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Intelligent Highway System Market Set for Rapid Boost, to Reach around $43,700.63 Mn by 2022

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September 8, 2017 in Business

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Zion Market Research has published a new report titled “Intelligent Highway System Market by Technology (Intelligent Transportation Management System, Intelligent Traffic Management System, Communication System, and Monitoring System) for Managed Service, Maintenance and Operation Service, and Consultancy Service.” Global industry perspective, comprehensive analysis, and forecast, 2016 – 2022” According to the report, the global intelligent highway system market was valued at approximately USD 16,949.09 million in 2016 and is expected to reach approximately USD 43,700.63 million by 2022, growing at a CAGR of around 17.1% between 2016 and 2022.

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Intelligent highway systems comprise of innovative solutions for different modes of transport and traffic management and enable various users to be better informed and make safer, coordinated, and smarter use of transport networks. Nowadays, most of the cars are already embedded with various driver assistance systems. All these intelligent systems include various monitoring and communication systems along with more advanced applications that integrate live data and feedback from a number of other sources, such as parking guidance and information systems; climate information.

Nowadays, various wireless and cloud based technologies are available to lessen highway accident; such as automatic number plate recognition, security CCTV systems, and speed cameras are used for efficient monitoring. In addition, more advanced applications are available that integrate live data and feedback from a number of other sources, such as parking guidance systems, information systems, and weather information. Quality of travel and transportation has been considerably improving as there are continuous changes happening in computer technologies and systems.

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The major factor driving the growth of intelligent highways systems market is continuously increasing demand for better and safer highways. As there are lots of road accidents happening, the government is also taking initiatives to handle this problem. However, in developing countries, to set up the smart infrastructure replacing the older one is a big task and does require a huge investment. Nonetheless, many private companies are coming forward to make investments in infra projects in collaboration with government, this will help to setup advanced infrastructure at a faster pace.

Based on technology the market is classified as intelligent transportation management system, intelligent traffic management system, communication system, and monitoring system. In the technology segment, intelligent traffic management system is estimated to grow at a significant CAGR owing to stringent government regulations across regions. Further, on the basis of service, the market is further divided into managed service, maintenance and operation service, and consultancy service. The market for managed service is anticipated to grow at a significant CAGR. We have covered the geographies such as North America, Europe, Asia Pacific, Latin America and Middle East countries.

Based on geography the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region comprises of developing countries such as China, India; where recently the government has designed stringent policies for safer and better highways to cut down a number of road accidents. In addition to this, safety systems in vehicles are also made compulsory in order to make the journey safer for passengers. In spite of better infrastructure facilities countries like US and UK have been facing accident issues on the higher side. In the recent past, in Europe and North America, the number of accidents those took place were high in number and hence, safe and intelligent highways is the need of time.

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In the Middle East and Africa, growing number of vehicles has increased the number of road accidents. The report published by WHO states that in Middle East region numbers of road accidents are rising and hence safety measures need to be taken as early as possible. Governments in these regions are doing infrastructural changes to make highways much safer and better this will reduce the incidents of road accidents considerably.

Key players operating in this market are Alcatel-Lucent, Indra, Siemens AG, Kapsch AG, LG CSN, CISCO Systems, Schneider Electric, International Business Machine (IBM), Xerox Corporation, and Huawei Technologies Co., Ltd.

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