Smart Highways Market Scope
The smart highway can be defined as a highway that embedded with smart technologies and has an advanced infrastructure. The smart highway has a real-time monitoring system to manage the traffic. Also, rising new technologies such as cloud computing, big data, Internet of Things and artificial intelligence have been making highways smarter than before. In addition to this, increasing government initiatives for better and sustainable highways and rising demand for safer roads and traffic control management system due to increasing road accident are the major driving factors for the market. Whereas, the rising trend of intelligent transportation systems to reduce greenhouse gas emission and fuel consumption have been supplementing the overall growth of the market. However, lack of technical knowledge, lack of awareness about smart highways among drivers and time taking construction process are the factors that are limiting the market.
According to AMA, the Global Smart Highways market is expected to see growth rate of 19.05% and may see market size of USD66.9 Billion by 2026.
The Manufacturers having a strong hold in the market are Intelligent Highway Solutions Inc., Alcatel-Lucent S.A, Siemens AG, Cisco Systems Inc., IBM Corporation. Research Analyst at AMA estimates that United States and European Manufacturers will contribute to the maximum growth of Global Smart Highways market throughout the predicted period.
Intelligent Highway Solutions Inc. (United States), Alcatel-Lucent S.A (France), Siemens AG (Germany), Cisco Systems Inc. (United States), IBM Corporation (United States), Indra Sistemas SA (Spain), Infineon Technologies AG (Germany), LG CNS Co. Ltd (South Korea), Schneider Electric SE (France) and Xerox Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Kapsch AG (Germany) and TrafficCom (Austria).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Smart Highways market and Region with country level break-up.
On the basis of geography, the market of Smart Highways has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
On February 13, 2019, China had announced lunch of first 5G smart highway. In this project, China will test the self-driving system and new project offers real-time monitoring of traffic. The new highway is the first 5G highway which is embedded with latest technologies such as cloud computing, big data, Internet of Things and artificial intelligence.
- Rising Trend of Intelligent Transportation Systems to Reduce Green House Gas Emission and Fuel Consumption
- Increasing Government Initiatives for Better and Sustainable Highways
- Rising Demand for Safer Roads and Traffic Control Management System Due To Increasing Road Accident
- Increasing Investment in Transportation Infrastructure across the Globe
- Increasing Adoption of Advanced Technologies such as Sensor Technology to Manage Highway Traffic
- Lack of Technical Knowledge and Lack of Awareness about Smart Highways among Drivers
- The Smart Highway Construction Takes More Time, Leads to Traffic Congestion
Key Target AudienceSmart Highways Service Providers, Technology Investors, Government Agencies, Private Research organization and Others