Rapid advancements in computer technologies have changed the quality of transportation. The technologies range from advanced vehicle systems to intelligent traffic management systems. Smart highways are the roads that can be built using various advanced technologies to make it more reliable and sustainable. Smart highways include intelligent transport management, electronic toll collection (ETC), intelligent parking systems, and automatic traffic control.
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Smart highways consist of various advanced computing technologies and intelligent monitoring systems which are linked to the common operating entity. They also include utilization of solar energy for monitoring various processes such as charging of solar and battery operated vehicles. Photovoltaic pavements that convert solar energy into electrical energy are used to collect the solar energy to lighten up the foot paths, parking lots, and side lanes of the road. Smart highways also include the integration of sensors with the roadways so that driverless vehicles can communicate with the road.
Increased need for sustainable and reliable roads and minimizing the traffic issues are the key factors driving the smart highways market. These days, the need for safer, less time consuming, and efficient transportation is increasing, thus pushing the need for smart highways. Reduction in traffic congestion, increasing need for business travel, government initiatives, and growing demand for smart cars are some of the prime factors that are boosting the growth of the smart highway market. Automatic number plate recognition, lane departure warning, and electronic toll collection are the recent technological advancements that are influencing the growth of the smart highway market. Factors such as incorrect traffic flow and poor communication management may hamper the growth of the smart highway market. Lack of technological knowledge is hampering the growth of this market. On the other hand, deployment of advanced technologies, and increasing investments in development of infrastructure by various organizations are some opportunities for the global smart highway market.
The global smart highway market is segmented on the basis of technology, display, deployments, and geography. On the basis of technology, the global smart highway market can be segmented into smart traffic management system, intelligent transportation management system, and intelligent communication system among others. Intelligent traffic management system includes satellite system, electronic toll collection, video surveillance, and others. The intelligent transport management system can further be divided into radio frequency identification (RFID), lane departure warning system, automatic number plate recognition system and others. In terms of display, the global smart highway market can be segmented into digital signage and variable signage. On the basis of deployment, the market can be segmented into on-cloud and on-premise. Geographically, the global smart highway market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The adoption of smart highways is increasing in North America owing to the developed economies and investments. North America is combining driverless vehicle technology with smart highways in order to prevent road accidents. Increasing investments in intelligent transport management by European countries is expected to boost the growth of smart highway markets in Europe in the near future. In Asia Pacific, adoption of magnetic induction system that charges electric vehicles is increasing. On the basis of advanced transportation systems and increasing investments in smart city projects, Asia Pacific is expected to be the biggest market in future.
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The global smart highway market includes various key players. Some of them are Alcatel Lucent, Schneider Electric, Indra, Huawei, IBM, Cisco, Siemens AG, LG CNS, Kapsch AG, and Xerox Corporation.