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.
The main motto of going for intelligent highways is to reduce the number of accidents happening in recent years. Technology has become advanced in a way it can automatically detect a problem ahead and avoid it through either slowing down or taking another route. It is anticipated that intelligent highways will significantly reduce the number of deaths on the road while making travel efficient and faster. Further, it would also result in energy saving, as less energy will be used by stalled traffic. A Recent report published by WHO states that in India 17.2% road accidents happened in four wheeler vehicle. In China, it is 19.2% whereas in US and UK it is 64.4% and 46.3% respectively. These statistics show it is important to take certain initiatives to curtail these issues. Growing population and hence number of vehicles on road will be doubled in near future, the area allocated for highways are quite limited to sort out these situations the solutions have been designed to avoid key issues. Highway agencies and state departments of transportation are in authority for the operation, maintenance and new improvement of road infrastructures are working together to bring better highway infrastructure in place
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Continuously increasing demand for better and safer highways is the major factor driving this market. The government has taken strict initiatives to make the highways safe in order to avoid accidents and for the overall safety of roads. However, the current infrastructure doesn’t support such advanced and sophisticated technologies; hence it involves huge investment to create the infrastructure which will support advanced technologies. Nonetheless, current trend shows many companies are investing in infrastructure projects, this will led to trigger intelligent highway market.
The intelligent highway market is segmented based on technology, by service and by geography. Based on technology the market is classified as intelligent transportation management system, intelligent traffic management system, communication system, 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. The second highest market growth is predicted in intelligent transportation system which will also grow at a promising CAGR. 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. Based on geography, the market looks profitable across geographies owing to growing concern for safe and intelligent highways. The Asia Pacific and Latin America are predicted to grow at a significant growth rate for the forecast period. In addition to this Europe and North America hold the largest market share during the forecast period.
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Alcatel-Lucent, Indra, Siemens AG, Kapsch AG, LG CSN, CISCO Systems, Inc., Schneider Electric, International Business Machine (IBM), Xerox Corporation, Huawei Technologies Co., Ltd. are some of the leading key players in intelligent highway market. Launching of new products, joint ventures and partnerships are the strategies followed by the organizations for the growth of the market.
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