Market Research Of Global Smart Highway Market By Knowledge Sourcing Intelligence
The global smart
highway market is expected to be valued at US$16.916 billion in 2018 and is
projected to reach US$40.607 billion by 2023 exhibiting a CAGR of 19.14% during
the forecast period. This market will witness a high growth in the next five
years owing to the rise in the demand for intelligent traffic management
systems. Smart highway refers to the road/highways, incorporated with different advanced technologies
to ensure an easily manageable and sustainable flow of traffic. It is
specifically deployed to fill in the gap of inconvenience caused to the
commuters.
The growing population and fatal accidents have led to the deployment of smart highway solutions. Moreover, an increasing focus on providing safe and
sustainable road infrastructure in driving the global smart highway market.
Simultaneously, the incorporation of advanced
technologies such as Electronic Toll Collection System (ETC), lane driving
warning system (LDW), and incident detection system in the transportation the sector has further boosted the market for smart highways. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global smart highway market share
GLOBA L SMART
HIGHWAY MARKET FORECAST BY TYPE
By service, the
global smart highway market is segmented as consultancy service, operation and
maintenance
service, and managed service. Lack of technical know-how among the industry
players
and financial
risks associated with these projects are driving the demand for these services
in the global smart highway
market. Limited budgets allocated for these projects are further increasing the
demand for good
consulting, managed and maintenance services, thus boosting their market
growth. The market for these
services will continue to witness an impressive growth as a more smart highway
projects enter the
pipeline. Availability of service providers in many regions across the globe
will support this growth over the
projected period.
Sample
view of global smart highway market share
CONSULTANCY SERVICE
The market for
smart highway consultancy services were valued at US$XX.XX billion in 2017 and
is
expected to
reach US$XX.XX billion in 2023, growing at a CAGR of XX.XX% over the forecast
period. Smart highway,
as a technology, is still at a nascent stage, and thus lack of technical know-how
among the customers
has been a major factor affecting their ability to assess the financial risks,
environmental impacts and
overall viability of the smart highway projects. As this technology continues
to gain impetus in some
developed regions across the globe, the demand for consultancy services will
witness a significant
increase over the projected period. Increasing the focus of governments in many
regions across the globe
towards sustainable development is, as a result, increasing their focus towards
sustainable mobility.
Increasing spending by the governments into infrastructure development and
availability of a fairly good
number of consultancy service providers in such regions is augmenting the
adoption of these services. For
instance, in 2014, infrastructure firm Heijmans along with consulting firm
Studio Roosegaarde
completed the construction of Daan Roosegaarde's Smart Highway project in Oss,
the Netherlands. The
demand for these services will continue to increase with smart highway
solutions gaining traction
over the forecast period.
GLOBAL SMART
HIGHWAY MARKET BY GEOGRAPHY
By geography,
the global smart highway market is segmented as North America, South America,
Europe, Middle East and
Africa, and the Asia Pacific. The North America smart highway market is anticipated
to grow
significantly on account of the growing number of road accidents leading to
deployment of smart highway
solutions. Simultaneously, the focus on the development of sustainable
infrastructure is driving the Europe smart
highway market. In fact, Europe has been witnessing a growing number of smart highways
projects being undertaken. Moreover, the improvement in the infrastructure
construction spending and
focus on the development of smart cities is rapidly driving the Asia Pacific smart
highway market during
the forecast period.
Sample
view of global smart highway market share
NORTH AMER ICA
The North
America smart highway market is projected to grow at a CAGR of X.XX%,
increasing from US$XX.XX billion in
2017 to US$ XX.XX billion in 2023. The vehicular traffic congestion in North
America has been increasing
on account of preference of individuals to use personal vehicles as the public
transport cannot
efficiently serve the low-density areas. Moreover, in Mexico, the number of
passenger vehicle sold increased
from 439,120 in 2009 to 1,016,880 in 2017 (Source: International Organization
of Motor Vehicle
Manufacturers). Simultaneously, the death caused by road accident has been on
the rise in the United States. In fact, the road
accident deaths increased from 104.2 per 1,000,000 inhabitants in 2011 to 109.4
per 1,000,000
inhabitants in 2015 in the United States (Source: OECD). As such, the
California Department of
Transportation launched the I-80 smart corridor project to ensure smooth flow
of traffic and reduce the accident
rate. Moreover, in November 2016, Panasonic entered into a partnership with
Colorado Department of
Transportation to build a connected transportation program to improve safety
and mobility on the
road. Similarly, Canada is also focusing on developing sustainable road infrastructure
to improve the safety and convenience of the individuals.
Request Free Sample or Download the report:
For Information ICT Industry coverage:
Comments
Post a Comment