The global smart highways market is showing enormous development; chiefly because of the developing requirement for blockage free, dependable and further developed travel insight among the end clients. Smart highways essentially allude to joining of various advances into the streets for creating sun oriented energy, for working on the activity of independent vehicles or for lighting and checking the state of the streets. Expanding need for better and practical streets and highways is one central point answerable for driving the development of smart highways market.
As per a new report distributed by Market Research Future, The global market of smart highways is blasting and expected to acquire unmistakable quality over the gauge period. The market is projected to exhibit a breathtaking development by 2023 with a striking CAGR during the expected period (2017 - 2023). Smart highways are acquiring notoriety with developing requirement for solid, safe and clog free is driving the development of smart highways market. Mechanical progressions and financial development is affecting the business elements. Additionally, expanding interest for smart highways from medium and little undertakings is one main consideration driving the market development. Expanding reception of astute vehicle framework (ITS) and creating foundation are central point expected to support the development of smart highways market.
Then again, absence of precise driver data and improper traffic stream because of unfortunate thruway correspondence foundation are main considerations thwarting the development of smart highways market. Besides, absence of specialized information among drivers and absence of preparing about the smart interstate guidelines, guidelines and advances are different elements which might hamper the market development.
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The smart highways market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises of intelligent transportation management system, intelligent traffic management system, communication system and monitoring system
Segmentation by Display: Comprises of variable message signs, digital signage and others
Segmentation by Deployment: Comprises of cloud and on premise
Segmentation by Service: Comprises of managed service, maintenance and operation service and consultancy service
Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Smart Highways Global Market - Regional Analysis
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the smart highways market in North America owing to the presence of a large number of established key players such as Alcatel-Lucent, CISCO Systems, Inc., International Business Machine (IBM) and Xerox Corporation among others. Also, due to the growing demand for improved travel experience in the region, the market is likely to show immense growth in the coming future. Smart highways market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in IT technology and increasing adoption of upcoming technologies in the transportation industry in the region. Whereas, the Europe market for smart highways is expected to grow at a considerable CAGR (2017-2023).
Smart Highways Global Market - Competitive Analysis
The market of smart highways appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal RD and, most of all, in acquiring other firms.
Alcatel-Lucent (U.S.), Indra Sistemas, S.A. (Spain), Siemens AG (Germany), Kapsch AG (Germany), LG CSN (South Korea), CISCO Systems, Inc. (U.S.), Schneider Electric (France), International Business Machine (IBM) (U.S.), Xerox Corporation (U.S.), Huawei Technologies Co., Ltd. (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Highways Market.
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Smart Highways Market, By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)- Global Forecast 2027
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