The benefits of smart highway technology are substantial. In countries where smart roads have been introduced, benefits include reduced travel time, reduced energy consumption, reduced emissions, and a rise in network capacity. These technologies will be most effective when combined with autonomous driving. They are a great help to truckers. It will help improve their productivity and enhance their safety.
The development of smart highway technology is accelerating at a rapid pace. Supported by government initiatives, smart highways will link cities and countries around the world. Moreover, smart highways are expected to contribute to global development by helping improve transportation, communication, and health. Smart highways also reduce the risk of accidents and improve the efficiency of traffic infrastructure.
The growing number of road accidents is driving the demand for smart highway systems. With the advancement of computer technologies, governments are turning to these intelligent transportation systems to reduce the number of accidents on the road. These factors in turn are expected to augment growth of the global smart highway market over the forecast period. The global smart highway market is expected to witness lucrative opportunities owing to technological developments and smart vehicles.
Lack of accurate information for drivers and a lack of communication infrastructure between vehicles and highways are two of the biggest challenges. Lack of training and technical knowledge for drivers is another major factor that will hinder the market's expansion.
Key features of the study:
- This report provides in-depth analysis of the global smart highway market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global smart highway market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Xerox Corporation, Alcatel-Lucent Enterprise (Nokia Corporation), Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, and Huawei Technologies Co. Ltd.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global smart highway market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart highway market
- Global Smart Highway Market, By Product Technology:
- Smart Transport Management Systems
- Smart Traffic Management Systems
- Monitoring Systems
- Global Smart Highway Market, By Geography:
- North America
- Latin America
- Middle East & Africa
- Company Profiles:
- Alcatel-Lucent Enterprise (Nokia Corporation)
- Cisco Systems Inc.
- IBM Corporation
- Indra Sistemas SA
- Infineon Technologies AG
- Huawei Technologies Co. Ltd
- Kapsch AG
- LG CNS Co. Ltd (LG Electronics Inc.)
- Schneider Electric SE
- Siemens AG
- Xerox Corporation