PORTLAND, Oregon, May 4, 2020
- Rise in the number of vehicles among emerging countries, increase in road traffic injuries, surge in international trade among the developing nations, improvement in smart city initiatives fuel the growth of the global smart highway market
PORTLAND, Oregon, May 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Highway Market by Component (Hardware, Software, and Services), Deployment Model (On-Premise and Cloud), Technology (Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global smart highway market garnered $23.67 billion in 2018, and is estimated to reach $92.38 billion by 2026, growing at a CAGR of 18.7% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in the number of vehicles among emerging countries, increase in road traffic injuries, surge in international trade among the developing nations, improvement in smart city initiatives drive the growth of the global smart highway market. On the other hand, high initial and maintenance cost, and dearth of technical knowhow curtail down the growth to some extent. Nevertheless, emergence of smart vehicles and rise in advance technology in the transportation industry are expected to usher in a plethora of opportunities for the key players in the industry.
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The hardware segment dominates during the study period
Based on component, the hardware segment accounted for nearly three-fifths of the global smart highway market share in 2018, and is expected to retain its dominance throughout the forecast period. The fact that hardware components of smart highway are cheaper than software and are faster to deploy fuel the growth of the segment. At the same time, the services segment would portray the fastest CAGR of 22.9% by the end of 2026. Rise in demand for different services such as managed services and professional services drives the segment growth.
The on-premise segment to maintain its top status by 2026
Based on deployment, the on-premise segment contributed to nearly three-fifths of the global smart highway market revenue in 2018, and is anticipated to lead the trail from 2019 to 2026. Increase in adoption of these systems due to enhanced security features provided by the on-premise models have boosted the growth of the segment. The cloud segment, on the other hand, would manifest the fastest CAGR of 22.3% during the estimated period, owing to the emergence of an array of different services provided by the cloud.
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Asia-Pacific, followed by North America, to rule the roost through 2019–2026
Based on geography, Asia-Pacific, followed by North America, held the major share in 2018, generating more than one-third of the global smart highway market. The same region is also expected to cite the fastest CAGR of 21.3% by 2026. This is due to rising urban needs, technological readiness, and government support for smart highway.
Leading market players
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