Huge Demand for Smart Highway

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Smart highways are the roads that are built with the installation of sensors and IoT technology for making driving much safer and greener. Many governments across the globe are investing in building smart highways for providing real time information to the drivers about the road condition and various traffic information. Smart highways are particularly useful in risky and mountainous region for making driving safer by providing warning about the incoming traffic and different landslides. Smart roads also generate energy which is useful for charging electric lights on the side of road and provides energy to the electric vehicles, which are on the move. 

Increase in the number of vehicles on the road and surge in road traffic injuries drive the growth of the market. In addition, increase in international trade among the emerging countries across the globe fuels the growth of the market. However, high initial and maintenance cost and lack of appropriate technical knowledge among the end users hamper the growth of the market. Furthermore, rise in advance technologies in the transportation sector and emergence of smart vehicles are expected to provide lucrative opportunities for the growth of the global market.

The global smart highway market is segmented on the basis of component, deployment model, technology, and region. In terms of component, it is bifurcated into hardware, software and services. By deployment model, the software market is segmented into on-premise and cloud. As per technology, it is segmented into intelligent transportation management system, intelligent management system, communication system, monitoring system, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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