Major players in the smart highway market are Cisco System Inc. , IBM Corporation, Huawei Technologies Co. Ltd. , LG CSN, Schneider Electric SE, Siemens AG, Honeywell International Inc. , ABB Ltd, ALE International, AT&T Inc.
New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Highway Global Market Report 2022" - https://www.reportlinker.com/p06320085/?utm_source=GNW
, Indra, Alcatel-Lucent, Kapsch TrafficCom AG, Nippon Koei Co., Ltd., and Toshiba Infrastructure Systems & Solutions Corporation.
The global smart highway market is expected to grow from $27.05 billion in 2021 to $32.41 billion in 2022 at a compound annual growth rate (CAGR) of 19.82%. The smart highway market is expected to reach $62.37 billion in 2026 at a CAGR of 17.78%.
The smart highway market consists of the sale of smart highway solutions and services by entities (organizations, sole traders, and partnerships) that refer to technologically advanced roads integrated with advanced technologies and sensors for improved management and sustainable traffic flow.Smart highways can help reduce the alarming number of traffic fatalities and the hours wasted in backups.
Smooth traffic flow results in more efficient fuel use and even fewer roads when they are constructed.
The main products offered under smart highways include intelligent transportation management systems, intelligent management systems, communication systems, monitoring systems, and others.Intelligent transportation management system solutions refer to a collection of cutting-edge information and communication technologies that are utilised in traffic management and transportation systems to enhance driving experiences and increase the safety, effectiveness, and sustainability of transportation networks.
The hardware, software, and services in smart highway are deployed over cloud or on premise.
North America was the largest region in the smart highway market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the smart highway market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart highway market research report is one of a series of new reports that provides smart highway market statistics, including smart highway industry global market size, regional shares, competitors with a smart highway market share, detailed smart highway market segments, market trends and opportunities, and any further data you may need to thrive in the smart highway industry. This smart highway market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The development of smart cities is driving the smart highway market.A smart city is a developed urban area that excels in a number of critical areas, including economy, mobility, environment, people, lifestyle, and government.
This results in sustainable economic growth and excellent quality of life.Due to rising urbanization and the growing population, governments across the globe are developing smart cities to optimize economic growth and improve the quality of life for citizens.
The government is taking extensive initiatives to develop smart urban roads, upgraded water supply, water disposal facilities, and others. According to IBEF, the Government of India invested a total of Rs 205,018 crore (US$ 28.31 billion) for the smart city mission in 2020. Thus, the growing development of smart cities is expected to demand smart highways during the forecast period.
Technological advancements is a key trend gaining populairty in the smart highways market.Inernet of Things (IoT) is used in smart highways to improve efficiency, where as IoT sensors and devices collect information, such as trip time or weather condition and connect with other devices and systems in intelligent transportation systems.
Environmental sensors and computerized weather systems can alert a vehicle when they are going to reach a stretch of road with icy patches.When cars are equipped with sensors that can transmit information about road conditions to a centralized traffic system, traffic administrators can utilize this data to make adjustments, change traffic signals, and better guide traffic to minimize accidents.
In November 20202, China’s first smart transportation IoT platform was recently launched at the World Transport Conference. The platform employs a wide range of IoT hardware facilities, such as smart cones, accident car boxes, law enforcement integrated fast road sealers, and so on, and smart transportation IoT software platforms, to assist road traffic practitioners (traffic cops, road maintenance workers, and road builders) in working more safely and efficiently.
In May 2021, Siemens Mobility, a Germany-based provider of sustainable and efficient transport solutions, acquired Padam Mobility for an undisclosed amount.This acquisition expands Siemens Mobility’s multimodal transportation-focused portfolio of intelligent infrastructure.
It aids transportation professionals in coordinating and integrating various types of transportation to ensure smooth travel from the first mile to the last. Padam Mobility is a France-based Software as a Service (SaaS) provider for on-demand and paratransit software solutions.
The countries covered in the smart highway market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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