The attractive drive for smart highway technologies and proposals world over primarily stems from the need for making transportation systems smarter, roads solar-powered, and highways increasingly sustainable. The drive for adopting intelligent transportation systems stems has gained substantial traction underpinned by the need for reducing traffic congestions and improve mobility, notably with the application of information and communication technologies. The smart highway market witnesses striking growth momentum from the rising adoption of technologies for generating solar power and the incorporation of smart lighting to interact with traffic situation.
A report by Transparency Market Research (TMR) takes a critical assessment of all factors and prominent trends and evaluates their role in growth dynamics and their impact on key opportunities emerging during the forecast period of 2017–2025. The report bears the title “Smart Highway Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025”. The rising effort by numerous automakers in developing and developed nations to put autonomous cars on roads has imparted significant momentum to the growth of the market. The rapid pace of infrastructural developments in numerous developing countries is providing a substantial fillip to the demand for smart highway technologies.
The staggering rise in volumes of traffic on roads of urban cities across the globe has necessitated the demand for technologies and mechanisms for reducing traffic snarls. The need for making transportation automated and streamlined is catalyzing the demand for smart highway proposals. The rising government initiatives for making roads safer by incorporating smart sign systems is also boosting the market.
Recent advances pertaining to electronic toll collection and automatic traffic control are substantially aiding in the rapid expansion of the market over the forecast period. However, the market is witnessing few downsides. The lack of technological knowhow among consumers about the usage of smart highway systems is hindering the market to realize the full potential of the market. Furthermore, the lack of adequate communication among stakeholders for the incorporation of technologies and the proposals for making roads smarter has also crippled the market growth.
Nevertheless, the growth of the market will witness substantial fillip from the expediting governmental efforts in emerging economies to complete the various projects. On the geographical front, Asia Pacific is expected to emerge as one of the most promising markets for the adoption of smart highway projects and the underlying technologies over the assessment period.
The rapid pace with which new technologies and infrastructural designs are being adopted for intelligent traffic management and sustainable roads is accentuating the revenue of the market from developed countries. For instance, North America is a potentially lucrative regional market. The massive volume of investments on smart infrastructural projects made by the government across the region is catalyzing the growth.
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Some of the prominent players operating in the smart highway market include Huawei Technologies Co. Ltd., International Business Machine (IBM), Xerox Corp., CISCO Systems Inc., Schneider Electric, the Kapsch Group, LG CSN, Siemens AG, and Alcatel-Lucent.