It is anticipated that by 2024 the population and the cars on the highways will double; the region assigned for highways is small. So the is a rising concern globally about the absence of safety, pollution and congestion. In order to resolve these situations, new technologies are being introduced to the industries in the years to come. A number of smart city initiatives meet various areas, one of the key drivers for the motorway sector. In order to allow smart town projects, transport businesses offer smart highway solutions and services.
As traffic-free and time-consuming safety is growing, fresh techniques are being introduced at an inexpensive price by organizations. Because of these demands, businesses in transport and traffic technology are seeing drastic technological changes, including highways. Electronic Toll Collection (ETC) was introduced, which enabled simple payments and eliminated unwanted time. The effective deployment, solutions and growing acceptance of highway technology have obliged businesses to expand to new geographies. Smart highways have become an appealing high-growth sector for companies.
Imprecise Data to Challenge Growth
Inexact driver data and improper traffic flows are some of the key problems facing the global smart highway market, owing to bad highway facilities. Moreover, there are some other factors preventing the global smart highway market from growing without technical understanding of drivers and without training in smart highway rules, regulations and techniques. Another major factor which undermines growth of the global smart highway market is the lack of government financing for the development of smart highways.
Vendors in the global smart highway market are focusing heavily on collaborations, partnerships, and alliances in order gain traction in the industry. Key players in the global smart highways market include Kapsch AG, Siemens AG, International Business Machine (IBM), Huawei Technologies Co. Ltd., and Xerox Corp.
