Sarasota, FL, Sept. 14, 2017 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Intelligent Highway System Market by Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, and Monitoring System) for Managed Service, Maintenance and Operation Service, and Consultancy Service.” Global industry perspective, comprehensive analysis, and forecast, 2016 – 2022”. According to the report, the global intelligent highway system market was valued at approximately USD 16,949.09 million in 2016 and is expected to reach approximately USD 43,700.63 million by 2022, growing at a CAGR of around 17.1% between 2016 and 2022.
Intelligent highway systems comprise of innovative solutions for different modes of transport and traffic management and enable various users to be better informed and make safer, coordinated, and smarter use of transport networks. Nowadays, most of the cars are already embedded with various driver assistance systems. All these intelligent systems include various monitoring and communication systems along with more advanced applications that integrate live data and feedback from a number of other sources, such as parking guidance and information systems; climate information.
Browse through 13 Market Tables and 20 Figures spread through 167 Pages and in-depth TOC on “Global Intelligent highway Market: By Technology, Services, Share, Trends, Analysis and Forecast 2016 – 2022”.
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Nowadays, various wireless and cloud based technologies are available to lessen highway accident; such as automatic number plate recognition, security CCTV systems, and speed cameras are used for efficient monitoring. In addition, more advanced applications are available that integrate live data and feedback from a number of other sources, such as parking guidance systems, information systems, and weather information. Quality of travel and transportation has been considerably improving as there are continuous changes happening in computer technologies and systems.
The major factor driving the growth of intelligent highways systems market is continuously increasing demand for better and safer highways. As there are lots of road accidents happening, the government is also taking initiatives to handle this problem.
Browse the full “ Intelligent highway Market by Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, and Monitoring System) for Managed Service, Maintenance and Operation Service, Consultancy Service: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022” report at https://www.zionmarketresearch.com/report/intelligent-highway-market
However, in developing countries, to set up the smart infrastructure replacing the older one is a big task and does require a huge investment. Nonetheless, many private companies are coming forward to make investments in infra projects in collaboration with government, this will help to setup advanced infrastructure at a faster pace.
Based on technology the market is classified as intelligent transportation management system, intelligent traffic management system, communication system, and monitoring system. In the technology segment, intelligent traffic management system is estimated to grow at a significant CAGR owing to stringent government regulations across regions. Further, on the basis of service, the market is further divided into managed service, maintenance and operation service, and consultancy service. The market for managed service is anticipated to grow at a significant CAGR. We have covered the geographies such as North America, Europe, Asia Pacific, Latin America and Middle East countries.
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Asia Pacific region will show the highest growth in intelligent highway system in coming years. Asia Pacific comprises of developing economies like India and China. Growing population and increasing on road vehicles are the major factors driving the demand for intelligent highway systems. In addition to this growing road accident and unmanaged traffic are also growing concerns amongst government.
The US is the major part of North America region which is also a large industrial hub and growing vehicle penetration has always been the concern in this region. Being technologically advanced and major software hub, many companies are developing intelligent highway solutions along with numerous driver assistance systems.
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Europe comprises of major countries like UK, France, and Germany. The UK is largely populated and on road vehicles are even more, the majority of the vehicles come under premium car segment, and have embedded driver assistance systems in place. In addition to this government is also taking initiatives to make more stringent laws and installing sophisticated systems.
Latin America comprises of Brazil is most promising and growing economy. It is also growing as an auto hub. The increase in disposable and working population will drive the demand for vehicles. Vicinity to US market will help Brazil to install intelligent highway systems. Majority of vehicle users will also opt for sophisticated driver assistance systems.
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The Middle East and Africa are developing economies. Increase in disposable income will lead to the purchase of new vehicles and people will be ready to spend on advanced embedded systems. In the Middle East, Turkey and Egypt are growing economies. The road accidents witnessed in recent years are significant in this region as well, however, government initiatives for better and safer highways will promisingly reduce the count in coming years.
Key players operating in this market are Alcatel-Lucent, Indra, Siemens AG, Kapsch AG, LG CSN, CISCO Systems, Schneider Electric, International Business Machine (IBM), Xerox Corporation, and Huawei Technologies Co., Ltd.
This report segments the intelligent highway market as follows:
Global Intelligent Highway Market: Technology segment analysis
- Intelligent Transportation Management System
- Intelligent Traffic Management System
- Communication System
- Monitoring System
Global Intelligent Highway Market: Service segment analysis
- Consultancy Service
- Maintenance and Operation Service
- Managed Service
Global Intelligent Highway Market: Regional segment analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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