Global Smart Highway Market: Market Research by Knowledge Sourcing Intelligence
The global smart highway market is projected to expand at a decent CAGR over the forecast period. 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 sector has further boosted the market for smart highways. Furthermore, increasing government initiatives and regulations in deploying the smart highways, the advancement of technology, and growing traveling time for business and leisure purposes is further supplementing the growth of the market.
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| Global Smart Highway Market Forecast |
Global Smart Highway Market by Geography:
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. The death caused by road accident has been on the rise in the United States. In fact, 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 the 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. The market research provides a detailed analysis of the global smart highway market on the basis of the various segment like- by geography, by service, etc.
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| Global Smart Highway Market by Geography |
Global Smart Highway Market by Service:
The market for smart highway consultancy services was 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 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.
The demand for these services will continue to increase with smart highway solutions gaining traction over the forecast period.
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