DUBLIN, July 26, 2021--(BUSINESS WIRE)--The "Smart Highway - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Highway Market to Reach US$51.3 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Smart Highway estimated at US$17 Billion in the year 2020, is projected to reach a revised size of US$51.3 Billion by 2027, growing at a CAGR of 17.1% over the analysis period 2020-2027.
Intelligent Transportation Management, one of the segments analyzed in the report, is projected to grow at a 18.6% CAGR to reach US$27.5 Billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Intelligent Traffic Management segment is readjusted to a revised 17% CAGR for the next 7-year period. This segment currently accounts for a 21.9% share of the global Smart Highway market.
The U.S. Accounts for Over 29.6% of Global Market Size in 2020, While China is Forecast to Grow at a 16.4% CAGR for the Period of 2020-2027
The Smart Highway market in the U.S. is estimated at US$5 Billion in the year 2020. The country currently accounts for a 29.63% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$8.8 Billion in the year 2027 trailing a CAGR of 16.4% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.4% and 14.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.4% CAGR while Rest of European market (as defined in the study) will reach US$8.8 Billion by the year 2027.
Communication Segment Corners a 14.1% Share in 2020
In the global Communication segment, USA, Canada, Japan, China and Europe will drive the 15.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.9 Billion in the year 2020 will reach a projected size of US$5.1 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.1 Billion by the year 2027.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Rise in Smart City Initiatives, the Cornerstone for the Growth of Smart Transportation
Robust Investments in Smart City ICT Technologies Provides the Foundation for the Growth of Smart Highways in Smart City Enablement: Global Market for Smart City Technologies (Hardware, Software, and Services) In 2017 & 2020
Growing Investments in Infrastructure Development, Especially Roads & Highways, Drives Demand for a Broad Array of ITS Technologies
The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways: Global Cumulative Investments in Roadways Vs Actual Need for the Period 2016-2040
Continuous Development of World's Highways to Expand Market Opportunities for Intelligent Transportation Systems (ITS) & Allied Markets
Proliferation of Smart Cars & Allied Enabling Technologies Preps the Smart Highway Market for Growth
The Unprecedented Rise of Connected Cars as the Future of Driving Fuels the Viability of Smart Highways
Vehicle Telematics Plays a Huge Role in Advancing the Concept of Smart Highways & Smart Roads
Telematics Plays a Huge Role in Automating Highways & Improving Safety on Roads, Which are the Primary Goals of Smart Highways
2. FOCUS ON SELECT PLAYERS
ALE International (France)
Conduent, Inc. (USA)
Cisco Systems Inc. (USA)
Huawei Technologies Co., Ltd. (China)
IBM Corporation (USA)
Indra Sistemas, S.A. (Spain)
Infineon Technologies AG (Germany)
Kapsch TrafficCom AG (Austria)
LG CNS Corporation (South Korea)
Siemens Mobility GmbH (Germany)
3. MARKET TRENDS & DRIVERS
Focus on Road User Charging as the Only Sustainable Way to Fund Road Infrastructure Development Drives Investments in ETC Systems
Migration from Manual Toll Gates to Electronic Toll Gates Gains Momentum
In a World Where Time is Money, the Rising Economic Cost of Excess Travel/Transit Delays Strengthens the Business Case for Electronic Tolling to Manage Vehicular Congestion: Breakdown of Annual Hours of Delay Due to Traffic Congestions in Select Countries & Cities Worldwide
IoT & Cloud Computing Emerge as Linchpin Holding the Smart Highway Concept Together
Cloud Computing, the Workhorse of Data Analysis for Smart Highway Services
Smart Roads Embedded with Sensors Make Road Infrastructure Monitoring Easy & Cost Effective
Smart Parking Emerges as a Solution to Traffic Woes
Developments in Advanced Intelligent Video Surveillance System (AIVSS) to Benefit Intelligent Traffic Surveillance
GIS and GPS/GNSS Technology, Vital for Successful Smart Highway Deployment
Special Focus on Multi-Constellation GNSS
Wireless Communication Technologies Crucial to Market Growth
DSRC (Dedicated Short Range Communications), as a Superior Technology to RFID Gains in Prominence
Automatic Traffic Control & Congestion Monitoring Systems Grow for Emissions Reduction
China Emerges over the Horizon, With the World's Most Ambitious Smart Highway Plans
China Mobile to Become a Pioneer in Setting up the World's First 5G Smart Highway in Wuhan
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
Total Companies Profiled: 53
For more information about this report visit https://www.researchandmarkets.com/r/21v0m
View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005591/en/
Laura Wood, Senior Press Manager
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