Smart Highways Market Trends
Market Synopsis
The data experts at Market Research Future Reports (MRFR) have thoroughly studied the global Smart Highways Market Trends and have estimated that the market will expand at CAGR of 18.7% during the assessment period from 2017 to 2023. The global market is likely to value USD 44 billion by the end of 2023. The increasing demand to make the travel less time consuming is the most pivotal factor resulting in the growth of the worldwide Smart Highways Market Trends 2020. Also, the demand to resolve traffic congestion is another factor which plays an important role in expanding the market. Moreover, the deployment of technologies such as lane departure warning, incident detection system, and automatic number plate recognition is likely to propel the market size further. The growing road traffic has resulted in a rise in the demand for an effective method to regulate the traffic congestion, which is poised to drive the global Smart Highways Market Trends.
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However, the spread of COVID-19 is estimated to bring a slight impact on the global market size. Various regions have been influenced due to the spread of coronavirus. The data experts at MRFR are analyzing the aftermath of COVID-19. We will provide an impact analysis report on COVID-19.
Regional Analysis:
An in-depth study of Asia Pacific, Europe, North America, and Rest of the World (RoW) has been carried out. As per the evaluation, the worldwide market is projected to expand significantly during the forecast period. As per the evaluation, the worldwide market is predicted to be led by North America. Among all nations, the U.S. is estimated to make the most substantial contribution in expanding the market. The most significant factor leading to the market establishment is the established and developed infrastructure which allows reliable connectivity. On the other side, Asia-Pacific is speculated to be the swiftest expanding market during the assessment period. Among all, China, Korea, and Japan are speculated to make the most pivotal participation in actuating the market size. Besides, the governments of several countries have been taking initiatives to enable smart city projects, which is likely to propel the regional market further. In addition, the transportation companies are offering smart highway methods and services to deploy the smart city projects.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected due to the spread of COVID-19. We will report on the aftermath of COVID-19 of the market.
Market Segmentation:
The worldwide Smart Highways Market Trends can be classified on the grounds of technology, service, display system, deployment, and geography.
On the grounds of the display system, the worldwide Smart Highways Market Trends can be classified into Digital signage, Variable message signs, and others.
On the grounds of technology, the worldwide Smart Highways Market Trends can be classified into the intelligent transportation management system, communication system, intelligent monitoring system, traffic management system, and others.
On the grounds of deployment, the worldwide Smart Highways Market Trends can be segmented into On-premise and Cloud.
On the grounds of service, the worldwide Smart Highways Market Trends can be segmented into managed, maintenance and operation, consultancy, and others.
On the basis of geography, the worldwide Smart Highways Market Trends can be segmented into North America, Asia Pacific, Europe and Rest of the World (RoW).
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Key Players:
The distinguished competitors of the worldwide Smart Highways Market Trends are Xerox Corporation (U.S.), LG CNS Corporation (South Korea), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Kapsch AG (Austria), Cisco Systems (U.S.), Indra Sistemas, S.A., IBM Corporation (U.S.), Schneider Electric S.E. (France), Huawei Technologies Co. Ltd. (China), TrafficCom (Austria), and a few others.
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