Global Smart Highway Market Flourishing - Projected to Reach Worth USD 112.68 Billion by 2028 at a CAGR of 19.4% (Including COVID-19 Impact Analysis): Zion Market Research
NEW YORK, Feb. 28, 2022 /PRNewswire/ -- As per Zion Market Research study, The Global Smart Highway Market accounted for more than USD 27.28 Billion in 2020 and is expected to reach more than USD 112.68 Billion by 2028, growing at a CAGR more than of 19.4% from 2021 to 2028.
Smart Transportation is an innovative approach to plan and redesign roadways, that are been designed in order to provide better and safe transport solutions as compared to conventional traditional system. At present, most of the countries across the globe are facing transportation system issues such as having ineffective traffic management systems, poor road conditions, parking issues and others. A smart transportation system is been adopted to minimize these issues and have a proper data collection system regarding the road conditions, traffic details and parking facility information. Smart transportation system involves the utilization and application of IT into the fields of transportation.
Increased need for safer and reliable transportation to Spur Growth:
The global smart highway market is likely to have a huge growth in coming period. The increased need for more safe, reliable, and efficient transportation is the main reason that has driven the growth of the global market. Adding more to the list, the introduction of Electronic Toll Collection is powering the growth of the global market. Additionally, the growth of the interstate highways market is one of the main factors powering the growth of the global smart highway market. Further, successful deployment of highway technology, solutions, and its increasing adoption is also driving the global smart highway market growth. In addition to this, the introduction of new technologies at an affordable cost for safe, reliable, and efficient transportation is also powering the growth of the global market.
Increased need for safe and efficient transportation in the region to support growth:
Area-wise, the global market for the smart highway is bifurcated into the Middle East and Africa, Asia-Pacific, Europe, and North America. The increased need for more safe, reliable, and efficient transportation is boosting the global market in the U.S. and Canada. Successful deployment of highway technology, solutions, and its increasing adoption has elevated the global market in Asia Pacific. Also, the introduction of new technologies at an affordable cost for safe, reliable, and efficient transportation is escalating the global market in Europe.
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Technology Segment Analysis Preview:
Intelligent transportation management system segment held a share of around 11.87% in 2020. The segment consists of technology lane departure warning system, automatic number plate recognition system, incident detection system and radio frequency identification system. The Intelligent transportation management system segment is expected to show the highest growth rate and this is attributable to the benefits this segment offers such as improving traffic safety, controlling traffic and gathering traffic data, reducing the damage to the infrastructure. The monitoring segment under the technology segment is also expected to show growth in forecast period due to the adoption of this system by government in order to reduce accidents and improve road safety.
Application Segment Analysis Preview:
On Cloud segment will grow at a CAGR of over 11.67% from 2021 to 2028. The application segment is bifurcated into on cloud and on promises and the on-cloud segment is expected to show highest growth in the forecast period. The benefits and advantages that are offered by smart transportation such as it offers real-time visibility and accurate data, allows concerned city transport authorities and organization to improve efficiency and enhance these benefits increase the demand for cloud segment. The application segment is bifurcated into on cloud and on promises and the on-cloud segment is expected to show highest growth in the forecast period.
Regional Analysis Preview:
The North America region held a share of more than 26.67% in 2020. This is attributable to the existence of advanced economies and large investments spending on construction and road infrastructure. The region is a global technological leader and is expected to witness the highest growth rate in the forecast period. The government authorities are investing in transportation infrastructure for a number of reasons such as enabling trade and reducing the cost trading goods, enhancing the volume of goods transported and enables expansion of retail trade which in turn promotes imports and exports. All these factors are driving the growth of smart highways market in this region.
The Asia Pacific region is projected to grow at a CAGR of more than 21.4% over the forecast period. This is attributable to the growing number of development activities for the improvement of infrastructure in the region. Various factors in this region are supporting the market growth such as development of smart highway projects specifically in countries such as India and China, development in the field of autonomous cars, advanced technologies penetration. Moreover, with rapid urbanization there is development of transportation routes and an increase in infrastructure development funding by the public authorities in order to minimize the traffic over highways which is fueling the market growth in this region. This region is expected to show exponential growth in the forecast period.
Report Scope:
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The Global Smart Highway Market is segmented as follows:
Global Smart Highway Market: By Technology Outlook (2021-2028)
- Intelligent Transportation Management System
- Automatic Number Plate Recognition
- Lane Departure Warning System
- Radio Frequency Identification
- Incident Detection System
- Others
- Intelligent Traffic Management System
- Global Navigation Satellite System
- Electronic Toll Collection System
- Real-Time Traffic Management
- Global Positioning System
- Others
- Communication System
- Emergency Network
- The Radio Network
- Data Network
- Others
- Monitoring System
- Weather management
- Traffic Measurement
- Video surveillance
- Others
Global Smart Highway Market : By Display Outlook (2021-2028)
- Variable Digital Signage
- Message Signs
- Others
Global Smart Highway Market : By Service Outlook (2021-2028)
- Maintenance and Operation Service
- Consultancy Service
- Managed Service
- Others
Global Smart Highway Market: By Deployment Outlook (2021-2028)
- On Cloud
- On Premises
Global Smart Highway Market: By Region Outlook (2021-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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List of Key Players of Global Smart Highway Market :
- LG CNS
- Schneider Electric
- Siemens AG
- Kapsch AG
- Indra infrastructures
- IBM
- Cisco
- Huawei
- Alcatel-Lucent
- TrafficCom
- Xerox Corporation
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Global Smart Highway Market?
- What are the key driving factors propelling the Global Smart Highway Market forward?
- What are the most important companies in the Global Smart Highway Market Industry?
- What segments does the Global Smart Highway Market cover?
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