Intelligent Highway System Market To Set A New Benchmark And Reach USD 43,700.63 Million by 2022
Major players active in intelligent highway system market are Indra, Alcatel-Lucent, Kapsch AG, Siemens AG, CISCO Systems, LG CSN, International Business Machine (IBM), Schneider Electric, Huawei Technologies Co., Ltd., and Xerox Corporation among others. These players are all set to power the global intelligent highway system market.
According to analysts at Zion Market Research, the global intelligent highway system market was capitalized at almost USD 16,949.09 Million in 2016 and is likely to cross almost USD 43,700.63 Million by end of 2022, developing at a CAGR of almost 17.1% from 2016 to 2022.
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Incessantly Growing Requirement For Safer And Better Highways To Power The Development Of Global Intelligent Highway System Market
The major factor towering the development of intelligent highway system market is incessantly growing requirement for safer and better highways, as per analysts at Zion Market Research. Since there are a number of road accidents occurring, the government is also taking measures to deal with this issue. On the other hand, in developing nations, deployment of smart infrastructure to replace the older one is a huge task and does need a big investment. This hampers the development of the global intelligent highway system market.
Nevertheless, many private firms are surfacing to make investments in infra projects in association with government. This will assist to setup enhanced infrastructure at a quicker speed. For example, in July 2017, IBM declared the roll out of 2 new security testing practice regions aimed on the Internet of Things (IoT) and automotive security. The new services will be set up through an elite group of researchers from IBM X-Force Red aimed on testing backend apps, processes, and physical hardware employed for management of smart systems and to control access, boosting the intelligent highway system market.
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Intelligent Traffic Management System Segment To Dominate The Global Intelligent Highway System Market Due To Stringent Government Rules
On the basis of technology the intelligent highway system market is divided as intelligent traffic management system, intelligent transportation management system, monitoring system, and communication system. In the technology section, intelligent traffic management system is expected to develop at a significant rate due to stringent government rules all over the areas. In addition to this, based on service, the intelligent highway system market is additionally segmented into operation & maintenance service, managed service, and consultancy service. The intelligent highway system market for managed service is likely to develop at a noteworthy rate.
Based on area, the intelligent highway system market is segmented into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific area includes developing nations such as India and China. Recently the government has developed stringent rules in these regions for better and safer highways to slash down a number of road accidents, boosting the intelligent highway system market.
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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