Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Smart Highway Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global smart highway market size reached US$ 34.8 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 93.3 Billion by 2027, exhibiting a CAGR of 17.86% during 2021-2027.
Companies Mentioned
- Cisco Systems Inc.
- Honeywell International Inc.
- Huawei Technologies Co Ltd.
- Indra Sistemas S.A.
- Infineon Technologies AG
- International Business Machines Corporation
- Kapsch Aktiengesellschaft
- LG CNS (LG Corporation)
- Nokia Oyj
- Schneider Electric SE
- Siemens AG
- Xerox Holdings Corporation
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Smart highways refer to the infrastructural roads integrated with advanced technologies for improved management and sustainable flow of traffic. The highways are incorporated with artificial intelligence (AI), big data and the Internet of Things (IoT)-enabled speed and acoustic sensors, solar panels, closed-circuit television (CCTV) cameras and digital signages.
These technologies are embedded to improve visibility, generate energy, communicate with autonomous and connected vehicles and monitor road conditions.
They also collect and analyze traffic and vehicle data in real-time to reduce congestion on the streets and optimize e-tolling, payment gateways and parking experience. Smart highways aid in enhancing traffic and passenger safety, reducing travel time and minimizing pollution levels in the environment.
The increasing need for reliable and sustainable highways and transportation systems across the globe is among the key factors driving the growth of the market. Moreover, the widespread adoption of smart transportation management systems (STMS) is providing a thrust to the market growth.
STMS uses digital sensors to record data regarding landslides, weather conditions and traffic congestions and can display forecasts and alerts on light-emitting diode (LED) screens across the highways. Governments of both developed and emerging economies are also taking extensive initiatives to improve road safety and prevent accidents and mishaps.
Additionally, various technological advancements, such as the integration of lane departure warning, automatic number plate recognition and electronic vehicle charging systems, on highways, are acting as other growth-inducing factors. These innovations aid in reducing the overall travel time and enhance the convenience for travelers.
Other factors, including the increasing development of smart cities, along with extensive improvements in the existing infrastructure, are anticipated to drive the market toward growth.
Key Questions Answered in This Report:
- How has the global smart highway market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart highway market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment model?
- What is the breakup of the market based on the technology?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart highway market and who are the key players?
- What is the degree of competition in the industry?
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value (USD) in 2021 | $34.8 Billion |
| Forecasted Market Value (USD) by 2027 | $93.3 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Smart Highway Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Service
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Deployment Model
7.1 On-premises
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cloud-based
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Technology
8.1 Intelligent Transportation Management System
8.1.1 Market Trends
8.1.2 Key Segments
8.1.2.1 Lane Departure Warning System (LDW)
8.1.2.2 Automatic Number Plate Recognition (ANPR)
8.1.2.3 Incident Detection System
8.1.2.4 Radio Frequency Identification (RFID)
8.1.3 Market Forecast
8.2 Intelligent Traffic Management System
8.2.1 Market Trends
8.2.2 Key Segments
8.2.2.1 Electronic Toll Collection System
8.2.2.2 Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
8.2.2.3 Real-Time Traffic Management
8.2.3 Market Forecast
8.3 Communication System
8.3.1 Market Trends
8.3.2 Key Segments
8.3.2.1 Radio Network
8.3.2.2 Emergency Network
8.3.2.3 Data Network
8.3.3 Market Forecast
8.4 Monitoring System
8.4.1 Market Trends
8.4.2 Key Segments
8.4.2.1 Traffic Measurement
8.4.2.2 Weather Management
8.4.2.3 Video Surveillance
8.4.3 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/lam9mw-highway?w=12
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