Increase in the number of vehicles on the road and surge in road traffic injuries drive the growth of the market. In addition, increase in international trade among the emerging countries across the globe fuels the growth of the market. However, high initial and maintenance cost and lack of appropriate technical knowledge among the end users hamper the growth of the market. Furthermore, rise in advance technologies in the transportation sector and emergence of smart vehicles are expected to provide lucrative opportunities for the growth of the global market.
The global smart highway market is segmented on the basis of component, deployment model, technology, and region. In terms of component, it is bifurcated into hardware, software and services. By deployment model, the software market is segmented into on-premise and cloud. As per technology, it is segmented into intelligent transportation management system, intelligent management system, communication system, monitoring system, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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.
KEY Benefits for Stakeholders
- The study provides an in-depth analysis of the global smart highway market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global smart highway market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market for the period 2018–2026 is provided to determine the market potential.
KEY MARKET SEGMENTS
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
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- ABB Ltd
- ALE International
- AT&T Inc.
- Cisco System Inc.
- IBM Corporation
- Huawei Technologies Co. Ltd.
- LG CSN
- Honeywell International Inc.
- Schneider Electric SE
- Siemens AG
Table of Contents
Executive Summary
According to the report titled, 'Smart Highway Market by Component, Deployment Mode and Technology: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global smart highway market size was valued at $23.67billion in 2018, and is projected to reach $92.38billion by 2026, growing at a CAGR of 18.7% from 2019 to 2026.Smart Highways are installed to integrate technologies such as developing solar energy with photovoltaic pavements, refining the operation of transport vehicles, and for monitoring the condition of the highway and roads. In addition, smart roads generally consist of different computing technologies, such as sensors and smart monitoring systems, which are all linked into a monitoring unit. Furthermore, the need for better and sustainable highways form across the globe and demand for safer roads drive the growth of the market. In addition, various government initiatives taken for reducing the rise in pollution and increase in congestions on the roads fuel the growth of the market. However, unwilling to adopt new ways of transport hampers the growth of the market. Furthermore, surge in advance technologies in the transportation sector and emergence of smart vehicles are expected to provide lucrative opportunities for the growth of the global market.
By technology, the global smart highway market was led by the intelligent transportation management system segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of intelligent transportation management system in smart highway market include rise in adoption of smart transport system to reduce the traffic congestion problems and various government initiatives for smart transport infrastructure. However, the monitoring system segment is expected to grow at a highest rate during the forecast period, owing to surge in adoption of various monitoring system for tracking the speed of the vehicle and to increase the safety of the road.
Region wise, the smart highway market was dominated by North America in 2018 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include growing demand for smart road from several developed countries and increase in government funding for development of smart roads. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to technological advancement and different government initiatives for smart highway projects.
According to PramodBorasi, Research Analyst, ICT, “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.”
KEY FINDINGS OF THE STUDY
- On the basis of component, the hardware segment led the smart highway market in terms of revenue in 2018.
- By deployment model, the on-premise segment accounted for the highest smart highway market share in 2018.
- Region wise, North America generated the highest revenue in 2018.
- Depending on the technology, the intelligent transportation management system segment is anticipated to exhibit substantial growth during the forecast period.
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.
Companies Mentioned
- ABB Ltd
- ALE International
- AT&T Inc.
- Cisco System Inc.
- IBM Corporation
- Huawei Technologies Co. Ltd.
- LG CSN
- Honeywell International Inc.
- Schneider Electric SE Siemens AG.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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