Market Highlights
The potential of smart roads is enormous. These roads are designed not only to keep us safe by identifying the route of the vehicle along with the road condition to regulate the speed of the vehicles. These roads implement warning systems and also transmit real-time data to share information across the wireless network, making it simpler and quicker to get around, to find parking, to commute effectively with other vehicles. The market is segmented into technology, sensors, deployment, and region.
Smart roads include deployment of various sensors for the safety, security, and communication purposes. These technologies are designed to help the drivers and riders with safe journey until their destination arrived. Growing urbanization and need for safe roads are some of the major driving factors behind the growth of the smart roads market. Among regions, North America is expected to lead the smart roads market during the forecast period.
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Market Segmentation
The market is divided into technology, services, deployments, displays, and geographies in the smart highway report. Intelligent traffic management systems, intelligent transportation management systems, communication systems, and monitoring systems are the different types of technology. An automatic number plate recognition system (ANPR), a technology lane departure warning system (LDW), an incident detection system, as well as a radio frequency identification system, make up the intelligent traffic management system (RFID). Maintenance, consultancy, and operation services, as well as managed services, are all available. Digital signage, variable message signs, and other displays are among the options. On-premise and on-cloud deployments are separated further.
Regional Analysis
The smart roads market is segmented into North America, Asia Pacific, Europe, and the rest of the world, as per the research. North America has risen to the top of the worldwide smart highway market rankings because of technological improvements in the smart road business. A substantial number of enterprises engaged in the development of intelligent road equipment could be found in the United States plus Canada, two technologically advanced nations. As a result, these nations put a high emphasis on road safety, creating several prospects for enterprises involved in the smart road industry. The Asia Pacific area has emerged as the fastest-growing smart road market share, with countries like China and Japan extensively engaged in various efforts for the intelligent transportation system, as they become increasingly worried about road safety (ITS).
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Smart Roads Market Research: By Technology (Transportation and Communication Systems, Traffic Management System), by Sensor (Anemometers, Strain Gauges, Accelerometers, Temperature Sensors), by Deployment (On-Premise, On-Cloud) - Forecast to 2027
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