The smart roads market is growing rapidly across the globe. This revenue growth majorly attributes to the introduction of autonomous vehicles with the increased risk of on-road accidents. Smart roads guide the drivers of vehicles against any obstacle on the way, which the driver may not be able to see. Moreover, substantial investments by major players and government initiatives to promote the advanced infrastructure escalate market growth.
According to Market Research Future (MRFR), the global smart roads technology market is poised to reach approximately USD 39 BN by 2023, growing at 16% CAGR throughout the review period (2017-2023). ‘Electrically connected smart roads’ is a major trend proving significant impetus to the growth of the smart roads market. Also, smart roads and related technologies try to reduce vehicle emissions by identifying the best and shortest route for any vehicle to reach its destination.
Additionally, the rise in global traffic and traffic congestion concerns creates a vast demand for a better traffic management system and advanced infrastructure for connected vehicles and roadside assistance. The upcoming 5G revolution and other technological advances such as ANPR, lane warning/keeping systems, wireless radio communication, and others propel market growth. Also, financial, logistical, technical, and informational support from governments to develop smart cities boosts the market demand.
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The market is divided into technology, services, deployments, displays, and geographies in the smart highway report. Intelligent traffic management systems, intelligent transportation management systems, communication systems, and monitoring systems are the different types of technology. An automatic number plate recognition system (ANPR), a technology lane departure warning system (LDW), an incident detection system, as well as a radio frequency identification system, make up the intelligent traffic management system (RFID). Maintenance, consultancy, and operation services, as well as managed services, are all available. Digital signage, variable message signs, and other displays are among the options. On-premise and on-cloud deployments are separated further.
The smart roads technology market is portioned into North America, Asia Pacific, Europe, and the remainder of the world, according to the examination. North America has ascended to the highest point of the overall smart parkway market rankings in view of innovative upgrades in the smart street business. A significant number of undertakings occupied with the improvement of astute street hardware could be found in the United States in addition to Canada, two mechanically progressed countries. Therefore, these countries put a high accentuation on street security, making a few possibilities for undertakings associated with the smart street industry. The Asia Pacific region has arisen as the quickest developing smart street market share, with nations like China and Japan widely occupied with different endeavors for the shrewd transportation framework, as they become progressively stressed over street wellbeing (ITS).
Smart Roads Market - Competitive Analysis
Highly competitive, the smart roads market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
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Players leading the global smart roads market include Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, SA (Madrid), Siemens AG (Germany), LG CNS (South Korea), Cisco (US), Xerox Corporation (US), Kapsch TrafficCom (Austria), and Huawei (China), among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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