Dublin, Jan. 08, 2021 (GLOBE NEWSWIRE) -- The "Smart Highway - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Smart Highway is projected to reach US$62.6 billion by 2025, driven by growing interest in smart cities as the only sustainable way to accommodate 7+ billion people on earth and the ensuing increase in smart transportation and intelligent transportation systems (ITS).
Smart highways are an integral part of smart transportation which encompasses car sharing; congestion management; emergency response; integrated traffic light management; public information systems; road user charging; smart parking; and traffic monitoring and management. The need for smart transportation is growing more urgent than ever with global cities plagued by increasing congestion on roads and rise in vehicular emissions. Governments worldwide are focusing on building infrastructure which is key to economic growth and societal evolution. The new budgetary focus on infrastructure comes at a time when infrastructure around the world is collapsing as a result of chronic underfunding of critical infrastructure.
A key driver of optimism for bigger transportation development budgets in the coming years, is the infrastructure gap in global roadways to the tune of US$8 trillion for the cumulative period 2016-2040, which remains the highest as compared to US$2 trillion for rail, US$3 trillion for energy, US$1 trillion for water & US$2 trillion for telecom.
Against this backdrop, world's highways will rapidly evolve and develop supported by committed government support and initiatives aimed at connecting cities and countries for better economic growth and gains. The importance attached to transportation infrastructure development can be put into perspective by the fact that over 25% to 30% of World Bank funding support to developing countries is purposed for transportation infrastructure projects, higher than health, education and social services.
Benefits offered by smart highway which makes it a vital accompaniment for transportation infrastructure development include more efficient operation of highways; safer travel and reduced risk of accidents; reduced congestion, faster driving that lowers vehicular emissions; provision of smart services for travelers and transport fleets; more efficient traffic management; among others.
Few of the enabling technologies for smart highways include wireless communication technologies; Internet of Things (IoT); artificial intelligence; telematics; and smart/connected cars. Growing number of smart cars especially is a trend that bodes well for smart highway technologies, primarily because situational awareness and context aware smart and connected cars are a primary requirement for intelligent transportation system.
Smart cars help exchange information with other vehicles, traffic-management centers, and private companies about traffic congestion, accidents, and weather conditions. Improved driver and road safety is the very important and primary goal of intelligent transportation systems and smart highways.
In this regard, continuous information about the driver, driving conditions and road conditions needs to be exchanged between the driver, the vehicle, road infrastructure and the centralized traffic management system. A smart car integrated with sensors is capable of doing just this. The impact of connected cars will be felt in the three broad areas of In-Vehicle Communication, Vehicle-to-Vehicle Communication, and Vehicle-to-Infrastructure Communication. Connectivity, in this regard, will be deployed through Infotainment, Navigation and Telematics.
The United States, Europe and Japan represent large markets worldwide with a combined share of 83.9% of the global market. The United States also ranks as the fastest growing market with a CAGR of 15.8% over the analysis period supported by the desperate need to rebuild America`s crumbling infrastructure, which will trip the country into an era of repair and modernization.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Rise in Smart City Initiatives, the Cornerstone for the Growth of Smart Transportation
- Robust Investments in Smart City ICT Technologies Provides the Foundation for the Growth of Smart Highways in Smart City Enablement: Global Market for Smart City Technologies (Hardware, Software, and Services) In US$ Million for the Years 2017 & 2020
- Growing Investments in Infrastructure Development, Especially Roads & Highways, Drives Demand for a Broad Array of ITS Technologies
- The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways: Global Cumulative Investments in Roadways Vs Actual Need for the Period 2016-2040 (In US$ Billion)
- Continuous Development of World's Highways to Expand Market Opportunities for Intelligent Transportation Systems (ITS) & Allied Markets: Length of Road Networks (In 000 Kilometers) in Top 15 Countries Worldwide for the Year 2018
- Proliferation of Smart Cars & Allied Enabling Technologies Preps the Smart Highway Market for Growth
- The Unprecedented Rise of Connected Cars as the Future of Driving Fuels the Viability of Smart Highways: Global Number of Connected Cars Shipped (In 000 Units) for the Years 2017, 2019 and 2022
- Vehicle Telematics Plays a Huge Role in Advancing the Concept of Smart Highways & Smart Roads
- Telematics Plays a Huge Role in Automating Highways & Improving Safety on Roads, Which are the Primary Goals of Smart Highways: Global Automotive Telematics Market (In US$ Billion) for the Years 2017, 2019 and 2022
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
- ALE International (France)
- Conduent, Inc. (USA)
- Cisco Systems Inc. (USA)
- Huawei Technologies Co., Ltd. (China)
- IBM Corporation (USA)
- Indra Sistemas, S.A. (Spain)
- Infineon Technologies AG (Germany)
- Kapsch TrafficCom AG (Austria)
- LG CNS Corporation (South Korea)
- Nokia (Finland)
- Siemens Mobility GmbH (Germany)
3. MARKET TRENDS & DRIVERS
- Focus on Road User Charging as the Only Sustainable Way to Fund Road Infrastructure Development Drives Investments in ETC Systems
- Migration from Manual Toll Gates to Electronic Toll Gates Gains Momentum
- In a World Where Time is Money, the Rising Economic Cost of Excess Travel/Transit Delays Strengthens the Business Case for Electronic Tolling to Manage Vehicular Congestion: Breakdown of Annual Hours of Delay Due to Traffic Congestions in Select Countries & Cities Worldwide
- IoT & Cloud Computing Emerge as Linchpin Holding the Smart Highway Concept Together
- Cloud Computing, the Workhorse of Data Analysis for Smart Highway Services
- Smart Roads Embedded with Sensors Make Road Infrastructure Monitoring Easy & Cost Effective
- Smart Parking Emerges as a Solution to Traffic Woes
- Developments in Advanced Intelligent Video Surveillance System (AIVSS) to Benefit Intelligent Traffic Surveillance
- GIS and GPS/GNSS Technology, Vital for Successful Smart Highway Deployment
- Special Focus on Multi-Constellation GNSS
- Wireless Communication Technologies Crucial to Market Growth
- DSRC (Dedicated Short Range Communications), as a Superior Technology to RFID Gains in Prominence
- Automatic Traffic Control & Congestion Monitoring Systems Grow for Emissions Reduction
- China Emerges over the Horizon, With the World's Most Ambitious Smart Highway Plans
- China Mobile to Become a Pioneer in Setting up the World's First 5G Smart Highway in Wuhan
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/55b1nd
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Global Smart Highway Market Trajectory & Analytics to 2025: Growing Interest in Smart Cities & Increase in Smart Transportation and Intelligent Transportation Systems - GlobeNewswire
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