Smart Highway Market 2022 | Overview, and scope industry Size, Market Share, Leading Players

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Dec 31, 2020 (AmericaNewsHour) — The Smart Highway Market is expected to reach US$40.607 Billion by the end of the forecasted period of five years exhibiting a CAGR of 19.4%.

Smart Highway refers to the various proposals to incorporate new technologies into roads for better user experience, generating solar energy, lighting and improving operation of autonomous cars. It’s a one stop solution to the issue of congested, unreliable, time consuming and polluted roads. The need for reliable, safe and efficient travel and movement is playing a major role in growth of the Global Smart Highway Market. The transport and traffic technology vendor companies are witnessing huge technological shifts and highways are the most sought segment in the same.

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There is a huge demand for intelligent traffic management system owing to the increasing rates of fatal accidents and congestions on the highways. Hence, the Global Market of smart highway is going to see a high growth and research.
The smart systems have integrated digital sensors which record and analyze data in a case of bad weather, traffic congestion or landslides. It displays alerts and forecasts across LED screens on the highway.

Market Dynamics
Need of better and economical streets and roadways is a key component driving the development of the worldwide smart highway concept. Interest for more secure and safely monitored streets is another prime factor boosting the development of the same. Lessening in rush hour gridlock clog, government activities in arrangement of keen streets/expressways, dramatic technological changes and expanding interest of business travel, relaxation travel and work needs are some other essential viewpoints fuelling the development of the general global smart highway market.

Market Segmentation
The market for Global Smart Highway can be segmented based on four aspects: technology, display, deployment and by service. Based on the technology used, Smart Highway can be segmented into four types: Smart Transport Management System, Smart Traffic Management, Smart Communication System and Smart Monitoring System. Based on the display, it can be segmented into two types: Digital Signage and Variable Signage. Based on the deployment, market can be segmented into two segments, on premise and on cloud. Finally, based on the service, the market can be segmented into three segments, Consultancy Service, Operation and Management Service and Managed Service.

Regional/Geographic Analysis
The major regions of Global Smart Highway Market are North and Latin America, Europe, Asia Pacific, Japan, Middle East and Africa.

The major opportunities in the Global Smart Highway Market are raising laws and funds for this project, developing and incorporating advanced technologies and infrastructure expansion. Smart highways can also incorporate photovoltaic cells which will help use solar energy for electronic toll booths.

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Key Players
The key players in the Global Smart Highway Market are Alcatel Lucent, LG CNS, Kapsch AG, Siemens AG, Indra infrastructures, Cisco, Schneider Electric, IBm, TrafficCom, Huawei, Continental Engineering, Heijmans, Nippon Koei, Transstroy, VINCI Construction and Xerox Corporation.

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The MarketWatch News Department was not involved in the creation of this content.