Intelligent Highway System Market

[170+ Pages Research Report] Intelligent Highway System Market to surpass USD 155.4 billion by 2032 from USD 26.2 billion in 2021  at a CAGR of 17.6%  throughout the forecast period 2022-32

Product Overview

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.

Market Highlights

The Intelligent Highway System Market is expected to project a notable CAGR of 17.6% in 2032.

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.

Figure - Market Analysis of Intelligent Highway System Market

Intelligent Highway System: Segments

The Managed Service segment is expected to grow with a higher CAGR during 2022-32

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.

The Intelligent Traffic Management System segment is expected to grow with a higher CAGR during 2022-32

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.

Figure - Market Analysis of Global Intelligent Highway System

Market Dynamics

Growth Drivers

Growing Population and Increasing Number of Personal Transport Vehicles

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 Governments Across the Globe and Collaborations with Control Traffic Congestion

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.

Restraint

Huge Investment required to Deploy Smart Investment

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.

Recent Developments

• The launch of two new security testing practice zones focused on automobile security and the Internet of Things (IoT) was announced by IBM in July 2017. The new services will be established by a select team of IBM X-Force Red researchers with the goal of testing the physical hardware, backend software, and processes used to manage smart systems, control access, and improve the market for intelligent highway systems.
• In 2020, Nokia and China Mobile/CMCC Guangxi formed a strategic cooperation to offer landslide monitoring and early warning systems to BGIGC Group, a highway operations management firm (Guangxi Beibu Gulf Investment Group Co. Ltd). This project uses the Nokia IMPACT IoT platform to provide a secure, streamlined platform with device administration, data collection and analysis, a rule engine, alert management, statistical report, and analytics capabilities.
• To ensure climate-friendly future transportation, the City of Vienna and Kapsch TrafficCom jointly launched Traffic Management 2.0 in 2021. By 2050, the UK may accomplish its net zero goal with the support of this effort, which will also aid Kapsch in growing its regional footprint.

Intelligent Highway System: Key Players

• International Business Machine (IBM)

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• 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.
• Other Prominent Players

Intelligent Highway System: Regions

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.

Impact of Covid-19 on Intelligent Highway System 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.

Intelligent Highway System is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Intelligent Highway System report also contains analysis on:

Intelligent Highway System Segments:

• By Service
  • Consultancy Service
  • Maintenance and Operation Service
  • Managed Service  
• By Technology
  • Intelligent Transportation Management System
  • Intelligent Traffic Management System
  • Communication System
  • Monitoring System 
• Intelligent Highway System Market Dynamics
• Intelligent Highway System Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Intelligent Highway System Market Report Scope and Segmentation

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