Smart Highway Market: Present Scenario and the Growth Prospects with Forecast 2025
Intelligent transport management, intelligent parking systems, electronic toll collection (ETC), and automatic traffic control are the main functions of smart highways. The infrastructural development in emerging economies is likely to support the worldwide market for smart highway in the years to come.
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This all-inclusive research report on the global market for smart highway presents a thorough examination of this market, emphasizing especially on its current and earlier performance. The potential for growth of this market has also been evaluated in detail in this research study to gain an insight into its future status.
The key factors that are influencing the global market for smart highway are the increasing need for reliable and sustainable roads and the augmenting requirement for reducing traffic issues. With the rising demand for efficient, safer, and less time-consuming transportation, the demand for smart highway is stimulated significantly. The rising awareness pertaining to the benefits of smart highways, such as the decrease in traffic congestion, is also propelling this market substantially.
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The increasing requirements for business travel, rise in government initiatives, and the augmenting demand for smart cars are likely to boost the growth of the global market for smart highway in the years to come. Apart from this, the technological advancements, such as lane departure warning, automatic number plate recognition, and electronic toll collection are also expected to reflect positively on the demand for smart highway over the next few years.
In terms of the geography, the global market for smart highway can be classified into North America, the Middle East and Africa, Europe, Asia Pacific, and South America. The uptake of smart highways is significantly high in North America, thanks to the presence of developed economies and high investments by government. Asia Pacific, on the other hand, is anticipated to emerge as the most promising market in the near future, with the rising adoption of latest technology in infrastructural development.
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Some of the leading companies in the global market for smart highways are Indra, Alcatel-Lucent, Siemens AG, LG CSN, Kapsch AG, Schneider Electric, CISCO Systems Inc., Xerox Corp., International Business Machine (IBM), and Huawei Technologies Co. Ltd. These players are aggressively involving into partnerships and alliances to remain relevant into the highly competitive environment of this market.
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