The “Global Smart Highway Market Size By Product Type (Smart Transport Management System, Smart Traffic Management System), By Type Of Display (Digital Signage, Variable Message Sign Displays), By Deployment (On-cloud, On-premise), By End-User (Consultancy Services, Maintenance and Operation Services), By Geographic Scope & Forecast, 2023-2030” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Smart Highway Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., May 30, 2023 /PRNewswire/ — The Global Smart Highway Market is projected to grow at a CAGR of 16.70% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 37.56 Billion in 2021 and is expected to reach USD 150.74 Billion by the end of the forecast period.
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Browse in-depth TOC on “Smart Highway Market“
202 – Pages
126 – Tables
37 – Figures
Smart Highway Market Driven by Continuous Roadway Development and Technological Advancements
The market for smart highways is experiencing significant growth, driven by ongoing research and development efforts focused on enhancing roadway security and aligning with advancements in the auto industry. Numerous businesses are actively promoting the progress of secure roads, leading to an expansion in the market for smart highways.
Key market drivers include the improvement of electrification infrastructure, user safety enhancements, enhanced user experience, renewable energy generation, and road capacity expansion. The adoption of renewable energy as a replacement for conventional fuels is an innovative factor driving the market forward. Governments are also encouraging the utilization of alternative fuel sources like ethanol. Technological innovations aimed at enhancing road safety for users are further contributing to market growth.
The demand for smart highways has witnessed a substantial rise in recent years as there is a growing necessity for improved and secure roadways. Factors such as reduced traffic congestion, government initiatives, notable technological advancements, and increased business travel have emerged as crucial drivers for the smart highway market. Furthermore, the presence of interstate expressways has significantly facilitated the growth of the smart highway market. As the demand for unobstructed, secure, efficient, reliable, and environmentally friendly roads continues to increase, the acceptance of the smart highways market is expected to expand.
Key market players in the smart highways industry include Alcatel-Lucent, Siemens AG, Kapsch AG, LG CSN, CISCO Systems, Inc., Schneider Electric, International Business Machine (IBM), Xerox Corporation, Huawei Technologies Co., Ltd., Infineon Technologies, Intelligent Highway Solutions Inc., Indra Sistemas S.A., ABB Ltd, ALE International, AT&T Inc., and Honeywell International Inc. These industry giants are spearheading product benchmarking and SWOT analysis, employing key development strategies, and establishing their market share and ranking through rigorous market analysis.
The future of transportation infrastructure is being shaped by the progress made in smart highways. As governments, businesses, and technology leaders continue to invest in this transformative sector, we can expect safer, more efficient, and sustainable roadways that pave the way for the cities of tomorrow.
Based on the research, Verified Market Research® has segmented the global Smart Highway Market into Product Type, Type of Display, Deployment, End-User, And Geography.
- Smart Highway Market, by Product Type
- Smart Transport Management System
- Smart Traffic Management System
- Communication System
- Monitoring System
- Smart Highway Market, by Type of Display
- Digital Signage
- Variable Message Sign Displays
- Others
- Smart Highway Market, by Deployment
- On-cloud
- On-premise
- Smart Highway Market, by End-User
- Consultancy Services
- Maintenance and Operation Services
- Managed Services
- Smart Highway Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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