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Intelligent Highway System Market: By Services (Consultancy Service, Maintenance and Operation Service, Managed Service), By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, Monitoring System), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Intelligent Highway System is an improved application that provides innovative services related to various modes of transportation and traffic management. It gives users better information so they can use transportation networks in a safer, more organized, and "smarter" way. In the highway domain, including infrastructure, vehicles, and users, as well as in traffic management and mobility management, as well as for interfaces with other modes, intelligent highway systems are those where information and communication technologies are used. In a variety of circumstances, this could be used to increase the effectiveness and safety of transportation. The aforementioned technology is being used all over the world to expand the capacity of congested highways and shorten travel times.
Intelligent Highway System to surpass USD 155.4 billion by 2032 from USD 26.2 billion in 2021 at a CAGR of 17.6% in the coming years, i.e., 2022-32. The demand for better and safer highways is one of the main factors propelling the growth of the Intelligent Highway System Market. The government is taking action to address this problem since traffic accidents are increasing worldwide. Among other things, rising new vehicle launches, rising demand for new vehicles, and rising R&D activities are a few other drivers of the Intelligent Highway System Market.
Intelligent Highway System Market is categorized on the basis of Service into Consultancy Service, Maintenance and Operation Service, and Managed Service. The Managed Service category is projected to dominate the market during the forecast period. The Intelligent Highway System Market is expected to expand as a result of the rising demand for managed services.
Intelligent Highway System Market is categorized on the basis of Technology into Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, and Monitoring System. The Intelligent Traffic Management System segment is anticipated to dominate the market over the forecast period owing to stringent government rules in several regions. Depending on the data entered and the amount of traffic, the traffic signal blinks. With the use of this technology, road safety can be increased while pollution is decreased.
Many people are now preferring personal vehicles due to the growing population density and longer travel distances brought on by the development of society. Today, a single household may drive two or more vehicles, which significantly increases the number of cars on the road and causes parking challenges in various commercial and residential areas. An intelligent road system has been developed due to this scenario.
Funding by the various governments for the planning, designing, and adoption of the Intelligent Highway System is likely to propel market growth during the anticipated period. Governments from many different nations are working with private partners to actively reduce traffic congestion. The government is assisted by the suppliers of intelligent transport services in installing the Intelligent Highway System in the transportation network.
Deploying smart infrastructure to replace outdated infrastructure in underdeveloped countries is a massive attempt that requires high investment. Due to this, the global Intelligent Roadway System Market is hampered.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Intelligent Highway System Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia-Pacific region currently controls the global market and is anticipated to have a large impact during the forecasting period. The governments in this region are imposing strict regulations for better and safer roadways to reduce the number of traffic accidents, which is driving the Intelligent Highway Systems Market.
Over the projection period, Europe is anticipated to witness significant market growth. Due to significant deployment of Intelligent Highway Systems for public transit, the U.K. is regarded as a frontrunner. Moreover, other European nations also contribute to the growth of this market.
Owing to decreased demand, supply chain bottlenecks in every region, and a fall in vehicle production, the global Intelligent Highway Systems Market has seen a minor decline. The negative consumer mentality brought on by the escalating curbs and illnesses is also projected to affect retail sales of autos across all regions. Due to the production halt caused by the restrictions put in place by different countries to avoid COVID from spreading, the entire supply chain was disrupted. However, the demand for auto parts for automobiles is increasing as the world markets gradually open up to their full potential.
REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 26.2 billion |
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Revenue Forecast in 2032 |
USD 155.4 billion |
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Growth Rate |
CAGR of 17.6% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Service, Technology, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
International Business Machine (IBM), Siemens AG, Huawei Technologies Co. Ltd., Schneider Electric, CISCO Systems, Alcatel-Lucent, Kapsch AG, LG CSN, Cubic Corporation, Xerox Corporation, Hitachi Ltd., Conduent Inc., Q-Free ASA, EFKON GmbH, Lanner Inc., and Other Prominent Players. |
The Intelligent Highway System Market size was estimated at USD 26.2 billion in 2021 and is expected to reach USD 155.4 billion in 2032.
Intelligent Highway System is an improved application that provides innovative services related to various modes of transportation and traffic management. It gives users better information so they can use transportation networks in a safer, more organized, and "smarter" way.
The Managed Service and Intelligent Traffic Management System segments accounted for the larger share of the Intelligent Highway System Market.
Key players in the Intelligent Highway System Market are International Business Machine (IBM), Siemens AG, Huawei Technologies Co. Ltd., Schneider Electric, CISCO Systems, Alcatel-Lucent, Kapsch AG, LG CSN, Cubic Corporation, Xerox Corporation, Hitachi Ltd., Conduent Inc., Q-Free ASA, EFKON GmbH, Lanner Inc., and Other Prominent Players.
Rising new vehicle launches, rising demand for new vehicles, and rising R&D activities are some of the major drivers of the Intelligent Highway System Market.
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