Market Trends of Smart Highway Industry
Smart Transport Management Systems Product Technology is Expected to Hold Significant Market Share
- Smart transport management systems (STMS) play a vital role in the smart highway market, as they are a key technology that enables the integration of advanced transportation solutions to improve efficiency, safety, and sustainability. SMTS encompasses a range of products and technologies that facilitate real-time monitoring, control, and management of various elements within the transportation system.
- ITMS includes a network of sensors, cameras, and a traffic control system that monitors real-time traffic conditions. These systems collect traffic flow, density, and congestion data, enabling traffic operators to optimize traffic signal timing, manage lane control, and respond to incidents efficiently.
- ETC systems are an essential part of smart highways. They use various technologies like RFID, ANPR, DSRC, or GNSS to automate toll collection, reducing congestion and improving traffic flow at toll plazas. For instance, in April 2024, the Delhi transport department planned to set up 5,000 CCTV cameras at various junctions in the national capital as part of the ITSMS integration project. Under the new tender document, the chosen agency will be required to set up CCTV cameras with an ANPR system for 16 road traffic violations, along with the ICCC infrastructure, within three years. The selected agency will also be required to arrange for a storage capacity to store all the CCTV footage and data for five years.
- Traffic information and navigation systems (TINS) provide real-time traffic information to drive through variable message signs, mobile apps, or navigation devices. This helps drivers make informed decisions, avoid congested routes, and improve traffic distribution.
- Environmental monitoring systems monitor air quality and other environmental parameters along highways to assess pollution levels and make data-driven decisions to reduce emissions and improve air quality.
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North America is Expected to Hold Significant Market Share
- The North American smart highway market experienced steady growth and advancements in intelligent transportation systems (ITS) and smart infrastructure. Government agencies in North America have been actively promoting the adoption of smart transportation solutions to address traffic congestion, reduce accidents, and enhance overall transportation efficiency.
- The region's strong technological infrastructure and high smartphone penetration have facilitated the implementation of ITS technologies, such as electronic toll collection systems, traffic management systems, and real-time traffic information.
- There has been a significant emphasis on deploying smart highway technologies to enhance road safety through incident detection, management systems, and vehicle-to-infrastructure communication.
- The region has seen increasing interest in autonomous and connected vehicle technologies. These technologies have the potential to revolutionize the transportation landscape and require smart highway infrastructure to support their deployment.
- North America is a global technological leader. The increased spending on construction and road infrastructure is expected to offer more opportunities for the region to expand. Moreover, the public construction spending on highway and street projects in the United States is very high. For instance, in March 2024, NoTraffic, the developer of the leading AI Mobility Platform, announced that it received approval from the Florida Department of Transportation (FDOT) to operate in the state, accompanied by substantial successful implementations of NoTraffic's systems in various locations including Collier County, Pasco County, Orlando, and more. This significant milestone underscores NoTraffic's unwavering commitment to the highest safety and future-ready standards.
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