Intelligent Highway System Market Growth, Size, Share, Trends, and Forecast 2030

Global Intelligent Highway System Market Overview

The global Intelligent Highway System market accounted for USD 22,316.7 Million in 2020 and is expected to reach USD 77,772.9 Million by 2028, growing at a CAGR of around 17.2% between 2021 and 2028.           

Intelligent Highway System is an advanced application that offers innovative services relating to different modes of transport and traffic management and enables users to be better informed and make safer, more co-ordinate, and smarter use of transport network. It reduces the travel time of commuters as well as enhances their safety and comfort. It gives regular information to daily commuters about public issues, bus timings, seat availability, the current location of the bus, time is taken to reach a particular destination and the density of passengers inside the bus.

The entrance of new players in the Intelligent Highway System market is also set to propel the market growth. For instance, in July 2017, IBM declared the rollout of 2 new security testing practice regions aimed on the Internet of Things (IoT) and automotive security. The new services will be set up through an elite group of researchers from IBM X-Force Red aimed on testing backend apps, processes, and physical hardware employed for the management of smart systems and to control access, boosting the intelligent highway system market.

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COVID-19 Impact Analysis:

The global Intelligent Highway System market has witnessed a slight decline due to the decline in vehicle production, due to reduced demand and supply chain bottlenecks in all the region. Retail sales of vehicles across all the region is also likely suffer due to subdued consumer sentiment because of the rising infections and curbs. The automotive industry in the U.S remain fragile, vehicles sales decline by 5-10%, whereas China vehicles sales continue their fast recovery. Europe automotive shows a decline of 8- 12% Y-o-Y.

The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand of auto parts of the vehicles. The market would remain bullish in upcoming year.  The significant decrease in the global Intelligent Highway System market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

Growth Factors

The major factor towering the development of intelligent highway system market is incessantly growing requirement for safer and better highways. Since there are a number of road accidents occurring, the government is also taking measures to deal with this issue. On the other hand, in developing nations, deployment of smart infrastructure to replace the older one is a huge task and does need a big investment. This hampers the development of the global intelligent highway system market.

Nevertheless, many private firms are surfacing to make investments in infra projects in association with government. This will assist to setup enhanced infrastructure at a quicker speed.

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Segment Analysis Preview

On the basis of technology the intelligent highway system market is divided as intelligent traffic management system, intelligent transportation management system, monitoring system, and communication system. In the technology section, the intelligent traffic management system is expected to develop at a significant rate due to stringent government rules all over the areas

Based on service, the intelligent highway system market is additionally segmented into operation & maintenance service, managed service, and consultancy service. The intelligent highway system market for managed service is likely to develop at a noteworthy rate.

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Regional Analysis Preview

Asia Pacific area includes developing nations such as India and China. Recently the government has developed stringent rules in these regions for better and safer highways to slash down a number of road accidents, boosting the intelligent highway system market.

Key Market Players & Competitive Landscape

The major players operating Intelligent Highway System 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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The global Intelligent Highway System market is segmented as follows:

By Technology

• Intelligent Transportation Management System
• Intelligent Traffic Management System
• Communication System
• Monitoring System

By Services     

• Consultancy Service
• Maintenance and Operation Service
• Managed Service

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa