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Smart Highway Market 2020: Research Analysis, Strategies, Business Plan, & Revenue | ABB Ltd, ALE International, AT&T Inc., Cisco System Inc., IBM Corporation, Huawei Technologies Co. Ltd

08-07-2020 09:13 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Smart Highway Market 2020: Research Analysis, Strategies,

Cloud-based deployment model is expected to experience significant growth in the upcoming years as it helps transport industry by providing meaningful insights for managing the traffic and reduce the congestion on road.

Based on component, the hardware segment accounted for nearly three-fifths of the global smart highway market share in 2018, and is expected to retain its dominance throughout the forecast period. The fact that hardware components of smart highway are cheaper than software and are faster to deploy fuel the growth of the segment. At the same time, the services segment would portray the fastest CAGR of 22.9% by the end of 2026. Rise in demand for different services such as managed services and professional services drives the segment growth.

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The global smart highway market garnered $23.67 billion in 2018, and is estimated to reach $92.38 billion by 2026, growing at a CAGR of 18.7% from 2019 to 2026.

Based on deployment, the on-premise segment contributed to nearly three-fifths of the global smart highway market revenue in 2018, and is anticipated to lead the trail from 2019 to 2026. Increase in adoption of these systems due to enhanced security features provided by the on-premise models have boosted the growth of the segment. The cloud segment, on the other hand, would manifest the fastest CAGR of 22.3% during the estimated period, owing to the emergence of an array of different services provided by the cloud.

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Based on geography, Asia-Pacific, followed by North America, held the major share in 2018, generating more than one-third of the global smart highway market. The same region is also expected to cite the fastest CAGR of 21.3% by 2026. This is due to rising urban needs, technological readiness, and government support for smart highway.

Pandemic disrupted the entire world and affected many industries.

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The key players profiled in the smart highway market analysis are ABB Ltd, ALE International, AT&T Inc., Cisco System Inc., IBM Corporation, Huawei Technologies Co. Ltd., LG CSN, Honeywell International Inc., Schneider Electric SE and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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