Artificial Intelligence Is Fastest Growing Segment Fueling The Growth Of Smart Highway Market

 

Smart Highway Market 


The Global Smart Highway Market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Smart Highway incorporates advanced monitoring and communications technologies to help manage traffic flow, reduce congestion, and enhance safety. Smart highways provide real-time traffic updates, emergency response services, driver assistance, and intelligent transportation systems (ITS) to improve travel experience.

Market key trends:

 One of the key trends in the smart highway market is the emergence of artificial intelligence (AI). AI plays a vital role in autonomous and connected vehicles that communicate with smart infrastructure. AI collects real-time data from sensors, cameras and other IoT devices along the highway to detect anomalies, predict traffic patterns and optimize traffic flow. It also helps analyze images from roadside cameras for early detection of incidents or accidents. Integration of AI with smart highway infrastructure helps enhance safety, reduce response times and improve overall transportation efficiency.

Segment Analysis
The global smart highway market is segmented on the basis of solution, technology, deployment, and geography. By solution, intelligent management system segment holds the largest market share. It helps in managing traffic flow, traffic surveillance, ETC, variable message signs, and highway advisory radio. By technology, the infrastructure to vehicle communication technology dominates owing to its wide applications in vehicle to infrastructure communication for providing real time traffic and road condition updates. By deployment, on cloud segment is expected to grow at highest CAGR during the forecast period due to advantages such as scalability, data accessibility from anywhere, and reduced infrastructure costs.

Key Takeaways
The Global Smart Highway Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing adoption of advanced technologies like AI and IoT for improving traffic management.

Regional analysis - North America dominates the global smart highway market currently. However, Asia Pacific is expected to witness the highest growth over the forecast period. This can be attributed to heavy investments by governments of India and China in developing smart infrastructure to reduce congestion.

Key players - Key players operating in the global smart highway market are Xerox Corporation, Alcatel-Lucent Enterprise (Nokia Corporation), Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, and Huawei Technologies Co. Ltd. These players are focusing on new product launches and partnerships with tech companies to strengthen their market position.

Read More - https://www.pressreleasebulletin.com/increasing-investment-in-smart-technology-to-boost-growth-of-global-smart-highway-market-share

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