Enhancing Road Safety: Smart Highway Market Grows in Response to Escalating Road Traffic Injuries
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The global smart highway market is experiencing growth propelled by the increasing number of vehicles in emerging countries, a rise in road traffic injuries, a surge in international trade among developing nations, and advancements in smart city initiatives. However, challenges such as high initial and maintenance costs, along with a shortage of technical expertise, are limiting this growth to some extent. Despite these challenges, the emergence of smart vehicles and advancements in transportation technology are anticipated to open up numerous opportunities for key players in the industry.
Smart highways incorporate technologies such as solar energy integration with photovoltaic pavements, optimization of transportation vehicle operations, and monitoring road conditions. They encompass various computing technologies, including sensors and smart monitoring systems linked to a centralized monitoring unit.
The market growth is propelled by the global demand for better and sustainable highways, as well as the necessity for safer roads. Government initiatives to curb pollution and alleviate traffic congestion further contribute to market expansion. However, resistance to adopting new transportation methods poses a challenge to market growth. Despite this, the emergence of advanced technologies in the transportation sector and smart vehicles presents lucrative opportunities for global market growth.
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In terms of technology, the intelligent transportation management system segment led the global smart highway market in 2018 and is expected to maintain its dominance. Factors such as the increasing adoption of smart transport systems to alleviate traffic congestion and governmental initiatives for smart transport infrastructure drive the popularity of this segment. The monitoring system segment is projected to exhibit the highest growth rate during the forecast period due to the rising adoption of various monitoring systems to track vehicle speed and enhance road safety.
Geographically, North America dominated the smart highway market in 2018 and is poised to sustain its leading position. Factors contributing to the region's growth include the demand for smart roads in developed countries and increased government funding for smart road development. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, fueled by technological advancements and diverse government initiatives for smart highway projects.
Advantages for Stakeholders:
• This research offers a thorough examination of the anticipated trends in the global smart highway market, providing insights into current and future investment opportunities.
• The report delivers comprehensive information on key drivers, constraints, and opportunities, accompanied by an analysis of their impact on the size of the global smart highway market.
• Utilizing Porter's five forces analysis, the report assesses the strength of buyers and suppliers within the industry.
• The report includes a quantitative analysis of the market industry spanning 2018-2026, offering insights into the market's potential.
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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.
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.
Prominent players in the smart highway market, including 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, have implemented diverse strategies to enhance their market presence and fortify their industry position.
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