DUBLIN--(BUSINESS WIRE)--The "Global Smart Highway Market, By Product Technology, By Components, Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Smart Highway Market was valued at USD 41980 million in 2021 and which expected to react USD 81320 million by 2027, at a CAGR 6.94 %.

Market Drivers

The increase in number of highway & other infrastructure projects is expected to boost growth of the global smart highway market over the forecast period. Facilitating the movement of goods & people with safety, sustainability, and cost-efficiently is a main goal of a highway.

Furthermore, growing requirement of efficient & safe transportation is also expected to accelerate growth of the global smart highway market over the forecast period. As the number of road accidents is growing worldwide, the demand for intelligent transportation management systems is increasing. Despite the low traffic during COVID-19 pandemic in 2020, according to the estimates of NHTSA road accidents caused around 38,680 deaths around the globe. Thus, need for safe as well as efficient transportation continues to grow globally.

Market Restraints

High capital investment for smart highway projects is one of the factors expected to hamper the growth of the global smart highway market over the forecast period. Also, lack of proper infrastructure is another restrain factor which expected to hinder the global smart highway market over the forecast period.

Market Segmentation

Global Smart Highway Market is segmented into product technology such as Smart Transport Management Systems, Smart Traffic Management Systems, Monitoring Systems, Services. Further, market is segmented into components such as Hardware and Software.

Regional Analysis

Global Smart Highway Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

North America among regions, is expected to dominate the global smart highway market throughout the forecast period. Due to the numerous companies focusing on production of intelligent road tools in countries such as the U.S., and Canada. As road safety is of high value in these countries, it opens up several growth opportunities for key players functioning in smart road industry in this region. Thus, the market is likely to witness strong growth in this region.

Market Taxonomy

By Product Technology

  • Smart Transport Management Systems
  • Smart Traffic Management Systems
  • Monitoring Systems
  • Services

By Components

  • Hardware
  • Software

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Global Smart Highway Market Outlook

5 Global Smart Highway Market, By Product Technology

6 Global Smart Highway Market, By Component

7 Global Smart Highway Market, By Region

8 North America Smart Highway Market Analysis and Forecast (2022-2027)

9 Europe Smart Highway Market Analysis and Forecast (2022-2027)

10 Asia Pacific Smart Highway Market Analysis and Forecast (2022-2027)

11 Latin America Smart Highway Market Analysis and Forecast (2022-2027)

12 Middle East Smart Highway Market Analysis and Forecast (2022-2027)

13 Competitive Analysis

For more information about this report visit https://www.researchandmarkets.com/r/mqdacj

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900