The US smart highway market is anticipated to grow at a CAGR of 14.8% during the forecast period (2021-2027). The increasing government intervention in development of smart highways owing to their offered benefits is a key factor driving the growth of the US smart highway market. For instance, in September 2020, Colombia’s highway authority Invías has launched a $15 million tender to develop a “smart highway” monitoring network that will cover 2,400km of roads across the country. The contract involves installing 210 surveillance stations that will monitor and report on traffic speeds, emergency information, and data on stolen vehicles and cargo, among other services.
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The growing participation from government & transportation authority in development of smart roads is a key factor driving the growth of the smart highway market across the country. Moreover, rapid inclination towards renewable sources of energy to lit traffic lights to reduce carbon emission to further drive the market growth. However, the high cost of intelligent traffic management system, intelligent transportation management, and monitoring systems among others is a major factor that may restrain the growth of the US smart highway market.
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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.
US 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.)
