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Market USP Covered
Market Drivers
The global market for smart highways has registered an enormous rise in the growth rate in the last few years. The major aspect causing an upsurge in the market's growth is the numerous aspects of innovations, such as sensors, portability, cloud, and information correspondence, that together structure the IoT design. Lately, rapid progress has encouraged improved availability of articles, bringing about the development of more intelligent environments. The presentation of the I.P. protocol variation enables pretty much every gadget in reality to interface with the web.
Autonomous and semi-self-sufficient vehicles are witnessing quick advancements with significant mechanical progressions. The programmed vehicles are likely to offer lucrative opportunities to the players across the global smart highways market over the forecasted timeframe. These include little or no human interference, which opens up several doors for the global smart highways market players. Even though massive scope gathering of self-ruling vehicles will take critical time, some transportation administrators depend on the semi-independent vehicles later on. The semi-self-ruling vehicle innovation is currently in vehicles by organizations that offer versatility on-request benefits. The transfer of autonomous vehicles is substantial for the smart highways market, as they don't require drivers and would bring about a cost decrease for portability specialist co-ops.
Market Restraints
On the other hand, several aspects may restrict the growth of the smart highways market. The major aspect likely to hamper the market's growth is an absence of normalization and consistency. Furthermore, the various regional guidelines are also anticipated to impact the market's growth adversely.
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Smart Highways Market Segments
Among all types, the intelligent transportation system segment is anticipated to dominate the global smart highways market over the assessment era. The segment's growth is mainly credited to the several benefits offered by the intelligent transportation system, such as gathering traffic data, improving traffic safety, controlling traffic, and reducing infrastructure damage. On the other hand, the monitoring segment is anticipated to register the fastest growth over the assessment timeframe, given the rapid adoption of this system by the various government.
Among all the technology types, the wise traffic the board framework segment is projected to lead the global smart highways market over the coming years.
Out of all the services, the consultancy benefits segment will likely dominate the global market over the assessment timeframe.
Among all the deployment modes, the on-cloud segment is anticipated to account for the largest share across the global market over the coming years.
Smart Highways Market Regional Analysis
The global smart highways market is studied across five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
As per the MRFR analysis reports, the North American region will likely lead the global smart highways market over the assessment timeframe. The region is considered to be a technological leader across the globe. The factors such as increased spending on construction and road infrastructure and rapid technological advancements across the region are likely to boost the regional market's growth.
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The smart highways market for the Asia-Pacific region is anticipated to grow rapidly over the forecasted era. The regional market's growth is attributed mainly to the growing awareness regarding the technology. Furthermore, the governments' growing investments are also likely to boost the growth of the regional market over the coming years.
COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. The smart highways market is no different than others. The rise in COVID-19 cases has significantly impacted the smart highways sectors in recent times. To stop the spread of the disease, several countries across the globe imposed partial or complete lockdowns. With a stoppage in the travel activities worldwide, the travel sector faced several unexpected challenges. The market witnessed a major decline in demand and sales amid the labor shortage and reduced demand across the globe. The global health crisis affected public health and had a severe impact on the global economy.
With the fall in several cases across the globe, the global economy is getting back on track. With the lifting of travel restrictions, the global smart highways market will likely witness a surge in demand again over the assessment timeframe.
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Smart Highways Market Competitive Analysis
Dominant Key Players on Smart Highways Market Covered are:
- TrafficCom (Austria)
- LG CNS Corporation (South Korea)
- Schneider Electric S.E. (France)
- Alcatel-Lucent S.A. (France)
- Xerox Corporation (U.S.)
- Siemens AG (Germany)
- Indra Sistemas S.A.
- Kapsch AG (Austria)
- Huawei Technologies Co. Ltd. (China)
- Cisco Systems (U.S.)
- IBM Corporation (U.S.)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
