The North American smart highway market is anticipated to grow at a CAGR of 15.9% during the forecast period (2021-2027). Well-developed infrastructure, high penetration of advanced technologies such as AI, IoT, and machine learning, readily adoption of new technologies, and growing autonomous vehicle industry are some of the key contributor for the high share of the regional market. The US is a major contributor to the high market share of smart highway in global market. This is due to the fact that the country is having first mover advantage of smart highway technology.
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In February 2018, the Minnesota Department of Transportation (MnDOT) has selected WSP USA to design Minnesota’s first smart road, which would transform a major state highway west of Minneapolis into a road capable of testing and deploying numerous connected-vehicle applications. MnDOT has selected the 9-mile Trunk Highway 55 (TH-55) corridor between downtown Minneapolis and I-494 as the initial location to deploy this technology. In addition, portions of I-394, which runs parallel to the south of TH-55, may be outfitted with connected-vehicle infrastructure to allow for additional applications. The development of such kind of smart highway projects are further contributing to the market growth.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Technology
- By Deployment Model
- By Service
- Competitive Landscape- ABB Ltd., 3M Co., AT & T Inc., Cisco Systems Inc., IBM Corp.
North American Smart Highway Market Report Segment
By Technology
- Intelligent Transportation Management System
- Intelligent Traffic Management System
- Communication System
- Monitoring System
By Deployment Model
- On-Premise
- Cloud
- By Service
- Consultancy Services
- Maintenance & Operational Services
- Managed Services
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
