The smart road is the type of advanced technology which guides the drivers of vehicles against any object which is in front of the vehicle. These roads help to reduce the vehicle emissions by identifying best and shortest route for any vehicle to reach its destination. The smart roads are developed with an aim to decrease the growing traffic.
The rise in heavy traffic congestion, global traffic mark is the key driving factor which expected to boost the global smart roads market growth. Furthermore, the rise in technological advancements will positively influence the market growth. Also, the increase in government initiatives to manage traffic related problems is anticipated to propel the global smart roads market growth. The increase in use of automated vehicles in developed regions which is anticipated to support the market growth during this forecast timeline. In addition, the growing demand for electrically connected smart roads will add new opportunities for this market over the forecast period.
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Lack of developed infrastructure in underdeveloped countries is expected to hamper the global smart roads market growth. Also, the high investment cost may limit the market growth over the forecast period.
The Global Smart Roads Market is segmented into technology such as Automatic Number Plate Recognition, Wireless Radio Communication, Lane Warning/Keeping systems, by sensors such as Strain Gauges, Weigh-in-motion-devices, Temperature Sensors, and Anemometers, by deployment such as On-Premise, and Cloud. Further, market is segmented into Traffic Management system such as Advanced Traffic Management, and GPS.
Also, the Global Smart Roads Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Siemens AG, Alcatel Lucent, Kapsch AG , Huawei , Xerox Corporation , LG CNS, Indra Sistemas, S.A., IBM Corporation, Schneider Electric, Intelligent Highway Solutions Inc., Infineon Technologies, etc.
By Traffic Management System
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