SMART HIGHWAY MARKET ANALYSIS

Smart Highway Market, By Component (Hardware, Software, and Service), By Deployment Mode (On-Premise and Cloud), By Technology (Intelligent Transportation Management System, Intelligent Management System, Communication System, Monitoring System, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI5340
Pages :162
Formats :
Excel and PDF
Industry : Smart Technologies

Market Challenges: High investment costs

Existing highway infrastructure will require significant upgrades to implement technologies like vehicle-to-infrastructure communication. This leads to high investment costs that may deter some government transportation agencies. Data privacy and cybersecurity are also major concerns, as smart highways will collect and transmit large amounts of driver and vehicle data. Public skepticism around new technologies could hamper adoption rates as well. Standards have not been fully developed, causing issues with interoperability. Equipment may not be durable enough to withstand harsh road conditions.

Market Opportunities: Growing need for smarter management of vehicle flow

As traffic congestion rises in many nations, there is a growing need for smarter management of vehicle flow. Connected vehicles could help reduce accidents through real-time alerts. The ability to electronically collect tolls enables new revenue streams for highway operators.