According to the report analysis, ‘Global Smart Highway Market to reach USD 88.6 billion by 2026’ states that in the worldwide smart highway market there are numerous enterprises which recently working more effectively for leading the highest market growth and accounting the handsome value of market share around the globe in the upcoming duration while establishing the several research and development programs, employing the young work force, developing the productivity, applications and features of such, delivering the better consumer satisfaction, implementing the profitable strategies, analyzing, studying and observing the strategies and policies of the government as well as competitors, decreasing the linked prices, advancing the specifications of such, and establishing the several research and development programs includes Alcatel-Lucent S.A, Cisco Systems Inc., IBM Corporation, Indra Sistemas SA, Infineon Technologies AG, Intelligent Highway Solutions Inc., Kapsch AG, LG CNS Co. Ltd, Schneider Electric SE, Siemens AG and several others.
In addition, the Global Smart Highway Market is worth approximately at USD 27.81 billion in 2019 and is projected to grow with a strong growth rate of more than 18% over the prediction period of 2020-2026. Smart highways involve of smart computing technologies, sensors and smart monitoring systems all committed into an individual monitoring unit. Smart highways monitor traffic mobbing on each road and avoids the traffic subsequently to have an evener and faster travel. The foremost increment in the need for sustainable and consistent roads, augment in the amount of vehicles on the road along with the growing requirement for decreasing the traffic injuries are foremost factors that are propelling the worldwide market.
According to International Organization of Motor Vehicle Manufacturers, the amount of on motor vehicles sales augmented to 95 million units during 2018 in assessment to 75 million throughout 2010. Further, as per the WHO, about 1.35 million individuals die every year due to road traffic accidents across the globe. With such road traffic congestion issues there is an inevitability to cut the amount of road traffic injuries besides the smart highways is measured as one of the effective solutions to this issue The multiple components of smart highways such as smart lighting systems, traffic management organizations, and speed observing techniques are generated to deduct the road traffic injuries. The growing awareness affecting to obtain of smart highways, such as the deduction in traffic congestion, is too influencing the smart highway market significantly. Not only has this, the technological advancement in the transportation segment as well as development of smart vehicles is projected to generate the significant growth opportunity in the market over the review period.
Although, dependent on the regional analysis of international Smart Highway market is measured for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/momentous region across the world in terms of market share due to high expenditure on construction and road infrastructure along with the great investments in linked highway technology in the region. Whereas, the Asia-Pacific is also anticipated to unveil highest growth rate / CAGR over the forecast period of 2020-2026. Aspects such as increasing adoption of latest technology in infrastructural advancement, increasing amount of road injuries would create worthwhile growth prospects for the Smart Highway market around Asia-Pacific region. Therefore, in the near years, it is predicted that the market of smart highway will increase around the globe more progressively over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications