The data analysts of Market Research Future Reports carried out a rigorous research which states that the global smart highways market is anticipated to value USD 44 billion, prospering at a CAGR of 16% during the forecast period from 2017 to 2023. The growing demand for travelling and the time consciousness are the most crucial factor driving the global smart highways market 2020. There has been a growing demand for congestion free traveling which is propelling the market. Advanced technologies like automatic number plate recognition, lane departure warning, incident detection system are being implemented which plays a crucial role in market expansion. Moreover, the increasing demand for developed and sustainable roads and highways is the most crucial factor driving the global smart highways market. However, the inappropriate traffic flow and the scarcity of driver information due to an underdeveloped highways are projected to be the most significant factor impeding the market growth. In addition, the lack of technological information and lack of training with respect to the smart highway rules and regulations are estimated to hamper the market growth.
On the other hand, the outbreak of COVID-19 has resulted to a change in market dynamics. Several markets have been affected adversely due to the observation of lockdown in several nations. The data analysts at MRFR have done a precise evaluation of COVID-19 aftermath. We will provide COVID-19 impact report analysis.
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The worldwide smart highways market can be classified on the basis of display system, technology, deployment, service, and region.
On the grounds of display system, the worldwide smart highways market can be classified on the grounds of Variable message signs, Digital signage, and others.
On the grounds of technology, the worldwide smart highways market can be classified on the grounds of transportation management system, traffic management system, communication system, and monitoring system.
On the grounds of deployment, the worldwide smart highways market can be classified on the grounds of Cloud and on-premise.
On the grounds of service, the worldwide smart highways market can be classified on the grounds of Maintenance and operation, Managed, Consultancy, and others.
On the grounds of the region, the worldwide smart highways market can be classified on the grounds of Asia Pacific, North America, Europe and Rest of the World (RoW).
The geographical evaluation of Asia Pacific, North America, Europe and Rest of the World has been performed. As per the analysis, the North American market is estimated to dominate the global market. The region has robust connectivity which facilitates the appropriate information. Among all nations, the U.S. is expected to make a significant contribution to grow the market. Also, the region consists of several established key players which privders a superiority to North America. On the other hand, the APAC region is projected to be the fastets growing market which is liklely to witness a considerable development during the assessment period. Among all, China, Japan, and Korea are estimated to make notable contribution to expand the market. In addition, the region is experiencing a rise in adoption of I.T. technology and adoption of various other developed technologies.
However, the market dynamics have changed due to the outbreak of COVID-19. The market will take time to obtain normalcy.
The major established players of the global smart highways market are TrafficCom (Austria), Alcatel-Lucent S.A. (France), LG CNS Corporation (South Korea), Siemens AG (Germany), Cisco Systems (U.S.), Kapsch AG (Austria), Indra Sistemas, Schneider Electric S.E. (France), S.A., IBM Corporation (U.S.), Huawei Technologies Co. Ltd. (China), Xerox Corporation (U.S.), among others.
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