A new research report by 6418 MarketsandMarkets, "Smart Highway Market by Technology (Intelligent Transportation Management, Intelligent Traffic Management, Communication, Monitoring), and by Display (Variable Message Signs, Digital Signage) - Global Forecast to 2019", estimates that the global Smart Highways Market is US$12,564.4 million in 2014 and is expected to grow to US$27,992 million in 2019. This represents an estimated compound annual growth rate (CAGR) of 17.4 per cent from 2014 to 2019.
In the current scenario, Asia-Pacific is expected to be the biggest market on the basis of need for advance transportation and execution of smart cities projects. MarketsandMarkets further expects that the increasing demand for safety, congestion free, and less travel time consumption is driving the growth of the market.
The increased need for more reliable, safe, and efficient transportation and growth of interstate highways market is playing a major role in shaping the future of the smart highways market. As the need for safe, traffic free and shorter travel time is increasing, organisations are introducing new technologies at an affordable cost. Because of these requirements the transportation and traffic technology vendors companies is witnessing dramatic technological changes, and highways is one of the attractive segment among them.
The introduction of electronic toll collection (ETC) has permitted easy payments and has eliminated the idle time at toll. The successful deployment of highway technology solutions and its increasing adoption has forced the companies to expand into new geographies. This has made smart highways an attractive high growth segment for enterprises.
The major forces driving this market are need for more reliable, safe, and congestion free is driving the growth in smart highways market. The prime opportunity which is expected to boost this market is adoption of intelligent transport systems (ITS) and developing infrastructure.
In the current scenario, Asia-Pacific is expected to be the biggest market on the basis of need for advance transportation and execution of smart cities projects. MarketsandMarkets further expects that the increasing demand for safety, congestion free, and less travel time consumption is driving the growth of the market.
The increased need for more reliable, safe, and efficient transportation and growth of interstate highways market is playing a major role in shaping the future of the smart highways market. As the need for safe, traffic free and shorter travel time is increasing, organisations are introducing new technologies at an affordable cost. Because of these requirements the transportation and traffic technology vendors companies is witnessing dramatic technological changes, and highways is one of the attractive segment among them.
The introduction of electronic toll collection (ETC) has permitted easy payments and has eliminated the idle time at toll. The successful deployment of highway technology solutions and its increasing adoption has forced the companies to expand into new geographies. This has made smart highways an attractive high growth segment for enterprises.
The major forces driving this market are need for more reliable, safe, and congestion free is driving the growth in smart highways market. The prime opportunity which is expected to boost this market is adoption of intelligent transport systems (ITS) and developing infrastructure.
