Smart Highway Market worth USD 92090.85 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart highway Market by Component (Hardware, Software, Service), by Deployment Mode (On-Premise, Cloud), by Technology (Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart highway market size was valued at USD 32,923.97 million in 2020 and is projected to reach USD 92090.85 million by 2027, growing at a CAGR of 18.7% during the forecast period 2021 to 2027. The development of smart highways involves various technologies such as traffic management, communication systems, and other monitoring systems. As a result, skilled persons are required to construct smart highways. Also, there is a need for training for the use of software and other systems implemented on the highway. Lack of technical knowledge about smart highways may result in false data generation leading to inevitable incidents. This is anticipated to hinder the smart highway market growth.

Global Smart Highway Market Segmentation

The overall smart Highway market has been segmented into component, deployment, technology, and region.

• By Component (Hardware, Software, Service)
• By Deployment Mode (On-Premise, Cloud)
• By Technology (Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Intelligent transportation management system, by technology, is estimated to hold the largest market share during the forecast period

By technology, the global smart highway market is segmented into intelligent transportation management systems, intelligent traffic management systems, communication systems, monitoring systems, and others. In 2020, intelligent transportation management systems accounted for the largest market share of 37.19% in the global smart Highway market and growing at a CAGR of 16.6% during the forecast period. An intelligent transportation system applies to sense, analyze, and control communications technologies to ground transportation to improve safety, mobility, and efficiency.

The increase in the adoption of the smart transport system to reduce the traffic congestion problems and various government initiatives for smart transport infrastructure drives the growth of intelligent transportation systems. In addition, the rapid adoption of IoT to transform the transportation industry by automating roadways and providing better user experience propel the market's growth. Furthermore, an increase in real-time data by traffic authorities to solve complex traffic congestion issues provides a lucrative opportunity for the market.

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The Asia Pacific accounts for the largest market share during the forecast period in the smart highway market

Based on the regions, the global smart Highway market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 34.29% in the global smart Highway market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.

In the Asia Pacific region, China has the largest market revenue share of 36.48% in 2020, followed by Japan and India. Whereas India is the fastest-growing country in the Asia Pacific region, growing at a CAGR of 24.4% during the forecast period 2021-2027. Moreover, In India, intelligent transportation and traffic management systems collectively accounted for around 63.7% share in 2018, with the former constituting about 37.3% share. The monitoring system and communication system segments are expected to witness considerable CAGRs of 27.6% and 26.7%, respectively, during the forecast period.

Some of the major companies that operate in the global smart Highway market 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.

Browse complete report: https://www.marketstatsville.com/smart-highway-market

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