TORONTO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- "Smart Highway Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. Valuable and actionable market insights are always important when it comes to creating sustainable and profitable business strategies. The Smart Highway market research report gives a clear idea about strategic analysis of mergers, expansions, acquisitions, partnerships, and investments. Being a well-generated market report, the Smart Highway report helps achieve a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market. The report displays a systematic investigation of the current scenario of the market, which covers several market dynamics. All the data collected to generate this Smart Highway market report is checked and validated by market experts for the convenience of readers and end users.
The 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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Market Overview:
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).
The World Health Organization (WHO) estimates that 1.35 million individuals lose their lives in automobile accidents every year. And between 20 and 50 million people experience non-fatal injuries, many of whom develop disabilities. There is a pressing need to decrease the number of injuries caused by motor vehicle accidents, and smart motorways are thought to be one of the greatest solutions to this issue. To lessen casualties from motor vehicle accidents, smart lighting, speed monitoring, and other components of smart highways have been developed. Consequently, the market for smart highways is expanding as a result of the rise in traffic injuries. The UN's 2030 Agenda for Sustainable Development has the bold goal of cutting the number of traffic injuries worldwide in half by 2020. As a result, the market is projected to have a positive outlook over the forecasted timeline.
Core Objective of Smart Highway Market:
Every firm in the Smart Highway Industry has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.
- Smart Highway Market Size and growth rate factors.
- Important changes in the future Smart Highway Market.
- Top worldwide competitors of the Market.
- Scope and product outlook of Smart Highway Market.
- Developing regions with potential growth in the future.
- Tough Challenges and risk faced in the Market.
- Global Smart Highway top manufacturers profile and sales statistics.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the global Smart Highway market. Sales and revenue in this sector have increased at an exponential rate. The market's size and growth are both expected to increase thanks to the factors driving the market's expansion over the projected period.
Leading businesses in the worldwide Smart Highway market are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies' strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
Recent Developments
- In May 2020, Nokia and China Mobile/CMCC Guangxi formed a strategic agreement to offer landslide monitoring and early warning systems to BGIGC Group, a highway operations management company (Guangxi Beibu Gulf Investment Group Co. Ltd). The Nokia IMPACT IoT platform, created to provide a secure, streamlined platform with device administration, data gathering and analysis, rule engine, alert management, statistical report and analytics capabilities, is used in this project.
The Smart Highway Market is Dominated by Firms Such as
- 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)
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Opportunities for Key Players:
- 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.
- Implementation of Information And Communication Systems
Additionally, implementing information and communication systems further offers numerous growth opportunities within the market. The deployment of intelligent transportation systems in smart highways, which combine different technologies and services - such as transport management systems, monitoring systems, and automated tolling solutions - to optimize mobility and roadways management, is being accelerated by the rapid adoption of information and communication systems. This will result in a safer, more sustainable, and more effective transportation sector.
It's in your best interest to take this report into consideration because:
- Strong and extensive research methods were used to construct this study. The thoroughness and precision of the market reports produced by Data Bridge Market Research have earned them a great reputation.
- A complete picture of the competitive scenario of the Smart Highway market is depicted in this report.
- The wide range of research on how these innovations may affect market expansion in the future.
- The report's findings are presented in an approachable format, with accompanying visuals (such as histograms, bar graphs, pie charts, etc.) that make the data readily digestible.
- The potential, threats, and difficulties in the Smart Highway market, as well as the factors driving and restraining it, are discussed at length.
- It gives an all-encompassing evaluation of the anticipated conduct of the future market and the changing market condition.
- This study provides a number of strategic business approaches to assist you in making educated business decisions.
Key Industry 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 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.
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Key Market Segments Covered in Smart Highway Industry Research
By Technology
- Intelligent Transportation Management System
- Lane Departure Warning System (LDW)
- Automatic Number Plate Recognition (ANPR)
- Incident Detection System
- Radio Frequency Identification (RFID)
- Intelligent Traffic Management System
- Electronic Toll Collection System
- Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
- Real-Time Traffic Management
- Communication System
- Radio Network
- Emergency Network
- Data Network
- Monitoring System
- Traffic Measurement
- Weather Management
By Display
- Variable Message Signs
By Deployment
- Cloud
- On-Premises
By Service
- Managed Service
- Maintenance and Operation Service
- Consultancy Service
Smart Highway Market Regional Analysis/Insights:
The countries covered in the smart highway market report are the U.S., Canada, and Mexico in North America, Germany, France, the 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 the 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.
North America dominates the smart highway market because of the presence of developed economies within the region over the forecast period of 2022 to 2029. Moreover, the high investments by the government is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to rising adoption of latest technology in infrastructural development within the region. The growing number of development activities for the improvement of the infrastructure is also a significant contributor to the regional market expansion.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Smart Highway Market: Regulations
- Market Overview
- Global Smart Highway Market, By Technology
- Global Smart Highway Market, By Display
- Global Smart Highway Market, By Deployment
- Global Smart Highway Market, By Service
- Global Smart Highway Market, By Region
- Global Smart Highway Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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